Core Viewpoint - The company, Likin Resources, has submitted application materials for a proposed A-share issuance to the Shenzhen Stock Exchange, including the A-share prospectus, and has received an acceptance notice from the exchange on December 31, 2025 [1] Group 1 - Likin Resources has announced its intention to issue A-shares [1] - The application materials submitted include the A-share prospectus [1] - The Shenzhen Stock Exchange has issued an acceptance notice for the company's A-share issuance application [1]

Core Viewpoint - The company, Liqin Resources (02245), has submitted application materials for a proposed A-share issuance to the Shenzhen Stock Exchange, including the A-share prospectus [1] Group 1 - The company received an acceptance notice from the Shenzhen Stock Exchange regarding its application for the proposed A-share issuance on December 31, 2025 [1] - The A-share prospectus will be published on the Shenzhen Stock Exchange's main board stock issuance and listing review website [1]

Core Viewpoint - The company has submitted application materials for a proposed A-share issuance to the Shenzhen Stock Exchange, including the A-share prospectus draft, and has received an acceptance notice from the exchange on December 31, 2025 [1] Group 1 - The company is moving forward with its plan to issue A-shares [1] - The A-share prospectus draft will be published on the Shenzhen Stock Exchange's main board stock issuance review website [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. 宁波力勤资源科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 中國，二零二五年十二月三十一日 茲提述本公司日期為二零二五年五月三十日及二零二五年十一月二十一日的公告及日期為 二零二五年六月五日及二零二五年十二月三日的通函，有关（其中包括）建議首次公開發 行A股並在深圳證券交易所主板上市（「A股發行」）。 本公司董事會（「董事會」）欣然宣佈，本公司已就建議A股發行向深交所提交包括A股 招股說明書（申報稿）在內的申請材料，並已於二零二五年十二月三十一日收到深交所就 本公司建議A股發行的申請出具的受理通知書。A股招股說明書（申报稿）將刊載於深交 所主板股票發行上市審核網站(https://listing.szse.cn)。 1 股東及潛在投資者應注意，建議A股發行須經深圳證券交易所、中國證監會及其他相關監管 機構批准， ...

Core Viewpoint - Ningbo Likun Resource Technology Co., Ltd. has received acceptance for its IPO application on the Shenzhen Stock Exchange, aiming to raise approximately 4.047 billion yuan for investment in key projects [1] Company Overview - Likun Resource is recognized as a global leader in the nickel industry chain, with its main business activities including upstream nickel resource procurement, nickel product trading, and the production and sales of nickel products [1] Fundraising Purpose - The company plans to utilize the raised funds for the investment in a wet method slag resource recycling demonstration project and an MHP refining production project, after deducting issuance costs [1]

Core Viewpoint - The Indonesian Nickel Mining Association (APNI) has announced a significant reduction in nickel ore production targets for 2026 to approximately 250 million tons, down from 379 million tons set for 2025, aimed at preventing further declines in nickel prices [2][4]. Company Overview - Liqin Resources (02245) saw its stock price increase by 7.81%, currently trading at HKD 23.46, with a trading volume of HKD 86.617 million [2][4]. - The company, in partnership with associates, is investing in nickel smelting production lines on Obi Island, Indonesia, with a planned capacity of 120,000 tons of nickel and 14,000 tons of cobalt, of which the equity capacity is 69,000 tons of nickel and 8,200 tons of cobalt, expected to be fully operational by 2024 [2][4]. - The first phase of the pyrometallurgical project has a capacity of 95,000 tons and is set to commence production in 2023, while part of the second phase is expected to start in the first half of 2025, with full production anticipated by 2026, increasing total capacity to 280,000 tons and equity capacity to 155,000 tons, indicating significant production flexibility [2][4]. Industry Insights - The revision of the nickel production target is part of the government's work plan and budget (RKAB) for 2026, reflecting a strategic move to stabilize nickel prices [2][4]. - The calculation formula for the nickel reference price (HPM) may also be revised, focusing on treating by-products, particularly cobalt, as independent commodities subject to royalties [2][4].

Group 1 - The core viewpoint of the article highlights that Lygend Resources (02245) has seen a significant stock price increase, rising over 8% and currently trading at HKD 23.18, with a transaction volume of HKD 66.95 million [1] - The Indonesian Nickel Miners Association (APNI) announced a substantial reduction in the nickel ore production target for 2026 to approximately 250 million tons, down from 379 million tons set for 2025, aimed at preventing further declines in nickel prices [1] - There may be a revision in the calculation formula for the nickel reference price (HPM), focusing on treating by-products like cobalt as independent commodities subject to royalties [1] Group 2 - Minsheng Securities noted that Lygend Resources, in partnership, is investing in nickel smelting production lines on Obi Island, Indonesia, with a planned capacity of 120,000 tons of nickel and 14,000 tons of cobalt, with equity capacity of 69,000 tons of nickel and 8,200 tons of cobalt, expected to be fully operational by 2024 [1] - The first phase of the pyrometallurgical project has a capacity of 95,000 tons, which began production in 2023, while parts of the second phase are expected to start production in the first half of 2025, with full production anticipated by 2026 [1] - The company's total capacity will increase to 280,000 tons, with equity capacity rising to 155,000 tons, indicating significant production flexibility [1]

Group 1 - The core viewpoint of the article highlights the significant increase in the stock price of Lygend Resources (02245), which rose over 8% and is currently trading at 23.18 HKD with a transaction volume of 66.95 million HKD [1] - The Indonesian Nickel Miners Association (APNI) announced a substantial reduction in the nickel ore production target for 2026 to approximately 250 million tons, down from 379 million tons set for 2025, aimed at preventing further declines in nickel prices [1] - There may be a revision in the calculation formula for the nickel reference price (HPM), focusing on treating by-product minerals, especially cobalt, as independent commodities subject to royalties [1] Group 2 - Minsheng Securities previously noted that Lygend Resources, in partnership, is investing in nickel smelting production lines on Obi Island, Indonesia, with a planned capacity of 120,000 tons of nickel and 14,000 tons of cobalt, with equity capacity of 69,000 tons of nickel and 8,200 tons of cobalt, expected to be fully operational by 2024 [1] - The first phase of the pyrometallurgical project has a capacity of 95,000 tons, which began production in 2023, while parts of the second phase are expected to start production in the first half of 2025, with full production anticipated by 2026, increasing total capacity to 280,000 tons and equity capacity to 155,000 tons, indicating significant production flexibility [1]

Summary of Conference Call on Cobalt Market Dynamics Industry Overview - The cobalt market is experiencing significant changes due to delays in the export of cobalt raw materials from the Democratic Republic of Congo (DRC), leading to a reduction in China's cobalt inventory and a subsequent rise in cobalt prices since December [1][2][3]. Key Points and Arguments - **Cobalt Price Surge**: The price of electrolytic cobalt in Wuxi has reached 436,000 yuan, marking a new high for the year. This increase aligns with previous expectations discussed in early December [2]. - **Supply Chain Disruptions**: The DRC's cobalt export process is still under approval, causing delays that are expected to extend into January. This has resulted in a significant reduction in China's cobalt inventory, which is projected to drop to approximately 8,000 tons by the end of April 2024, enough for only half a month's usage [3][4]. - **Future Price Predictions**: It is anticipated that cobalt prices could reach an average of 500,000 to 600,000 yuan per ton in 2026, driven by potential supply shortages and increased demand as companies prepare for possible disruptions [1][6]. - **Beneficiary Companies**: Companies with Indonesian MHP production capacity, such as Huayou Cobalt, Greeenmei, and Tengyuan Cobalt, are expected to benefit significantly from rising cobalt prices. Huayou Cobalt's MHP capacity of 230,000 to 240,000 tons will notably enhance its profit elasticity [1][5]. - **Nickel Market Dynamics**: Nickel prices have rebounded due to news from the Indonesian nickel mining sector, but the long-term trend remains uncertain. Strict enforcement of nickel mining quotas by the Indonesian government could shift the market from surplus to a balanced state, benefiting companies like Huayou Cobalt and Greenmei [1][7]. - **Lithium Market Outlook**: The lithium market remains stable, although some lithium iron phosphate companies plan to reduce production temporarily. Overall demand for lithium is expected to depend on battery production schedules. Huayou Cobalt's lithium business is projected to be profitable, especially with the expansion of the Arcadia project [3][7]. Additional Important Insights - **Market Sentiment**: The current market sentiment indicates a potential "short squeeze" scenario for cobalt prices in 2026, as companies may prefer to engage in arbitrage rather than production due to cost imbalances [6]. - **Investment Recommendations**: Investors are advised to focus on companies with robust production reserves, such as Huayou Cobalt, Luxshare Precision, and Greenmei, as they are well-positioned to capitalize on the upcoming market trends [7][8].

Core Insights - The report highlights the positive outlook for strategic metals investment opportunities due to favorable supply-demand dynamics and resource nationalism [3][5][11]. Market Review: Strategic Metals Lead Nonferrous - From the beginning of the year until December 18, 2025, the nonferrous metals sector has risen by 78.53%, ranking second among all industries. Strategic metals have shown significant gains, with tungsten up 136.7%, cobalt up 69.1%, and rare earth permanent magnets up 56.7% [7]. Cobalt: Supply Tightening from Congo (DRC) - The Democratic Republic of Congo (DRC) has implemented an export quota system for cobalt, leading to a projected supply-demand imbalance of -7.5/-3.3/-3.3 million tons for 2025-2027. The DRC's export ban and subsequent quota system are expected to keep cobalt prices elevated [3][14][16]. Rare Earths: Supply Expectations Tightening - The rare earth sector is experiencing tightening supply due to strategic export controls and a lack of public quota announcements. The price of light rare earths has seen fluctuations, with a peak price of 64.30 million yuan/ton for praseodymium and neodymium oxides in August 2025, followed by a decline [22][26][46]. Tungsten: Continued Supply-Demand Gap - The tungsten market is facing a supply squeeze due to mining restrictions and declining ore grades. Demand remains stable, supported by applications in military and photovoltaic sectors, suggesting that tungsten prices are likely to rise [3][5]. Tin: Supply Tightness and AI Demand Growth - The resumption of tin production in Myanmar is slow, with significant delays expected. However, the rapid development of AI is emerging as a new growth driver for tin demand [3][5]. Antimony: Export Recovery Expected - The suspension of export restrictions to the U.S. is anticipated to boost China's antimony exports, which currently account for 36% of its production. The lifting of these restrictions is expected to enhance export volumes significantly [5]. Investment Recommendations - The report suggests focusing on companies benefiting from the tightening supply of strategic metals, including Huayou Cobalt, China Rare Earth, and Xiamen Tungsten. Specific recommendations include companies with significant cobalt production quotas in the DRC and those involved in rare earth processing [5][3].