Summary of Conference Call on Cobalt Sector Industry Overview - The cobalt sector is currently experiencing a price increase trend, supported by Glencore's backing of the Democratic Republic of Congo's (DRC) quota system to enhance cobalt prices, with a significant policy announcement expected on September 22, 2025 [1][2] - Cobalt intermediate prices have seen a slight increase since June 22, 2025, from $13 per pound to $13.7 per pound, but the price rise is limited due to high industry inventory levels [3] Key Points and Arguments - Glencore has ceased external sales of cobalt intermediates to control supply and drive prices up, indicating a potential favorable policy outcome for prices [2] - The DRC's extended export ban could prolong transportation cycles, potentially leading to a supply chain disruption if exports do not resume by late October or November 2025 [6] - Current domestic inventory levels are precarious, with an estimated 40,000 to 50,000 tons remaining by the end of 2025, concentrated in a few major companies [5][6] - The cobalt price trend for 2025 is optimistic, with companies like Huayou, Tengyuan, and Hanrui expected to perform well, particularly after the policy announcement [10] Company Performance - Huayou and Tengyuan are highlighted as reliable investments due to their strong earnings potential, with Huayou benefiting from its Indonesian MHP project [10][13] - Luoyang Molybdenum (Luomoly) is viewed as less favorable for cobalt investments compared to Huayou, Tengyuan, and Hanrui, as its price increase has been limited [11] - Rio Tinto Resources, listed in Hong Kong, achieved a profit of 1.4 billion yuan in the first half of 2025 despite low nickel prices, with an expected annual profit of 3 billion yuan, making it an attractive investment due to its low valuation [12] Additional Insights - The lack of significant price increases in cobalt is attributed to the absence of public news stimuli, despite expectations of an extended export ban [9] - The market is advised to closely monitor Glencore's sales policies as they will significantly influence price movements [7][8] - The overall recommendation is to invest in Huayou, Tengyuan, and Hanrui, while also considering Rio Tinto Resources for its low valuation and potential growth [13]

Market Overview - On September 11, the energy metals sector rose by 0.93% compared to the previous trading day, with Boqian New Materials leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Stock Performance - Boqian New Materials (605376) closed at 48.67, with a gain of 2.90% and a trading volume of 54,700 shares, amounting to a transaction value of 263 million yuan [1] - Shengdian Mining (600711) closed at 8.84, up 2.43%, with a trading volume of 979,100 shares and a transaction value of 853 million yuan [1] - Other notable performers include: - Sai Rui Aluminum (300618) at 53.04, up 2.00% [1] - Cangge Mining (000408) at 55.75, up 1.75% [1] - Huayou Cobalt (603799) at 51.65, up 1.27% [1] Capital Flow - The energy metals sector experienced a net outflow of 702 million yuan from institutional investors, while retail investors saw a net inflow of 453 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Individual Stock Capital Flow - Shengtun Mining (600711) had a net outflow of 83.81 million yuan from institutional investors, while retail investors contributed a net inflow of 30.98 million yuan [3] - Boqian New Materials (605376) saw a net inflow of 10.27 million yuan from institutional investors, but a net outflow of 13.89 million yuan from retail investors [3] - Other stocks like Rongjie Co. (002192) and Yongsan Lithium (603399) also showed varied capital flows, indicating differing investor sentiments across the sector [3]

Market Overview - The energy metals sector experienced a decline of 1.49% on September 9, with Hanrui Cobalt leading the drop [1] - The Shanghai Composite Index closed at 3807.29, down 0.51%, while the Shenzhen Component Index closed at 12510.6, down 1.23% [1] Individual Stock Performance - Xizang Mining (000762) closed at 23.00, up 0.57% with a trading volume of 367,400 shares and a transaction value of 850 million [1] - Ganfeng Lithium (002460) closed at 48.90, up 0.51% with a trading volume of 1,577,100 shares and a transaction value of 7.808 billion [1] - Cangge Mining (000408) closed at 55.82, up 0.25% with a trading volume of 131,600 shares and a transaction value of 732 million [1] - Rongjie Co., Ltd. (002192) closed at 38.18, down 0.55% with a trading volume of 179,600 shares and a transaction value of 66.89 million [1] - Yongxing Materials (002756) closed at 36.60, down 0.65% with a trading volume of 176,400 shares and a transaction value of 646 million [1] - Other notable declines include Tianqi Lithium (002466) down 2.32% and Shengxin Lithium Energy (002240) down 2.91% [1] Capital Flow Analysis - The energy metals sector saw a net outflow of 1.629 billion from institutional investors, while retail investors contributed a net inflow of 1.234 billion [2] - The table of capital flow indicates that Shengxin Lithium Energy (002240) had a net inflow of 45.42 million from retail investors despite a net outflow from institutional and speculative investors [3] - Other companies like Cangge Mining (000408) and Rongjie Co., Ltd. (002192) also experienced significant net outflows from institutional investors [3]

证券代码：300618 证券简称：寒锐钴业 公告编号：2025-042 南京寒锐钴业股份有限公司 关于为全资子公司向银行申请授信提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 南京寒锐钴业股份有限公司（以下简称"公司"）于 2025 年 4 月 17 日召开 第五届董事会第十一次会议，会议以 5 票同意，0 票反对，0 票弃权审议通过《关 于公司及子公司 2025 年度融资及担保额度的议案》，并经 2024 年年度股东大会 审 议 通 过 。 具 体 内 容 详 见 公 司 于 2025 年 4 月 18 日 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn/）披露的《关于公司及子公司 2025 年度融资及担保额 度的公告》（公告编号：2025-010）。 一、担保情况概述 因公司业务发展需要，公司拟为全资子公司向银行申请授信提供担保， 赣州 寒锐新能源科技有限公司（以下简称"赣州寒锐"）向中国光大银行股份有限公 司南京分行（以下简称"光大银行南京分行"）申请不超过人民币 1.5 亿元敞口 授信，由公司为上述授信提供连 ...

Core Viewpoint - The energy metals sector experienced a significant increase of 3.49% on September 8, with Hanrui Cobalt leading the gains, while the Shanghai Composite Index rose by 0.38% and the Shenzhen Component Index increased by 0.61% [1]. Group 1: Market Performance - The closing price of the Shanghai Composite Index was 3826.84, reflecting an increase of 0.38% [1]. - The Shenzhen Component Index closed at 12666.84, marking a rise of 0.61% [1]. - The energy metals sector saw notable individual stock performances, with the highest gainers including: - Sai Rui Aluminum, closing at 52.10 with a rise of 9.34% [1]. - Ganfeng Lithium, closing at 48.65 with a rise of 9.06% [1]. - Shengxin Lithium Energy, closing at 19.95 with a rise of 7.43% [1]. Group 2: Trading Volume and Value - Sai Rui Aluminum had a trading volume of 525,200 shares and a transaction value of 2.65 billion [1]. - Ganfeng Lithium recorded a trading volume of 1,739,200 shares with a transaction value of 8.135 billion [1]. - Shengxin Lithium Energy had a trading volume of 831,300 shares and a transaction value of 1.588 billion [1]. Group 3: Capital Flow Analysis - The energy metals sector experienced a net outflow of 358 million from institutional investors, while retail investors saw a net inflow of 114 million [2]. - The sector's overall capital flow indicated that speculative funds had a net inflow of 244 million [2]. - Specific stock capital flows showed: - Shengxin Lithium Energy had a net inflow of 190 million from institutional investors [3]. - Huayou Cobalt experienced a net outflow of 128 million from institutional investors [3]. - Tengrui Mining had a net inflow of 101 million from institutional investors [3].

Group 1 - The core viewpoint of the news is that Hanrui Cobalt Industry has seen a significant increase in stock price, with a rise of 5.18% to 50.12 CNY per share, and a total market capitalization of 15.453 billion CNY [1] - Hanrui Cobalt Industry's main business involves the research, production, and sales of cobalt powder and other cobalt products, as well as copper products, with revenue composition being 56.72% from copper products, 39.47% from cobalt products, 2.73% from battery materials, and 1.07% from others [1] - The company is located in Jiangning District, Nanjing, Jiangsu Province, and was established on May 12, 1997, with its listing date on March 6, 2017 [1] Group 2 - Among the top ten circulating shareholders of Hanrui Cobalt Industry, a fund under Southern Fund, the Southern CSI 1000 ETF (512100), has recently entered the list, holding 1.9876 million shares, which accounts for 0.73% of the circulating shares [2] - The Southern CSI 1000 ETF has a total scale of 64.953 billion CNY and has achieved a return of 22.9% this year, ranking 1832 out of 4222 in its category, and a return of 59.53% over the past year, ranking 1314 out of 3795 [2] Group 3 - The fund manager of Southern CSI 1000 ETF is Cui Lei, who has been in the position for 6 years and 307 days, managing assets totaling 94.976 billion CNY [3] - During Cui Lei's tenure, the best fund return was 137.42%, while the worst return was -17.29% [3]

Group 1: Industry Overview - The non-ferrous metal sector is experiencing significant activity, with various companies in the resource layout and high-end powder materials, as well as battery materials, seeing stock price increases [1] - Companies are focusing on the development of nickel resources and high-performance materials to capitalize on the growing demand in the battery sector [2] Group 2: Company Highlights - Boqian New Materials (605376.SS) achieved a 10.00% increase in stock price, reaching 48.72 yuan, and is recognized as a leading producer of high-end metal powder materials, particularly nickel powder for MLCC production [1] - Dao Technology (300409.SZ) saw an 8.84% rise in stock price to 24.02 yuan, expanding its overseas nickel resource layout and developing a high-nickel project in Indonesia with a planned annual output of 20,000 tons [1] - Changsheng Technology (300073.SZ) increased by 8.37% to 52.30 yuan, partnering with Zhongwei Co. to develop nickel resources in Indonesia, aiming for an initial production line of 60,000 tons of nickel products [2] - Dongfang Electric Heating (300217.SZ) rose 7.06% to 5.61 yuan, successfully entering the lithium battery material sector with a project producing 20,000 tons of pre-plated nickel [2] - Hanrui Cobalt (300618.SZ) increased by 6.61% to 46.30 yuan, establishing a joint venture in Indonesia to expand its presence in the new energy metal sector [2] - Xingye Silver Tin (000426.SZ) saw a 6.04% increase to 23.35 yuan, with significant nickel resource reserves of 32.84 million tons, providing a solid foundation for future expansion in the nickel industry [3]

Market Overview - The A-share market continues to rise, with the Shanghai Composite Index up 0.46% to 3875.53 points and the ChiNext Index up 2.29% to 2956.37 points, despite poor performance in financial stocks [2][8] - The trading volume remains active, with a daily turnover of 2.78 trillion yuan, although there is significant market differentiation, with 3208 stocks rising and 2086 falling [2][8] - The margin balance in the Shanghai and Shenzhen markets has increased to 2.26 trillion yuan as of August 29 [1][10] Sector Performance - The TMT (Technology, Media, and Telecommunications) and pharmaceutical sectors are experiencing short-term trading congestion, with a rising proportion of margin financing [1][9] - The communication sector saw a rise of over 5%, with stocks like Sanwei Communication and Hengbao shares hitting the daily limit [2][3] - The pharmaceutical sector increased by nearly 3%, with 60 related stocks rising by at least 5%, including Maiwei Biotech and Xingqi Eye Medicine [5][6] Investment Opportunities - The market is shifting focus from large financial stocks to technology and pharmaceutical sectors, driven by low interest rates and weak recovery [8][9] - The international gold price continues to rise, boosting the performance of precious metals [8] - The implementation of the "Artificial Intelligence Generated Synthetic Content Identification Measures" is favorable for the AI industry chain [8] Risk Factors - There are concerns about potential regulatory actions on quantitative trading or margin financing, which could lead to significant pullbacks in high-volatility sectors [1][9] - The ongoing risks in the real estate sector and potential delays in financial sector valuation recovery could negatively impact market sentiment [9][10] Market Outlook - The A-share market is expected to maintain a "Shanghai stable, Shenzhen strong" oscillating upward pattern, with the Shanghai Composite Index fluctuating between 3850 and 3930 points [1][10] - The focus should be on high-dividend sectors like electricity, oil and gas, and telecommunications for stability, while selectively increasing positions in semiconductor equipment and innovative pharmaceuticals [10][13]

Core Insights - The energy metals sector experienced a rise of 2.59% on September 1, with Hanrui Cobalt leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Energy Metals Sector Performance - Key stocks in the energy metals sector showed significant price increases, with Sai Rui Aluminum rising by 10.14% to a closing price of 45.74 [1] - Other notable performers included Tengyuan Diamond (up 7.75% to 72.98), and Blue Electric Mining (up 6.12% to 9.19) [1] - The total trading volume for Sai Rui Aluminum was 420,700 shares, with a transaction value of 1.839 billion yuan [1] Capital Flow Analysis - The energy metals sector saw a net inflow of 97.6881 million yuan from institutional investors, while retail investors experienced a net outflow of 1.57 billion yuan [2][3] - Among individual stocks, Huayou Cobalt had a net inflow of 440 million yuan from institutional investors, but a net outflow of 240 million yuan from retail investors [3] - Tengyuan Diamond attracted a net inflow of 88.5359 million yuan from institutional investors, with retail investors showing a net outflow of 751.11 million yuan [3]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1]. Core Views - The non-ferrous metals sector saw a strong performance with a weekly increase of 7.16%, ranking second among all primary industries [14]. - The optimism in the industrial metals market is driven by expectations of a demand peak in China and the anticipation of interest rate cuts by the Federal Reserve [1][27]. - Gold is expected to have significant upward potential due to challenges to the independence of the Federal Reserve and declining real interest rates [4][50]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.84%, with the non-ferrous metals sector outperforming by 6.32 percentage points [14]. - All sub-sectors within non-ferrous metals experienced gains, with small metals up 12.02%, new materials up 5.67%, energy metals up 2.89%, precious metals up 7.22%, and industrial metals up 6.95% [14]. Industrial Metals - **Copper**: As of August 29, LME copper closed at $9,902/ton, up 1.08% week-on-week, while SHFE copper closed at ¥79,410/ton, up 0.91% [34]. Supply is tightening due to maintenance in domestic smelting plants and a reduction in Codelco's production target [34]. - **Aluminum**: LME aluminum closed at $2,619/ton, down 0.11%, while SHFE aluminum closed at ¥20,740/ton, up 0.53% [37]. The theoretical operating capacity of China's electrolytic aluminum industry increased to 44.035 million tons [39]. - **Zinc**: LME zinc closed at $2,814/ton, up 0.30%, while SHFE zinc closed at ¥22,140/ton, down 0.61% [41]. - **Tin**: LME tin closed at $34,950/ton, up 3.26%, and SHFE tin closed at ¥278,650/ton, up 4.78% [46]. Precious Metals - **Gold**: As of August 29, COMEX gold closed at $3,516.10/oz, up 2.89%, and SHFE gold closed at ¥785.12/g, up 1.52% [50]. The report highlights the significant challenge to the Federal Reserve's independence and the potential for further declines in real interest rates, which could drive gold prices higher [4][51]. The demand for gold in China is strong, with net imports through Hong Kong expected to reach 43.923 tons by July 2025, reflecting a 126.81% increase [51].