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]

证券代码:300618 证券简称:寒锐钴业 公告编号:2025-047 南京寒锐钴业股份有限公司 第五届监事会第十五次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 经审核，监事会认为：根据《上市公司股权激励管理办法》《深圳证券交易所 创业板股票上市规则》《深圳证券交易所创业板上市公司自律监管指南第 1 号—— 业务办理》及公司《2024 年限制性股票激励计划（草案）》等有关规定，公司 2024 年限制性股票激励计划第一个归属期规定的归属条件已成就，同意公司为符合条 件的 96 名激励对象办理归属相关事宜，本次可归属的限制性股票合计 1,372,100 股。 具体内容详见公司同日于巨潮资讯网披露的《关于公司 2024 年限制性股票激 励计划第一个归属期归属条件成就的公告》。 表决结果：同意 3 票、反对 0 票、弃权 0 票。 2、审议通过《关于作废公司 2024 年限制性股票激励计划部分已授予尚未归 属的限制性股票的议案》 经审核，监事会认为：根据《上市公司股权激励管理办法》《深圳证券交易所 创业板股票上市规则》《深圳证 ...

证券代码：300618 证券简称：寒锐钴业 公告编号：2025-045 3、2024 年 9 月 12 日至 2024 年 9 月 21 日，公司对本激励计划激励对象的姓 名和职务通过公司内部网站进行了公示。公示期内，公司监事会未收到对本次激 励计划激励对象名单提出的任何异议。2024 年 9 月 23 日，公司披露了《监事会 关于公司 2024 年限制性股票激励计划激励对象名单的核查意见及公示情况说 明》。 4、2024 年 9 月 27 日，公司召开 2024 年第四次临时股东大会审议通过《关 于<南京寒锐钴业股份有限公司 2024 年限制性股票激励计划（草案）>及其摘要的 议案》《关于<南京寒锐钴业股份有限公司 2024 年限制性股票激励计划实施考核管 理办法>的议案》《关于提请股东大会授权董事会办理公司 2024 年限制性股票激励 计划有关事项的议案》。同日，公司披露了《关于公司 2024 年限制性股票激励计 划内幕信息知情人及激励对象买卖公司股票情况的自查报告》。 5、2024 年 9 月 30 日，公司召开第五届董事会第八次会议和第五届监事会第 八次会议，审议通过《关于向 2024 年限制性股票激 ...

北京国枫律师事务所 北京市东城区建国门内大街 26 号新闻大厦 7 层 邮编：100005 电话（Tel）：010-88004488/66090088 传真（Fax）：010-66090016 关于南京寒锐钴业股份有限公司 2024 年限制性股票激励计划第一个归 属期归属条件成就及作废部分限制性股票事项的 法律意见书 国枫律证字[2024]AN110-4 号 北京国枫律师事务所 Grandway Law Offices 北京国枫律师事务所 关于南京寒锐钴业股份有限公司 2024 年限制性股票激励计划第一个归属期归属条件成就及 作废部分限制性股票事项的 法律意见书 在发表法律意见之前，本所律师声明如下： 1. 本所律师仅针对本法律意见书出具日之前已经发生或存在的事实，根据 中国现行有效的法律、法规和规范性文件发表法律意见； 2. 本所律师根据《证券法》《律师事务所从事证券法律业务管理办法》和 《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日以 前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用 原则，进行了充分的核查验证，保证法律意见书所认定的事实真实、准确、完整， 国枫 ...

第五届董事会第十五次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 南京寒锐钴业股份有限公司（以下简称"公司"）第五届董事会第十五次会 议（以下简称"会议"）于 2025 年 10 月 10 日以电话、专人送达、电子邮件的方 式通知全体董事，会议于 2025 年 10 月 15 日（星期三）上午 9：00 在公司会议室 以现场方式召开，会议由董事长梁杰先生召集并主持。会议应出席董事 5 名，实 际出席董事 5 名。公司全体监事、高级管理人员列席了本次会议。本次会议的召 集、召开和表决程序符合《中华人民共和国公司法》等有关法律、法规及《公司 章程》的有关规定，会议合法有效。 二、董事会会议审议情况 1、审议通过《关于公司 2024 年限制性股票激励计划第一个归属期归属条件 成就的议案》 经审议，董事会认为：根据《上市公司股权激励管理办法》《深圳证券交易 所创业板股票上市规则》《深圳证券交易所创业板上市公司自律监管指南第 1 号 ——业务办理》及公司《2024 年限制性股票激励计划（草案）》等有关规定，公 司 2024 年限制 ...

本次拟归属的 96 名激励对象均符合《公司法》《证券法》等法律法规和规范 性文件及《公司章程》规定的任职资格，符合《管理办法》《上市规则》等法律、 法规和规范性文件规定的激励对象条件，符合公司 2024 年限制性股票激励计划规 定的激励对象范围，其作为公司 2024 年激励计划激励对象的主体资格合法、有效， 激励对象获授第一个归属期的归属条件已经成就。 南京寒锐钴业股份有限公司 董事会薪酬与考核委员会关于公司 2024 年限制性股票激励 计划第一个归属期归属名单的核查意见 南京寒锐钴业股份有限公司（以下简称"公司"）董事会薪酬与考核委员会依 据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"） 《深圳证券交易所创业板上市公司自律监管指南第 1 号——业务办理》等有关法 律、法规及规范性文件和《公司章程》的规定对 2024 年限制性股票激励计划第一 个归属期归属名单进行了核查，现发表核查意见如下： 董事会薪酬与考核委员会 二〇二五年十月十五日 综上，薪酬与考核委员会同意公司 2024 年限制性股票激励 ...

证券代码：300618 证券简称：寒锐钴业 公告编号：2025-044 南京寒锐钴业股份有限公司 关于公司 2024 年限制性股票激励计划第一个归属期 归属条件成就的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 重要内容提示： 5、本次归属事宜需在有关机构的手续办理完毕后方可归属，届时将另行公告， 敬请投资者关注。 南京寒锐钴业股份有限公司（以下简称"公司"）于 2025 年 10 月 15 日召开 第五届董事会第十五次会议和第五届监事会第十五次会议，审议通过了《关于公 司 2024 年限制性股票激励计划第一个归属期归属条件成就的议案》，公司董事会 认为 2024 年限制性股票激励计划第一个归属期归属条件已经成就，同意公司按规 定为符合条件的96名激励对象办理1,372,100 股第二类限制性股票归属相关事宜， 现将有关事项公告如下： 一、股权激励计划实施情况概要 （一）本次股权激励计划简述 公司于 2024 年 9 月 11 日召开第五届董事会第七次会议、于 2024 年 9 月 27 日召开 2024 年第四次临时股东大会，审议通过《南京寒锐钴业股 ...

Market Overview - The energy metals sector experienced a decline of 5.61% on October 14, with Tengyuan Cobalt leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Individual Stock Performance - Tengyuan Diamond (301219) closed at 68.68, down 11.24% with a trading volume of 226,400 shares and a transaction value of 1.636 billion [1] - BQ Materials (605376) closed at 56.70, down 7.88% with a trading volume of 147,300 shares and a transaction value of 863 million [1] - Cold Sharp Diamond (300618) closed at 50.77, down 7.67% with a trading volume of 265,300 shares and a transaction value of 1.398 billion [1] - Huayou Cobalt (603799) closed at 65.17, down 7.53% with a trading volume of 1,571,000 shares and a transaction value of 10.657 billion [1] - Jidian Mining (600711) closed at 10.42, down 6.13% with a trading volume of 3,028,600 shares and a transaction value of 3.336 billion [1] - Tianqi Lithium (002466) closed at 46.98, down 5.61% with a trading volume of 738,800 shares and a transaction value of 3.591 billion [1] - Cangge Mining (000408) closed at 57.13, down 5.48% with a trading volume of 202,100 shares and a transaction value of 266.6 million [1] - Yongxing Materials (002756) closed at 38.14, down 4.10% with a trading volume of 179,800 shares and a transaction value of 701 million [1] - Shengxin Lithium Energy (002240) closed at 19.05, down 4.08% with a trading volume of 442,300 shares and a transaction value of 867 million [1] - Yongshan Lithium (6633399) closed at 9.84, down 3.15% with a trading volume of 144,200 shares and a transaction value of 144 million [1] Capital Flow Analysis - The energy metals sector saw a net outflow of 3.027 billion from main funds, while retail funds had a net inflow of 2.13 billion [1] - The table shows the capital flow for individual stocks, indicating varying levels of net inflow and outflow among different companies [2]

Investment Rating - Industry rating: Recommended [4] Core Insights - The Democratic Republic of Congo (DRC) government has issued conditions for obtaining and distributing cobalt export quotas, effective from October 16, 2025 [1][2] - The DRC is expected to contribute 76% of global cobalt production in 2024, with a projected reduction in export supply over the next two years [10][11] - The report highlights potential supply shortages in the cobalt market due to various companies facing operational challenges [8][10] Summary by Sections Export Quota Details - The basic export quotas for cobalt in 2025 are set at 3,625 tons for October, and 7,250 tons for both November and December [2] - Quotas are allocated based on historical export volumes from January 1, 2022, to December 31, 2024, with specific exclusions for certain companies [2][3] Company-Specific Quotas - Key companies and their basic export quotas for Q4 2025 include: - Luoyang Molybdenum: 6,650 tons - Glencore: 3,925 tons - Eurasian Resources: 2,125 tons - Gecamines: 1,475 tons [6][16] - The 2026 quotas for these companies are projected to be significantly higher, indicating a potential increase in production capacity [7] Supply and Demand Dynamics - The report anticipates a supply gap of approximately 25,500 tons in 2027, driven by increasing global demand for cobalt, particularly in electric vehicles [12][13] - The DRC's export supply is expected to decrease significantly, with a projected reduction of 12,340 tons over the next two years [11][12] Investment Recommendations - The report recommends focusing on companies such as: - Luoyang Molybdenum, which will hold a significant share of the DRC's export quotas - Huayou Cobalt, with substantial production capacity in Indonesia - Other companies like Likin Resources and Greeenmei, which are expanding their nickel and cobalt production capabilities [15]

Investment Rating - The report maintains a "Buy" recommendation for the non-ferrous metals sector, highlighting the strengthening of gold's safe-haven attributes and further management of the rare earth industry [1]. Core Views - The report emphasizes the impact of trade tariff concerns on gold's safe-haven demand, while silver prices are accelerating due to spot market shortages and warehouse squeezes [7]. - The rare earth industry is seeing enhanced management policies, ensuring the strategic security of China's rare earth industry [7]. - The cobalt market is expected to experience upward price pressure due to the announced export quotas from the Democratic Republic of Congo [7]. Industry Overview - **Industrial Metals**: The report notes that trade tariff concerns are increasing gold's safe-haven demand, with silver prices rising due to market shortages. The SPDR Gold ETF saw a decrease in holdings by 2.3 tons to 1013.44 tons, while iShares Silver ETF increased by 35.28 tons to 15443.76 tons [7]. - **Rare Earths**: Recent announcements from the Ministry of Commerce regarding export controls on rare earth materials are expected to enhance the management of the industry, ensuring strategic security [7]. - **Cobalt**: The Democratic Republic of Congo's export quota policy is likely to support cobalt prices, with the average price of electrolytic cobalt rising by 4.8% to 349,500 CNY/ton [9]. Stock Recommendations - The report recommends focusing on companies in the precious metals sector such as Zhongjin Gold, Chifeng Jilong Gold, and Shandong Gold, as well as silver companies like Xingye Silver and Shengda Resources [2]. - For cobalt, companies such as Huayou Cobalt, Luoyang Molybdenum, and Tengyuan Cobalt are highlighted as potential beneficiaries of rising cobalt prices [10].