Group 1: Event Overview - The CINE2025 Solid-State Battery Exhibition and Industry Annual Conference will be held from November 6-8, 2025, at the Guangzhou Nansha International Convention Center [1] - The event is organized by Qidian Solid-State Battery, Qidian Lithium Battery, and the SSBA Solid-State Battery Alliance, with sponsorship from Ruitian Technology [1] - The scale of the event includes over 200 exhibitors, 2000 participating companies, and 20,000 professional attendees [1] Group 2: Industry Insights - In the first three quarters of 2025, China's lithium battery ternary precursor shipment volume was approximately 669,000 tons, showing a slight year-on-year decrease of 1.2% due to the pressure from lithium iron phosphate in the power battery sector [2] - Zhongwei Co., Ltd. continues to lead the market, while Bangpu Recycling has seen significant growth in shipments due to its deep partnership with CATL, now ranking second [2] - Other notable companies include GreenMei, Huayou Cobalt's Bamo Technology, and Lanzhou Jintong, which have also shown varying degrees of shipment recovery and growth [2][3] Group 3: Key Players in the Market - The top 10 companies in China's lithium battery ternary precursor shipments for the first three quarters of 2025 are: 1. Zhongwei Co., Ltd. 2. Bangpu Recycling 3. GreenMei 4. Huayou Cobalt 5. Lanzhou Jintong 6. Rongbaisong 7. Jiana Energy 8. Kelon New Energy 9. China Metallurgical Group 10. Pava Co., Ltd. [3]

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].

Core Viewpoint - The Chinese manufacturing industry, positioned in the global supply chain, faces dual pressures from downstream ESG evaluations in Western markets and concerns from upstream resource-rich countries regarding "neo-colonialism" [1] Group 1: Industry Challenges - Chinese companies expanding into remote or underdeveloped regions encounter strict policies and regulations, alongside significant challenges related to resource nationalism, which has been on the rise [3] - Geopolitical instability has led to various policy and supply chain issues, with threats to personal safety from kidnapping and theft in turbulent regions, resulting in longer timeframes and increased cost pressures for companies [3][4] Group 2: Corporate Responsibility and ESG - Companies must ensure compliance with local laws and regulations, understand cultural differences, and align their standards with international markets to manage risks effectively [3] - In regions with weak governance, companies often have to assume responsibilities typically held by local governments, such as community development and infrastructure [4] - There is a misconception among many investors that ESG risks are minimal in underdeveloped areas, while in reality, these regions often have historical legal frameworks that are not enforced effectively [5]

Core Insights - The development of the green manufacturing industry is a crucial support for optimizing the business environment and enhancing regional attractiveness in Yijinhuoluo Banner [1][5] - Yijinhuoluo Banner has focused on the green manufacturing sector, attracting key projects that create an industrial cluster effect [3][4] Group 1: Key Projects and Economic Impact - The high-end graphite material project by Inner Mongolia Rong Lithium Battery Materials Co., Ltd. is the first integrated project for battery anode materials in the city, expected to generate an annual output value of 3 billion yuan and create 500 new jobs [3] - Inner Mongolia Baichuan Solar Thermal Technology Co., Ltd. is the only mass production solar thermal power manufacturing enterprise in the region, achieving an annual output value of 400 million yuan through equipment upgrades and technological improvements [3] - The Zero Carbon Creation Center in the Mengsu Economic Development Zone has a total investment of approximately 550 million yuan and aims to provide low-carbon development technical support and demonstration scenarios for enterprises [3][4] Group 2: Industry Cluster and Capacity - The Zero Carbon Industrial Park in the Mengsu Economic Development Zone has attracted over 10 leading new energy enterprises with total investments exceeding 100 billion yuan, creating significant production capacities in photovoltaic and energy storage sectors [4] - The park includes 50 GW of silicon rod and slice capacity, 30 GW of photovoltaic cells, and 10.5 GWh of energy storage batteries, forming a complete green industrial chain [4] Group 3: Future Development and Goals - By 2024, the output value of the new energy manufacturing industry in Yijinhuoluo Banner is expected to exceed 20 billion yuan, representing a growth of 114%, significantly contributing to regional GDP growth [5] - The development model focused on green manufacturing is set to attract investment, promote employment, and drive economic growth, establishing a high-quality business ecosystem [5] - Yijinhuoluo Banner plans to continue nurturing new productive forces and enhance its green development foundation to invigorate the business environment amid industrial upgrades [5]

Investment Rating - Industry Rating: Outperform the Market (maintained rating) [7] Core Viewpoints - The recent quota policy from the Democratic Republic of the Congo (DRC) has set a total quota of 96,600 tons, with a base quota remaining unchanged at 87,000 tons. Major companies receiving quotas include Luoyang Molybdenum (36% share), Glencore (22% share), and Eurasian Resources (12% share) [2][3] - The quota distribution aligns with expectations, although the local DRC company EGC received a quota despite minimal past exports, likely due to local policy support. The introduction of a 10% royalty fee on cobalt sales will significantly increase local revenue [3][4] Summary by Sections Quota Distribution - The quota distribution is based on historical export volumes from January 1, 2022, to December 31, 2024. The current quota aligns with expectations, with the DRC's local company EGC receiving a quota despite limited past exports [3] - The total quota of 96,600 tons represents a 56% decrease compared to last year's exports of nearly 220,000 tons, indicating a tightening supply-demand balance [4] Market Outlook - The current inventory situation is critical, with an estimated four months of inventory across the supply chain. This could lead to increased supply tension if any segment of the chain holds excess stock [4] - As of October 13, prices for cobalt sulfate, lithium cobalt oxide, and battery-grade cobalt have increased by 40%, 38%, and 29% respectively from September 22 to October 13, indicating strong downstream demand [4] Investment Recommendations - Short-term expectations include continued inventory depletion and potential price increases due to low inventory levels. The long-term logic suggests a direct supply-demand balance or even a shortage, leading to an upward adjustment in cobalt prices [5] - Companies not significantly affected by DRC policies, such as Huayou Cobalt and Likin Resources, as well as Luoyang Molybdenum, which has now clarified its quota status, are recommended for investment [5]

Group 1: ETF Performance - The New Energy ETF has seen a turnover rate of 3.23% with a transaction volume of 45.82 million yuan [3] - Over the past month, the New Energy ETF's scale has increased by 279 million yuan, indicating significant growth [3] - In the past week, the ETF's shares grew by 299 million shares, ranking first among comparable funds [3] - The latest net inflow of funds into the New Energy ETF is 12.93 million yuan, with a total of 200 million yuan net inflow over the last four trading days [3] - As of October 14, the New Energy ETF's net value has risen by 55.85% over the past six months, ranking 237 out of 3739 index equity funds, placing it in the top 6.34% [3] - Since its inception, the ETF has achieved a maximum monthly return of 25.07%, with the longest consecutive monthly gains lasting five months and a maximum increase of 62.44% [3] Group 2: Policy and Market Trends - The "Central Budget Investment Special Management Measures for Energy Conservation and Carbon Reduction" has been issued, supporting energy conservation and carbon reduction projects in key industries such as electricity, steel, non-ferrous metals, building materials, petrochemicals, chemicals, and machinery [3] - The new policy encourages energy conservation and carbon reduction transformations in industrial parks and clusters, as well as in infrastructure such as heating and computing power [3] Group 3: Energy Storage Developments - According to the National Energy Administration, by the end of 2024, the cumulative installed capacity of new energy storage projects in China is expected to reach 73.76 million kilowatts, which is approximately 20 times that of the end of the 13th Five-Year Plan, with a growth of over 130% compared to the end of 2023 [4] - The average storage duration is reported to be 2.3 hours, indicating advancements in energy storage capabilities [4] - The implementation of Document No. 136 marks the entry of new energy into a market-oriented trading era, enhancing the economic viability of energy storage [4] Group 4: Stock Performance - As of September 30, 2025, the top ten weighted stocks in the China Securities New Energy Index include CATL, Sungrow Power, EVE Energy, Longi Green Energy, Huayou Cobalt, TBEA, China Nuclear Power, Ganfeng Lithium, Lead Intelligent, and Three Gorges Energy, collectively accounting for 45.2% of the index [6]

Market Overview - The market experienced fluctuations with the ChiNext Index and the Sci-Tech Innovation 50 Index both dropping over 4% during the session. The total trading volume in the Shanghai and Shenzhen markets reached 2.58 trillion, an increase of 221.5 billion compared to the previous trading day. The Shanghai Composite Index fell by 0.62%, the Shenzhen Component Index dropped by 2.54%, and the ChiNext Index decreased by 3.99% [1]. Brokerage Sector Insights - Huatai Securities emphasized that now is a critical period to seize strategic repair opportunities in the brokerage sector, driven by multiple factors including policy, capital, performance, and valuation. The capital market is undergoing profound reforms, transitioning into a new phase of co-development in investment and financing. The low interest rate environment is accelerating the migration of institutional and retail funds to the equity market, continuously bringing in incremental capital. With market expansion and increased activity, brokerage firms are seeing improvements in their business performance and profitability. However, the sector's valuation remains relatively low, making this an opportune time for strategic investments [2]. Cobalt and Rare Earths Strategy - CITIC Securities highlighted the importance of strategic allocation opportunities in cobalt and rare earths. The details of the cobalt export quotas from the Democratic Republic of Congo have been finalized, with major companies like Luoyang Molybdenum, Glencore, and Eurasian Resources holding the top three quota shares at 35.9%, 27.3%, and 21.6% respectively. The total quota for 2026 and 2027 is set at 96,600 tons, which includes 87,000 tons of basic quotas and 9,600 tons of strategic quotas. Under this quota system, only about 44% of production can be exported, resulting in a reduction of over 100,000 tons. Based on estimates of 270,000 tons supply and 230,000 tons demand in 2024, the market is expected to shift from a surplus of about 70,000 tons to a shortage of about 30,000 tons, potentially driving cobalt prices higher. Additionally, the Ministry of Commerce has reinforced export controls on rare earths, further solidifying their strategic importance [3]. North Exchange Long-term Value - Galaxy Securities pointed out that the North Exchange sector possesses long-term investment value. With the introduction of the specialized and innovative index, steady progress in new stock issuances, and the realization of more merger and acquisition projects, the trading activity and market attention towards the North Exchange are expected to remain high. For investment strategies in the second half of 2025, two main directions are recommended: 1) Focus on new productive forces in the North Exchange, particularly in emerging industries such as artificial intelligence, commercial aerospace, low-altitude economy, and new consumption, where companies have "scarce" attributes in the A-share market; 2) Conduct bottom-up selection based on financial indicators, focusing on companies with high performance growth, strong R&D investment, significant capacity release potential, and strong growth prospects [4].

Core Viewpoint - The announcement details the external guarantees provided by Zhejiang Huayou Cobalt Co., Ltd., highlighting the total guarantee amount and the financial health of the company and its subsidiaries [2][3][8]. Summary by Sections 1. Overview of Guarantees - In September 2025, the company provided a total guarantee of 954,481.95 million yuan, with 479,663.75 million yuan for subsidiaries with a debt-to-asset ratio above 70% and 474,818.20 million yuan for those below 70% [3][6]. 2. Guarantee Amount and Balance - As of September 30, 2025, the total external guarantee balance was 8,813,281.97 million yuan, primarily for controlling subsidiaries and their subsidiaries, with 8,701,288.20 million yuan for controlling subsidiaries and 111,993.77 million yuan for associated companies [2][10]. 3. Internal Decision-Making Process - The guarantees were approved during the board meetings on April 17, 2025, and May 9, 2025, as well as the annual shareholders' meeting in 2024, ensuring compliance with internal governance [3][9]. 4. Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary for the normal operations of the company and its subsidiaries, with no significant defaults or legal issues reported, indicating a manageable risk profile [8]. 5. Board of Directors' Opinion - The board supports the guarantee actions as they are essential for the operational continuity of the company and its subsidiaries, asserting that these actions do not harm the interests of the company or its shareholders [9].

Core Insights - Recent surge in prices of certain minor metals, with cobalt exceeding 350,000 yuan/ton, tungsten reaching 266,000 yuan/ton, and molybdenum at 4,380 yuan/ton, indicating significant year-to-date increases [1] - The demand for minor metals is driven by the rapid development of new industries such as renewable energy and aerospace, particularly the increased need for cobalt in lithium battery manufacturing [1] - Strategic minor metals are being re-evaluated as "quasi-safe-haven" assets due to their scarcity and irreplaceable strategic uses, similar to traditional precious metals [1] Industry Overview - Cobalt prices have doubled since the end of last year, while tungsten and molybdenum have also seen substantial price increases [1] - The global supply of certain minor metals is limited and concentrated in specific regions, making prices sensitive to geopolitical and production disruptions [1] Company Performance - Leading companies in the strategic minor metals sector include: - Luoyang Molybdenum (603993) with a market cap exceeding 270 billion yuan and projected cobalt revenue of 5.728 billion yuan for the first half of 2025 [2] - Northern Rare Earth (600111) with a market cap over 205.3 billion yuan and a revenue increase of over 45% year-on-year [2] - Huayou Cobalt (603799) with a market cap of approximately 122.8 billion yuan, showing a significant increase in nickel product shipments [2] - Xiamen Tungsten (600549) with a competitive advantage across the tungsten industry chain [2] Stock Performance - Average stock price increase for strategic minor metal leaders exceeds 90% year-to-date, significantly outperforming the broader market [3] - Specific stocks such as Xinyi Silver Tin, Northern Rare Earth, and Luoyang Molybdenum have seen price increases over 100% [3] - Forecasts indicate potential for net profit doubling for companies like Shenghe Resources and China Rare Earth this year [3]

关于对外担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 被担保人名称及是否为上市公司关联人：被担保人包括 12 家公司，不存在 关联担保； 股票代码：603799 股票简称：华友钴业 公告编号：2025-115 关于对外担保的进展公告 浙江华友钴业股份有限公司 本次担保金额及累计担保余额：2025 年 9 月担保金额合计 994,425.95 万元； 截至 2025 年 9 月 30 日，浙江华友钴业股份有限公司（以下简称"公司"）对外提 供担保余额为 8,813,281.97 万元，主要为对控股子公司及其下属企业、参股公司的 担保； 对外担保逾期的累计数量：无； 特别风险提示：公司及控股子公司对外担保总额超过最近一期经审计净资产 100%；2025 年 9 月为资产负债率超过 70%的子公司提供的担保金额为 479,663.75 万元，敬请投资者注意相关风险。 一、担保情况概述 （一）2025 年 9 月，因申请融资，公司为资产负债率高于 70%的 5 家子公司提 供 479,663.7 ...