Group 1: Rare Metal ETF Performance - The Rare Metal ETF has a turnover rate of 2.43% with a transaction volume of 59.74 million yuan, ranking first among comparable funds in terms of average daily trading volume over the past month at 215 million yuan [2] - The ETF's scale has increased by 220 million yuan this month, also ranking first among comparable funds, with a share growth of 58.05 million shares in the past two weeks [2] - Over the last 10 trading days, the ETF has attracted a total of 51.86 million yuan in inflows, and its net value has risen by 82.60% over the past year [2] - The ETF has recorded a maximum monthly return of 24.02% since its inception, with the longest consecutive monthly gain being 4 months and an average monthly return of 8.77% [2] Group 2: Cobalt Market Dynamics - Starting from October 16, 2025, the Democratic Republic of Congo will implement a cobalt export quota system, aiming to boost cobalt prices by controlling supply [3] - The DRC is projected to account for 76.3% of global cobalt production in 2024, and the quota restrictions are expected to significantly reduce global cobalt supply, leading to an estimated annual shortage of about 30,000 tons in the cobalt market from 2026 to 2027 [3] - The lithium battery sector is expected to generate revenue of 1.14 trillion yuan in the first half of 2025, with a year-on-year growth of 13.78% and a net profit of 67.95 billion yuan, reflecting a 28.07% increase [3] Group 3: Top Holdings in Rare Metal Index - As of August 29, 2025, the top ten weighted stocks in the Rare Metal Theme Index include Northern Rare Earth, Luoyang Molybdenum, Salt Lake Industry, Huayou Cobalt, Tianqi Lithium, Ganfeng Lithium, China Rare Earth, Shenghe Resources, Zhongjin Resources, and Xiamen Tungsten, collectively accounting for 57.58% of the index [3] Group 4: Investment Opportunities - Investors can also participate in the rare metal sector through the Rare Metal ETF linked fund (014111) [6]

Core Viewpoint - The company announces the redemption and delisting of its convertible bond "Huayou Convertible Bond" effective from September 24, 2025, with the last conversion date set for September 26, 2025 [1][2][4]. Redemption Details - The "Huayou Convertible Bond" will stop trading from September 24, 2025 [2][14]. - The last conversion date is September 26, 2025, with only three trading days remaining until this date [3][14]. - Following the early redemption, the bond will be delisted from the Shanghai Stock Exchange starting September 29, 2025 [4][15]. - Investors can convert the bond at a price of 34.43 CNY per share or opt for a forced redemption at 100.8918 CNY per bond, which includes accrued interest [4][10]. Conditional Redemption Trigger - The bond's conditional redemption clause was triggered as the company's stock price was above 130% of the conversion price (44.759 CNY) for 15 trading days from July 25 to August 29, 2025 [5][8]. - The board approved the early redemption on August 29, 2025, based on the conditions outlined in the bond's prospectus [5][8]. Redemption Process - The redemption registration date is September 26, 2025, with the redemption price set at 100.8918 CNY per bond [6][10]. - The redemption payment will be issued on September 29, 2025 [13]. - All bonds registered by the redemption date will be frozen and subsequently redeemed [11][18]. Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net redemption amount of 100.7134 CNY per bond after tax [16]. - Qualified foreign institutional investors will receive the full redemption amount of 100.8918 CNY per bond without tax deductions [17].

Core Points - Huayou Cobalt announced that the "Huayou Convertible Bond" will stop trading on September 24, 2025, with the last conversion date set for September 26, 2025 [2] - After the early redemption, the "Huayou Convertible Bond" will be delisted from the Shanghai Stock Exchange on September 29, 2025 [2] - Investors can either convert their bonds at a conversion price of 34.43 CNY per share or face forced redemption at a total of 100.8918 CNY per bond, which includes accrued interest [2] - Forced redemption may lead to significant investment losses for investors [2]

Core Points - The company announces the last trading day for "Huayou Convertible Bonds" is September 23, 2025, and the last conversion day is September 26, 2025 [1][2][5] - The company has triggered the conditional redemption clause for "Huayou Convertible Bonds" due to the stock price exceeding 130% of the conversion price for 15 trading days [4][7] - The redemption price is set at 100.8918 CNY per bond, which includes accrued interest [9][11] Redemption Details - The redemption registration date is September 26, 2025, and the redemption payment date is September 29, 2025 [5][11] - Investors must convert or sell their bonds before the last trading day to avoid forced redemption [4][16] - The bonds will be delisted from the Shanghai Stock Exchange on September 29, 2025, after the redemption [3][13] Interest and Taxation - The accrued interest for the bonds is calculated using the formula: IA = B × i × t / 365, resulting in an interest of 0.8918 CNY per bond [9][12] - Individual investors are subject to a 20% tax on interest income, leading to a net redemption amount of 100.7134 CNY after tax [14]

关于实施"华友转债"赎回暨摘牌的第十二次提示性公告 | 股票代码：603799 | 股票简称：华友钴业 | 公告编号：2025-107 | | --- | --- | --- | | 转债代码：113641 | 转债简称：华友转债 | | 浙江华友钴业股份有限公司 关于实施"华友转债"赎回暨摘牌的第十二次提示性公告 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法律责任。 重要内容提示： 自2025年9月24日起，"华友转债"停止交易。 （即44.759元/股）。根据《浙江华友钴业股份有限公司公开发行可转换公司债券募集说 明书》（以下简称"《募集说明书》"）的约定，已触发"华友转债"的有条件赎回条款。 公司于2025年8月29日召开第六届董事会第三十二次会议，审议通过了《关于提前赎回 "华友转债"的议案》，决定行使"华友转债"的提前赎回权，按照债券面值加当期应 计利息的价格对赎回登记日登记在册的"华友转债"全部赎回。具体内容详见公司于2025 年8月30日披露的《关于提前赎回"华友转债"的公告》（公告编号：2025-087）。 最后转股 ...

Core Points - Zhejiang Huayou Cobalt Co., Ltd. announced the redemption and delisting of "Huayou Convertible Bonds" [1] Group 1 - The company has triggered the conditional redemption clause as its stock price has been above 130% of the conversion price for 15 trading days from July 25 to August 29, 2025 [1] - The redemption registration date is set for September 26, with a redemption price of 100.8918 CNY per bond, and the redemption funds will be distributed on September 29 [1] - "Huayou Convertible Bonds" will cease trading from September 24, with September 26 being the last day for conversion, and the bonds will be delisted from the Shanghai Stock Exchange starting September 29 [1] - The company warns investors to convert their bonds within the specified period to avoid significant investment losses [1]

Group 1: Liquidity and Performance of Rare Metal ETFs - The rare metal ETF had an intraday turnover of 4.62%, with a transaction volume of 115 million yuan [1] - Over the past month, the average daily transaction volume of the rare metal ETF reached 218 million yuan, ranking first among comparable funds [1] - In the last two weeks, the rare metal ETF's scale increased by 53.46 million yuan, achieving significant growth and ranking first among comparable funds [1] - The ETF's shares grew by 13 million shares in the last two weeks, also ranking first among comparable funds [1] - In the last ten trading days, the rare metal ETF attracted a total of 195 million yuan in inflows [1] - As of September 22, 2025, the net value of the rare metal ETF increased by 86.19% over the past year [1] - The highest monthly return since inception was 24.02%, with the longest consecutive monthly gains being four months and a maximum increase of 58.56% [1] - The average return during the rising months was 8.77% [1] - The annualized return over the last three months exceeded the benchmark by 5.76% [1] Group 2: Market Dynamics and Policy Impact - The unique resource characteristics of minor metals lead to greater price elasticity, benefiting from high beta during market uptrends [2] - The Democratic Republic of Congo's cobalt export policy, effective September 21, extends the cobalt export ban until October 15, 2025, followed by a quota system [2] - The quota for October to December 2025 is set at 18,125 tons, with a total quota of 96,600 tons for 2026-2027, representing a 56% decrease from the 2024 production levels [2] - The Congolese government's firm pricing stance is expected to compel downstream companies to initiate large-scale inventory replenishment, driving cobalt prices upward [2] - As of August 29, 2025, the top ten weighted stocks in the China Rare Metal Theme Index accounted for 57.58% of the index, including companies like Northern Rare Earth, Luoyang Molybdenum, and Ganfeng Lithium [2] Group 3: Stock Performance Overview - The stock performance of key companies in the rare metals sector showed declines, with Northern Rare Earth down 4.79% and Ganfeng Lithium down 0.76% [4] - Other notable declines included Luoyang Molybdenum at -2.75% and Tianqi Lithium at -3.01% [4] - Investors can also participate in the rare metal sector through the rare metal ETF linked fund (014111) [4]

Group 1: Market Performance - The New Energy ETF has a turnover rate of 5.17% and a transaction volume of 58.64 million yuan [2] - As of September 22, the New Energy ETF's latest scale reached 1.118 billion yuan, with a total inflow of 104 million yuan over the past 16 trading days [2] - The net value of the New Energy ETF has increased by 59.51% over the past year [2] - The highest monthly return since inception was 25.07%, with the longest consecutive monthly increase being 4 months and a maximum increase of 31.31% [2] - The average return during the increasing months is 8.03%, and the annualized return over the past 3 months has exceeded the benchmark by 4.82% [2] Group 2: Industry Outlook - Foreign capital is optimistic about the development of energy storage in China, with Citigroup raising its forecast for global energy storage system (ESS) demand from 177.8 GWh in 2024 to an estimated 360.2 GWh by 2027, representing a compound annual growth rate of 26.5% [2] - The forecast for 2025 indicates a year-on-year growth of 37% to 243.7 GWh [2] - The Ministry of Industry and Information Technology has released a roadmap for the development of new energy storage technologies from 2025 to 2035, focusing on five key areas: electrochemical storage, mechanical storage, electromagnetic storage, thermal storage, and hydrogen storage [3] - Domestic energy storage system bidding has seen a significant increase, with a capacity of 47.2 GWh in August 2025, marking a year-on-year increase of 2158% and a month-on-month increase of 1142% [3] - Cumulative bidding for energy storage systems reached 144.1 GWh in the first eight months of this year, reflecting a year-on-year growth of approximately 216% [3] Group 3: Stock Performance - The top ten weighted stocks in the China Securities New Energy Index include CATL, Sungrow Power, Longi Green Energy, China Nuclear Power, and others, accounting for a total of 42.78% [6]

Summary of the Conference Call Transcript Company Overview - **Company**: Zhejiang Huayou Cobalt Co Ltd - **Ticker**: 603799.SS - **Market Cap**: Rmb 87,248.7 million - **Current Share Price**: Rmb 51.56 (as of September 19, 2025) - **Price Target**: Rmb 43.00 - **52-Week Range**: Rmb 54.75 - 21.61 - **Shares Outstanding**: 1,692 million - **Average Daily Trading Value**: Rmb 1,725 million Industry Context - **Industry**: Cobalt and Nickel Production - **Key Market Dynamics**: - The Democratic Republic of Congo (DRC) has extended its cobalt export ban until October 15, 2025, followed by export quotas that will limit the 2026-27 quota to 40% of normal production levels. This is significant as DRC accounts for 70% of global cobalt supply [2][4]. - Nickel smelters in Indonesia, which utilize laterite nickel ore and the HPAL method, are expected to benefit from a potential increase in cobalt prices, as they typically produce about 10% cobalt as a byproduct [2]. Production Estimates - **Cobalt Production**: - Huayou's cobalt production volume from its Indonesian smelting operations is estimated to be approximately 20,000 tons (with 11,000 tons attributable based on shareholding) in 2025 [2]. Valuation and Risks - **Valuation Methodology**: - The price target is derived from a Discounted Cash Flow (DCF) model, assuming a Weighted Average Cost of Capital (WACC) of 10.9% and a steady-state revenue growth rate of 2% [7]. - **Risks to Upside**: - Improvement in cobalt prices alongside demand - Increase in copper prices - Rising sales volume of NCM (Nickel Cobalt Manganese) precursors - Cost reductions in NCM due to self-supply of nickel raw materials from Indonesian projects coming online [9]. - **Risks to Downside**: - Lower-than-expected cobalt and copper prices - Missed precursor sales volume due to weaker-than-expected demand - Slower-than-expected ramp-up of Indonesian nickel projects [9]. Analyst Insights - **Analyst**: Chris Jiang, Morgan Stanley Asia Limited - **Stock Rating**: Equal-weight - **Industry View**: Attractive - **Analyst Certification**: The analyst certifies that views about the company and its securities are accurately expressed and that no compensation has been received for these views [14]. Additional Notes - The report indicates a "very likely" probability (70% to 80%) for the scenario regarding cobalt supply impacts due to DRC's export policies [3]. - The company is positioned to benefit from the ongoing dynamics in the cobalt market, particularly with the expected price increases due to supply constraints from the DRC [2][4].

Core Points - The company announces the redemption and delisting of "Huayou Convertible Bonds" with the last trading day on September 23, 2025, and the last conversion day on September 26, 2025 [2][3][4] Redemption Details - The redemption price is set at 100.8918 CNY per bond, which includes the face value of 100 CNY and accrued interest of 0.8918 CNY [4][10] - The redemption registration date is September 26, 2025, and the redemption payment date is September 29, 2025 [6][12] - Investors must convert or sell their bonds before the last trading day to avoid forced redemption [5][17] Conditions for Redemption - The conditional redemption clause was triggered as the company's stock price was above 130% of the conversion price (44.759 CNY) for 15 trading days from July 25 to August 29, 2025 [5][8] - The company has the right to redeem all or part of the bonds if the remaining balance is less than 30 million CNY [7][8] Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net redemption amount of 100.7134 CNY per bond after tax [15] - Qualified foreign institutional investors will receive the full redemption amount of 100.8918 CNY per bond without tax deductions [16]