Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the cobalt industry [5]. Core Viewpoints - The cobalt market is experiencing a supply-driven price increase, with significant price recovery following the export ban from the Democratic Republic of Congo (DRC) [1][4]. - The DRC's export ban, effective from February 22, 2025, aims to reduce historical inventory and stabilize cobalt prices, which had previously dropped due to oversupply [2][45]. - The demand for cobalt is expected to grow, driven by the electric vehicle (EV) sector and advancements in consumer electronics, with cobalt consumption projected to reach approximately 222,000 tons globally in 2024 [3][19]. Summary by Sections 1. Cobalt: A Strategic Battery Metal - Cobalt is recognized for its high melting point, magnetic properties, and unique catalytic performance, making it essential in battery applications [1][15]. - The price of cobalt has undergone three cycles of increase and decrease since 2017, with the current cycle being primarily supply-driven [13][14]. 2. Cobalt Raw Material Supply - Global cobalt reserves are concentrated in the DRC, which is the largest producer, contributing approximately 75.9% of the global cobalt output in 2024 [21][22]. - The DRC's export ban is expected to impact around 128,000 tons of global cobalt supply over seven months, tightening the market and potentially increasing prices [45][47]. 3. Demand for Cobalt - In 2024, the global cobalt consumption is projected to be about 222,000 tons, with electric vehicles accounting for 43% and consumer electronics for 30% of the demand [3][19]. - The demand for cobalt in high-temperature alloys is also expected to grow, particularly in aerospace and military applications [3][19]. 4. Price Outlook - Following the DRC's export ban, imports of cobalt intermediate products into China have significantly decreased, indicating a tightening supply situation [4][9]. - The report anticipates further price increases for cobalt as imports remain low and demand recovers in the latter half of 2025 [4][9]. 5. Key Companies to Watch - Major players in the cobalt industry include Luoyang Molybdenum, which is the largest cobalt supplier globally, and other companies like Huayou Cobalt and Greeenmei, which are also significant contributors to cobalt production [6][20][41].

Group 1: China-Europe Railway Express - The transit time for the China-Europe Railway Express via the "Middle Corridor" to Turkey has been reduced to 15 days [5][6][7] - The route starts from China, passing through Kazakhstan, the Caspian Sea, Azerbaijan, Georgia, and extending to Turkey and European countries [8] Group 2: US Tariff Measures - The US has announced a 50% tariff on imported copper semi-finished products and high-copper derivatives starting August 1 [9][10] - From August 29, the US will suspend the tax exemption for imported packages valued at $800 or less [12] - A 40% tariff will be imposed on products imported from Brazil starting August 6, raising the total tariff rate for most Brazilian products to 50% [12] Group 3: South Africa's Economic Impact - The South African government warns that the US's 30% tariff on South African goods could lead to a loss of approximately 30,000 jobs [13][14] - The high tariffs are expected to severely impact South Africa's automotive manufacturing and agricultural processing sectors [14] Group 4: EU AI Regulation - The EU AI Act has come into effect, imposing fines of up to €35 million for non-compliance, with general AI systems also under regulation [17][18] - Member states are required to appoint market regulatory bodies to oversee compliance with the AI Act [17] Group 5: OpenAI Funding - OpenAI has raised over $8 billion in its latest funding round, achieving a valuation of $300 billion [20][21] - The funding round was led by Dragoneer Investment Group, with participation from several major investment firms [21] Group 6: Meta's Data Center Asset Sale - Meta plans to sell $2 billion worth of data center assets to share the costs of AI infrastructure [25][26] - The company is exploring partnerships with financial entities to co-develop data centers [26] Group 7: Foxconn's Shift to AI - Foxconn is selling its electric vehicle factory in Ohio for approximately $375 million to focus on AI data centers [36][37] - The company aims to pivot its business strategy towards AI infrastructure amid a downturn in the electric vehicle market [39] Group 8: South Korea's AI Semiconductor Initiative - The South Korean government has launched a project worth 30 billion KRW to support the optimization of AI semiconductor design [43][44] - The initiative aims to enhance domestic AI semiconductor companies' participation in national AI projects [43] Group 9: Quantum Research Awards - The 2025 "Mozi Quantum Award" has been awarded to three researchers in the field of quantum simulation for their groundbreaking work [46] Group 10: TSMC's 2nm Technology Transfer - TSMC is preparing to transfer its 2nm technology to the US, with a new production line being set up in Arizona [51][52] - This move is part of a broader trend among tech companies to establish manufacturing capabilities in the US [53]

Core Insights - Cobalt concentrate is a critical raw material in the cobalt industry, with significant implications in sectors like new energy and aerospace, and is undergoing a transition towards technology-driven and green low-carbon development [1][4][22] - China heavily relies on imports for cobalt resources, with over 90% of its supply coming from abroad, leading to a pronounced supply-demand imbalance exacerbated by export bans from the Democratic Republic of the Congo (DRC) [1][4][12] - Major Chinese companies like Luoyang Molybdenum and Huayou Cobalt are adopting "going out" strategies to secure overseas resources, aiming to build a dual-circulation supply chain [1][16][20] Cobalt Concentrate Industry Overview - Cobalt concentrate is produced through the beneficiation of primary cobalt ores or associated minerals, typically increasing cobalt content to 15%-25%, and can be categorized into three types based on chemical composition: sulfide, oxide, and mixed [2][4] - The cobalt industry is recognized as a strategic mineral, essential for national industrial security and economic resilience, particularly in the context of the growing demand for electric vehicle batteries and high-end manufacturing [4][12] Development Background of China's Cobalt Concentrate Industry - Cobalt's strategic importance is underscored by its inclusion in the national strategic mineral directory, with policies promoting its use in electric vehicle batteries and energy storage systems [4][5] - The Chinese government is implementing policies to enhance resource security, including resource tax reforms and support for overseas mining projects, to address domestic cobalt resource scarcity [4][5] Industry Chain of China's Cobalt Concentrate - The industry chain is characterized by heavy reliance on imports for upstream resources, advanced smelting technology in the midstream, and rapid expansion of downstream applications, particularly in electric vehicle batteries [6][12] - The recycling of cobalt is becoming increasingly important, with recycled cobalt accounting for 18% of the supply, contributing to a circular economy [6][12] Current Status of China's Cobalt Concentrate Industry - China's cobalt production is constrained by limited domestic resources, with annual output hovering between 0.2 to 0.3 million tons, resulting in a self-sufficiency rate of less than 10% [12][14] - The demand for cobalt is surging, particularly from the electric vehicle sector, which is expected to drive the market size to exceed 100 billion yuan [12][14] Competitive Landscape of China's Cobalt Concentrate Industry - The competitive landscape features leading companies like Luoyang Molybdenum and Huayou Cobalt dominating resource control and full industry chain integration, while smaller firms focus on niche markets [20][21] - Foreign companies are deepening their local presence through technology partnerships and investments, particularly in high-end applications [20][21] Future Trends in China's Cobalt Concentrate Industry - The industry is evolving towards diversified resource security, high-end technological breakthroughs, and structured market upgrades, with a focus on overseas resource control and recycling [22][23] - Technological advancements in hydrometallurgy and the development of high-end cobalt materials are expected to reshape the industry's value distribution [23][24] - The demand structure is shifting, with electric vehicles remaining the primary growth driver, while energy storage and high-end industrial applications are emerging as new growth areas [24][25]

Group 1: Robotics and Automation - Tianzhun Technology has developed an intelligent driving domain controller that can serve the Robotaxi sector [1] - Haoshi Electromechanical has successfully applied a massage robot in professional beauty chain institutions [1] - Xinhongye is focusing on the research and development of humanoid robot cable technology and product iteration [1] Group 2: Semiconductor and Related Technologies - Huagong Technology's self-developed 1.6T silicon optical module has entered the sample testing phase with key customers [2] - Longtu Photomask is providing semiconductor masks for Innosilicon [2] - Yangjie Technology has released new products applicable to AR glasses and related fields [2] Group 3: Other Industry Developments - Rongda Photosensitive is supplying PCB photoresist products to Shenghong Technology [1] - Deyuan Pump Industry has products compatible with fluorine pump natural cooling systems [2] - Zhongyuan Tong's power products are core components of liquid-cooled server equipment [2] - China Chemical is engaging in business connections with owners related to the Yarlung Tsangpo River downstream project [2] - Grinmei's ultra-high nickel 9-series ternary precursor has passed mass production certification and achieved small-scale production of ten tons [2]

Core Viewpoint - The company, Greeenmei, emphasizes its strong technological capabilities and patent portfolio in the field of lithium battery materials, aiming to lead innovation and ensure sustainable development for long-term shareholder returns [2] Group 1: Technological Capabilities - The company possesses key technologies and patents for high-voltage coated four-component precursors and ultra-high nickel core-shell precursors for lithium batteries [2] - It is focused on providing core materials for various applications, including large cylindrical batteries, "dual three-element" dual-core materials, super sodium batteries, and solid-state lithium batteries [2] Group 2: Innovation Strategy - The company is committed to innovation, following principles of originality, first products/systems, and global first-class quality [2] - An "innovation strike team" initiative is being implemented to enhance business growth through breakthrough innovations [2] Group 3: Patent Portfolio and Competitive Advantage - As of the end of 2024, the company has applied for over 5,000 patents, creating a comprehensive patent portfolio in metal raw materials, precursors, and cathode materials [2] - This patent strategy aims to protect the company's innovations, build long-term competitive barriers, and achieve sustainable development [2]

Core Viewpoint - The strategic collaboration between the company and Academician Sun Xueliang's team is a key initiative for integrating resources in production, academia, and research, aimed at accelerating the industrialization of solid-state battery technology [2] Group 1: Strategic Collaboration - The partnership involves leveraging the cutting-edge research capabilities of Academician Sun's team, who are recognized as global leaders in solid-state battery technology [2] - The collaboration focuses on optimizing the interface of cathode materials and solid electrolytes, assessing the performance of mass-produced materials such as high-nickel and lithium-rich manganese-based compounds [2] - The initiative aims to create a closed-loop system of "technology research and development - industrialization verification - iterative upgrading" [2] Group 2: Leadership and Development - Academician Sun will serve as the Chief Scientist for the company, guiding the development system, high-end talent cultivation, and the application for national-level research projects [2] - The collaboration is expected to enhance the company's leading advantage in the industrialization of solid-state battery materials and accelerate its capture of global market opportunities [2]

Core Viewpoint - The company has achieved a significant technological milestone in the lithium battery precursor manufacturing field with its ultra-high nickel 9-series quaternary core-shell precursor, which is now in mass production and primarily targets the high-end electric vehicle market [2]. Group 1: Product and Market - The ultra-high nickel 9-series quaternary core-shell precursor is designed for global high-end electric vehicle markets that demand higher endurance and stable power performance [2]. - The company has established a 100% supply chain for international leading enterprises, ensuring stable production and supply capabilities [2]. - The monthly shipment volume of the product exceeds 2,000 tons, with an expected annual sales volume of over 10,000 tons, which will significantly stabilize the company's global market presence [2]. Group 2: Financial Impact - The ultra-high nickel 9-series quaternary core-shell precursor is expected to be a crucial growth engine for the company's new energy materials segment, contributing positively to revenue and profit [2]. - The product is characterized by excellent cycling performance and safety, which enhances its profitability [2].

流动性方面，稀土ETF嘉实盘中换手2.78%，成交1.15亿元。拉长时间看，截至8月1日，稀土ETF嘉实近1周日均成交3.57亿元，居可比基金第一。 规模方面，稀土ETF嘉实近1周规模增长1.38亿元，实现显著增长，新增规模位居可比基金第一。份额方面，稀土ETF嘉实近1周份额增长2.94亿份，实现显 著增长，新增份额位居可比基金第一。 资金流入方面，拉长时间看，稀土ETF嘉实近5个交易日内有4日资金净流入，合计"吸金"5.75亿元。 截至8月1日，稀土ETF嘉实近1年净值上涨62.04%，指数股票型基金排名153/2944，居于前5.20%。从收益能力看，截至2025年8月1日，稀土ETF嘉实自成立 以来，最高单月回报为41.25%，最长连涨月数为4个月，最长连涨涨幅为83.89%，上涨月份平均收益率为10.02%。 数据显示，截至2025年7月31日，中证稀土产业指数前十大权重股分别为北方稀土、包钢股份、中国稀土、盛和资源、卧龙电驱、中国铝业、领益智造、格 林美、厦门钨业、金风科技，前十大权重股合计占比59.32%。 截至2025年8月4日 11:07，中证稀土产业指数上涨0.01%，成分股湘电股份上涨3. ...

公司回答表示：感谢您的关注！格林美作为全球最大的高镍三元前驱体供应商，早在2019年就开始开发 针对固态电池用正极材料的产品，匹配卤化物、硫化物、聚合物、氧化物等一种或多种固态电解质材料 进行应用，包括高镍、超高镍以及富锂锰基正极材料等,在各技术路线均有技术布局并取得突破性进 展。2024年，公司基于晶格修饰、一次颗粒径向堆积和多层级掺杂包覆等技术手段，攻克了固态电池用 正极材料和前驱体的关键技术难题。超高镍9系三元前驱体已通过量产认证并实现了十吨级小规模量 产，固态电池用富锂锰基前驱体材料也已进入吨级认证、出货阶段。谢谢！ 金融界8月4日消息，有投资者在互动平台向格林美提问：请问公司在固态电池材料方面的技术储备和研 发优势具体有哪些？ ...

金融界8月4日消息，有投资者在互动平台向格林美提问：公司在四元及核壳前驱体方向的研发投入和专 利布局情况如何？这如何构建公司的长期竞争壁垒？ 公司回答表示：感谢您的关注！公司拥有丰富的锂电池用高电压包覆四元前驱体、超高镍核壳前驱体关 键技术及专利布局。在新能源材料领域，公司致力铸造超能"芯"、站立新高峰：为大圆柱、"双三元"双 核材料、超级钠电、固态锂电等的产业化提供核"芯"材料。玩命创新，突破关键，打开增量通道；按 照"原创、首款/首套、全球第一质量"的原则，打造，实施创新突击队行动，以创新倍增打开业务增量 新通道。公司始终坚持创新引领、质量优先战略。截至2024年底，公司累计申请专利已超过5000件。公 司通过在金属原材料、前驱体、正极材料等领域全面的专利组合，保护公司创新成果，构建长期竞争壁 垒，实现可持续发展，为股东带来"长期、稳定、可持续"的回报机制。 ...