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]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [3] Core Views - The report anticipates a potential upward trend in copper prices due to expected shortages in copper mines, particularly with the global second-largest copper mine, Grasberg, facing production halts. The report suggests that the copper supply-demand balance may shift from tight equilibrium to shortage by 2026 [4] - The report highlights the performance of various metals, including aluminum, lithium, and cobalt, with specific recommendations for companies to watch in each segment [4] Summary by Sections 1. Industry Overview - Recent macroeconomic developments include a new round of US-China trade negotiations and comments from Trump regarding the unsustainability of high tariffs on China [8] 2. Market Performance - The overall performance of the non-ferrous metals sector saw a decline, with the Shanghai Composite Index down 1.47% and the Shenwan Non-Ferrous Metals Index down 3.07%, underperforming the Shanghai Composite by 1.60 percentage points [10][11] 3. Valuation Changes - The PE_TTM for the Shenwan Non-Ferrous Metals Index is 26.96, down 1.78 from the previous week, while the PB_LF is 3.22, down 0.22 [19][22] 4. Copper - Copper prices have seen a decline, with LME copper down 1.86% and SHFE copper down 1.77%. However, the report indicates a potential for price recovery due to supply disruptions and seasonal demand [21][44] 5. Aluminum - Aluminum prices are experiencing fluctuations, with LME aluminum down 0.45% and SHFE aluminum down 0.47%. The report notes a decrease in inventory levels, which may support price stability [33][44] 6. Lithium - Lithium prices are showing mixed trends, with lithium carbonate down 0.27% and lithium spodumene up 0.83%. The report suggests that lithium prices may stabilize due to seasonal demand [73] 7. Cobalt - Cobalt prices have increased, with MB cobalt up 5.40% to $20.98 per pound, driven by changes in export regulations from the Democratic Republic of Congo [86]

Core Viewpoint - The company has entered into a framework agreement with its controlling shareholder, Likun Investment, to provide engineering construction services and materials, enhancing business flexibility and ensuring stable supply at competitive terms [1] Group 1: Agreement Details - The framework agreement will be effective from October 17, 2025, to December 31, 2027, allowing for ongoing provision of services and materials [1] - The decision to establish a framework agreement rather than a one-time agreement is seen as commercially advantageous for the company [1] Group 2: Company Background - The company operates across the entire nickel industry value chain [1] - Likun Investment, established on April 19, 2010, in China, is controlled by Cai Jianyong, who is also an executive director and a major shareholder of the company [1] - As of the announcement date, Likun Investment holds approximately 32.65% of the company's equity, making it the controlling shareholder [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. 寧波力勤資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） （股份代號：2245） 有關工程建設服務及材料框架協議的持續關連交易 工程建設服務及材料框架協議 茲提述本公司日期為二零二四年三月二十日、二零二四年十月十四日及二零二五年一月 十日的公告，內容有關（其中包括）力勤投資的若干附屬公司向本公司的若干附屬公司提 供工程建設服務及材料。 鑒於本集團整體業務發展戰略及實現持續增長的業務規劃，董事會認為，與力勤投資訂 立框架協議，而非訂立一次性協議，於商業上屬有利，此舉既能通過有競爭力的條款保 障服務與物料的穩定優質供應，又能顯著提升業務安排的靈活性。 於二零二五年十月十七日，力勤投資與本公司訂立一份框架協議，據此，力勤投資及╱ 或其若干附屬公司及聯繫人將自二零二五年十月十七日起至二零二七年十二月三十一日 止期間不 ...

Lygend Resources & Technology Co., Ltd. 宁波力勤资源科技股份有限公司 （股份代號：2245） 董事名單與其角色和職能 宁波力勤资源科技股份有限公司 (⌈本公司 ⌋） 董 事 （ ⌈董 事 ⌋） 會 （ ⌈董事會 ⌋） 成員載列如下： 執 行 董 事 蔡建勇先生（主席） 費鳳女士 蔡建威先生 王淩先生 非 執 行 董 事 （於中華人民共和國註冊成立的股份有限公司） 何萬篷博士 張爭萍女士 王緝憲博士 職 工 代 表 董 事 余衛軍先生 董事會已成立四個委員會，並制定有關職權範圍。該等委員會的成員資料載 列如下： 審核委員會 張爭萍女士（主席） 何萬篷博士 王緝憲博士 薪酬委員會 Lawrence LUA Gek Pong先 生 獨立非執行董事 環境、社會和管治委員會 蔡建勇先生（主席） 錢峰先生（非董事） 禹海先生（非董事） 廖正權先生（非董事） 劉煊亮先生（非董事） 齊輝先生（非董事） 王多冬先生（非董事） 石文堂先生（非董事） 蔡建松先生（非董事） 蔡曉鷗女士（非董事） 王崇鋒女士（非董事） 何萬篷博士（主席） 張爭萍女士 余衛軍先生 提名委員會 張爭萍女士（主席） ...

Group 1 - JPMorgan increased its stake in Liqin Resources (02245) by acquiring 3,280,264 shares at a price of HKD 26.2808 per share, totaling approximately HKD 86.208 million [1] - After the acquisition, JPMorgan's total shareholding in Liqin Resources reached 33,084,800 shares, representing a 6% ownership stake [1]

Core Viewpoint - JPMorgan has increased its stake in Liqian Resources (02245) by acquiring 3,280,264 shares at a price of HKD 26.2808 per share, totaling approximately HKD 86.208 million, raising its total holdings to 33,084,800 shares, which now represents 6% of the company [1] Summary by Category - **Share Acquisition** - JPMorgan purchased 3,280,264 shares of Liqian Resources at HKD 26.2808 per share [1] - The total investment amounts to approximately HKD 86.208 million [1] - **Ownership Structure** - After the acquisition, JPMorgan's total shareholding in Liqian Resources is now 33,084,800 shares [1] - This represents a 6% ownership stake in the company [1]

Core Viewpoint - The recent quota policy from the Democratic Republic of Congo (DRC) has established a total quota of 96,600 tons for cobalt exports, with a base quota remaining unchanged at 87,000 tons, impacting major companies in the industry [1][2]. Quota Distribution - The quota distribution is as follows: - Luoyang Molybdenum Company (Luoyang Moly) received 36% of the quota, equating to an annualized 31,200 tons - Glencore received 22%, or 18,800 tons - Eurasian Resources received 12%, or 10,000 tons - The local company EGC received 6.5%, or 5,640 tons - Other Chinese companies such as Northern Mining received 5.5% (4,800 tons), Shengton Mining 2% (1,680 tons), and Huayou Cobalt 1.24% (1,080 tons) [2][3]. Policy Implications - The quota allocation aligns with expectations based on historical export volumes from January 1, 2022, to December 31, 2024, although the allocation for EGC is notable given its lack of past exports [3]. - The introduction of a 10% royalty fee on sales value for companies receiving cobalt export quotas is expected to significantly increase local revenue [3]. Market Outlook - The total quota of 96,600 tons represents a 56% decrease compared to last year's exports of nearly 220,000 tons, indicating a tighter supply-demand balance for cobalt [4]. - Current inventory levels are critical, with an estimated four months of supply across the industry chain, which could lead to increased price pressures as inventory is consumed [5]. Price Trends - As of October 13, cobalt prices have seen significant increases, with prices for cobalt sulfate, lithium cobalt oxide, and battery-grade cobalt rising by 40%, 38%, and 29% respectively from September 22 to October 13 [5]. Investment Recommendations - The industry is expected to experience upward price movement due to ongoing inventory depletion and low stock levels, with a long-term view suggesting a potential increase in cobalt price stability [5]. - Companies less affected by DRC policies, such as Huayou Cobalt and Likin Resources, as well as low-cost producers like Luoyang Moly, are recommended for investment [5].