Core Viewpoint - Recent news regarding Indonesia's reduction of nickel ore quotas has led to a significant increase in nickel prices, with estimates suggesting a potential supply-demand reversal by 2026 due to a projected decrease in Indonesian nickel production by 200,000 to 300,000 tons [1] Group 1: Company Overview - Liqin Resources (2245.HK) experienced a surge of over 13%, reaching a peak of HKD 26.2 [1] - The company has established a comprehensive industrial chain covering nickel ore trading, smelting production, equipment manufacturing, and sales, positioning it to benefit from the anticipated market changes [1] Group 2: Industry Impact - Dongwu Securities forecasts that if Indonesia's actual approval quotas align with plans, a nickel ore shortage will be inevitable by 2026, leading to significant valuation recovery across the upstream and downstream sectors of the industry [1] - The increasing infrastructure budget in Indonesia and the expected rise in demand for HPAL smelting slag treatment will create new revenue streams and enhance the profitability of the group [1] Group 3: Strategic Developments - Liqin Resources announced the signing of a shareholder agreement for the establishment of a joint venture company, BJL, with its subsidiaries BBS and BMS, aimed at optimizing tax burdens related to wet slag treatment operations [1] - The formation of the BJL joint venture is intended to align with the company's business development needs and secure eligibility for tax incentives in Indonesia [1]

Core Viewpoint - Likin Resources (02245) has seen a significant stock price increase of approximately 8%, currently trading at 25 HKD, following the announcement of a joint venture agreement aimed at optimizing business operations and securing tax benefits in Indonesia [1] Group 1: Joint Venture Agreement - Likin Resources announced a joint venture agreement with BBS and BMS to establish a company named BJL, with an initial investment of approximately 505 million USD [1] - The legal capital of BJL is set at 13,298.88 billion Indonesian Rupiah, with BBS holding 99.999925% and BMS holding 0.000075% of the shares [1] Group 2: Business Development and Tax Benefits - The formation of BJL is intended to align with the company's business development needs and to qualify for necessary tax incentives in Indonesia [1] - The joint venture is expected to reduce tax burdens associated with wet processing of slag, optimizing the execution of specific plans [1] Group 3: Environmental and Revenue Implications - The wet processing facility is designed to handle 1.34 million tons of HPAL smelting slag annually, along with a slag storage facility and supporting infrastructure [1] - This project aims to minimize waste and effectively utilize resources while adhering to environmental protection principles, creating new revenue streams and enhancing the company's profitability [1]

Group 1 - The report indicates that 2025 was a year of recovery for energy metals, with lithium, cobalt, and nickel entering an upward cycle after a period of bottoming out [9][15][17] - The lithium sector is expected to see a significant increase in demand driven by energy storage, with projections for global lithium supply reaching 215.9 million tons in 2026, with a growth rate of 26% [25][29] - Cobalt supply is anticipated to tighten due to the implementation of a quota system in the Democratic Republic of Congo, leading to a projected shortage of 3.6 million tons in 2026 [26][12] Group 2 - Nickel prices are expected to stabilize as Indonesia tightens its nickel ore export quotas, with a focus on maintaining high-grade nickel resources [27][12] - The report recommends several companies for investment, including Zangge Mining, Zhongmin Resources, and Yongxing Materials in the lithium sector, and Liqin Resources and Huayou Cobalt in the nickel-cobalt sector [12][28] - The overall industry outlook for 2026 is positive, with expectations of a comprehensive price increase across energy metals due to supply constraints and rising demand [12][11]

Core Viewpoint - The establishment of the joint venture BJL between BBS and BMS aims to adapt to the company's business development needs and to apply for necessary tax incentives in Indonesia, with an initial investment of approximately $505 million [1] Group 1: Joint Venture Details - BJL's initial investment amount is approximately $505 million, with a statutory capital of 13,298.88 billion Indonesian Rupiah [1] - BBS will hold 99.999925% of BJL, while BMS will hold 0.000075% [1] Group 2: Business Strategy and Benefits - The formation of BJL is intended to reduce the tax burden on the wet processing of slag, optimizing the execution plan for the company's operations [1] - The wet processing plant is expected to handle 1.34 million tons of HPAL smelting slag annually, along with a slag storage facility and supporting infrastructure [1] - The project is anticipated to create new revenue streams and enhance the company's profitability, aligning with environmental protection principles [1] Group 3: Market Context - The increasing infrastructure budget in Indonesia is expected to drive demand for HPAL smelting slag processing, further supporting the business's growth [1]

Core Viewpoint - The establishment of the joint venture BJL aims to meet the business development needs of the company and to apply for necessary tax incentives in Indonesia, with an initial investment of approximately $505 million [1] Group 1: Joint Venture Details - BJL's initial investment amount is approximately $505 million, with a statutory capital of 13,298.88 billion Indonesian Rupiah [1] - BBS will hold 99.999925% of BJL, while BMS will hold 0.000075% [1] Group 2: Business Strategy and Benefits - The formation of BJL is intended to reduce the tax burden on the wet processing of slag, optimizing the execution plan for the company's operations [1] - The wet processing plant is expected to handle 1.34 million tons of HPAL smelting slag annually, along with a slag storage facility and supporting infrastructure [1] - The project is anticipated to create new revenue streams and enhance the company's profitability, aligning with environmental protection principles [1] Group 3: Market Context - The increasing infrastructure budget in Indonesia is expected to drive demand for HPAL smelting slag processing, further supporting the business strategy [1]

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分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Lygend Resources & Technology Co., Ltd. 根據BJL股東協議，BJL的初始投資金額約為505,000,379美元，BJL的法定股本為 1,329,888,000,000印尼盾，有關注資將由BJL訂約方按彼等各自於BJL的持股比例作 出，即99.999925%將由BBS持有，0.000075%將由BMS持有。 寧波力勤資源科技股份有限公司 除本公告另有界定外，本公告所用詞彙具有該等公告所界定的相同涵義。 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） 有關合營公司之關連交易 緒言 茲提述(i)本公司日期為二零二四年十月二十八日的公告，內容有關訂立BBS股東協議 及確認BBS初始投資金額約為505,000,000美元（總投資金額需要經過現場勘查和可行 性研究後最終確認）；(ii)本公司日期為二零二四年十二月二十六日的股東會通函，內 容有關審議及批 ...

Core Viewpoint - The nickel market is currently experiencing a significant upward trend, with prices expected to continue rising, leading to a sustained bullish phase in the nickel industry [1]. Group 1: Nickel Price Surge - On January 7, the global nickel market saw a dramatic surge, with nickel prices skyrocketing, resulting in a strong performance across the Hong Kong nickel sector [2]. - Market funds heavily flowed into Zhongwei Co., which opened with a gap and surged by 17% within minutes, with total trading volume reaching 2.808 billion [2]. - Other companies like Xinjiang Xinxin Mining and Likin Resources also experienced substantial price increases, with Xinjiang Xinxin rising from approximately 3% at the open to 12.28% at close [2]. Group 2: Supply Constraints and Market Dynamics - The recent price increase is primarily driven by Indonesia's reduction of nickel ore quotas, which is expected to significantly impact supply [4]. - Indonesia plans to cut its nickel ore production target from 379 million tons to 250 million tons by 2026, a reduction of 34%, to control oversupply and support prices [4]. - Analysts predict that if Indonesia's quota approvals align with plans, a nickel shortage by 2026 is likely, leading to a significant valuation recovery across the industry [4]. Group 3: Long-term Outlook - The nickel market's transition from oversupply to a balanced state is contingent on supply-side adjustments, with Indonesia's policies being a critical factor [5]. - The Indonesian Nickel Smelter Association forecasts domestic nickel ore demand to reach between 340 million to 350 million tons by 2026, indicating a potential shift in market dynamics [5]. - Long-term projections suggest that nickel prices are entering a bullish phase, with a continuous upward price trend expected, which is a primary reason for the influx of market capital [5]. Group 4: Key Nickel Resource Companies - Zhongwei Co. (300919.SZ) / Zhongwei New Materials (02579.HK) is recognized as a leading integrated player in the nickel sector, holding significant rights to nickel resources in Indonesia and establishing a vertical supply chain [6]. - Likin Resources (02245.HK) has a comprehensive industry chain covering nickel trading, smelting production, and equipment manufacturing, with significant production capacity expected to ramp up by 2026 [6].

Group 1 - Nickel stocks collectively opened higher, with Liqin Resources (02245) rising by 8.42% to HKD 26, Xinjiang Xin Mining (03833) increasing by 6.67% to HKD 3.04, and Zhongwei New Materials (02579) up by 3.71% to HKD 35.26 [2] - The London Metal Exchange (LME) three-month nickel price surged over 9% to reach USD 18,545 per ton, marking the largest intraday increase in over three years. Nickel prices have risen more than 20% in the past two weeks [2] - The Indonesian Nickel Miners Association (APNI) reported a projected nickel ore production of approximately 250 million tons in the 2026 work plan and budget (RKAB), a 34% decrease from the 379 million tons target set for 2025. The association anticipates that local smelters will require about 340 to 350 million tons of nickel ore in 2026 [2] Group 2 - Dongwu Securities believes that if the actual approval quotas align with the plans, a shortage of nickel ore will occur, leading to significant valuation recovery potential for both upstream and downstream sectors of the industry [2]

Market Overview - The Hong Kong stock market indices experienced a collective adjustment, with the Hang Seng Index down by 0.94% to 26,458.95 points, the Hang Seng Tech Index down by 1.49% to 5,738.52 points, and the National Enterprises Index down by 1.14% to 9,138.75 points, ending a three-day upward trend [1] - Market sentiment is overly pessimistic, as indicated by a low turnover rate of 0.21% for the Hang Seng Index and a volatility index of 18.98, both at low percentiles for the year [1] Sector Performance Pharmaceuticals - Pharmaceutical stocks showed strong performance, particularly CRO and CDMO related stocks, with notable gains: Kelaiying up 8.92%, Tigermed up 8.88%, and WuXi Biologics up 5.92% [3][4] - The CRO and CDMO sectors are experiencing positive changes driven by both domestic and international demand, with an improving investment environment expected as overseas interest rate cuts begin in Q4 2024 [5] Metals - The metals sector, particularly nickel-related stocks, saw significant gains, with Lihua Resources up 4.92%, Rusal up 4.91%, and Jinke Permanent Magnet up 3.65% [6][7] - The price movements are influenced by Indonesia's announced reduction in nickel production, cutting its 2026 output target from 379 million tons in 2025 to 250 million tons, a decrease of 34% [6] Coal - Coal stocks also performed well, with Shougang Resources up 5.98%, China Qinfa up 5.92%, and Yanzhou Coal up 5.86% [9][10] - The coal industry is seeing an optimization in demand structure, with a projected annual electricity demand growth of about 5% over the next five years, supported by new manufacturing and digital computing needs [11] Automotive - Automotive stocks faced downward pressure, with BYD down 3.93%, NIO down 3.34%, and Xpeng down 2.19% [12][13] - Concerns stem from policy changes and weak demand, with predictions of a 7% decline in China's automotive market sales in 2026, marking the first annual negative growth since 2020 [12] Technology - Technology and internet stocks also underperformed, with Tencent Music down 5.50%, Alibaba down 3.25%, and Bilibili down 1.59% [15] - New regulatory measures aimed at strengthening oversight in the live-streaming e-commerce sector are impacting market sentiment [15] Individual Stock Movements - Nanhua Futures saw a rise of 5.07% as it is set to be included in the Hong Kong Stock Connect on January 19 [16] - ASMPT increased by 6.16%, driven by expectations of accelerated growth in the semiconductor industry due to a storage supercycle, with global storage market growth projected at 39.4% in 2026 [17]

围绕元素周期表的炒作，还在继续。 前期是炒铜、铝、黄金、稀土。今天，轮到镍了。 昨天（1月6日），伦敦金属交易所（LME）镍价涨了6.59%，去年12月15日以来累计涨幅接近30%。今 天上午，上海期交所镍价接近涨停，阶段涨幅和伦敦价格基本相当。 不过，有券商指出，这个计划还没有经过印尼官方的批准，只是印尼淡水河谷公司镍矿暂停开采活动。 所以，未来镍价会不会继续飙升，暂时还不好说。 再说港股，目前港股上市公司中最受益的是力勤资源（HK02245），该公司主营业务涵盖上游镍资源采 购、镍产品贸易、镍产品的生产与销售。关键是，力勤资源在印尼就有项目。另外，力勤资源还在去年 末向深交所递交了上市申请材料，目前市场关注度较高。 金属镍具有良好的耐腐蚀性、导电性、导热性和延展性，因此被广泛应用于多个领域。尤其是近年来， 随着新能源汽车产业的飞速发展，在三元锂电池中，镍的含量直接决定电池的能量密度和续航里程。所 以，在当下，镍的重要性可以说达到了空前的程度。 近期，刺激镍价突然暴涨的原因，是印度尼西亚突然宣布的减产计划。印度尼西亚是全球镍矿产量最丰 富的国家。有数据显示，印尼的镍矿产量占全球总产量的60%左右。印尼不仅在 ...