Market Overview - On September 24, the energy metals sector increased by 1.83% compared to the previous trading day, with Huayou Cobalt leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Huayou Cobalt (603799) closed at 55.52, with a rise of 5.79% and a trading volume of 1.32 million shares [1] - Xizang Mining (000762) closed at 22.37, up 4.39% with a trading volume of 200,100 shares [1] - Rongjie Co., Ltd. (002192) closed at 35.32, increasing by 3.97% with a trading volume of 79,200 shares [1] - Ganfeng Lithium (002460) closed at 54.92, up 3.35% with a trading volume of 1.21 million shares [1] - Yongxing Materials (002756) closed at 34.52, increasing by 2.89% with a trading volume of 93,900 shares [1] Capital Flow Analysis - The energy metals sector saw a net inflow of 299 million yuan from main funds, while retail funds experienced a net outflow of 352 million yuan [1] - Retail investors contributed a net inflow of 52.18 million yuan [1] Detailed Capital Flow for Selected Stocks - Huayou Cobalt had a main fund net inflow of 264 million yuan, but retail funds saw a net outflow of 191 million yuan [2] - Coldray Mining (300618) experienced a main fund net inflow of 35.46 million yuan, while retail funds had a net outflow of 45.88 million yuan [2] - Rongjie Co., Ltd. had a main fund net inflow of 12.06 million yuan, with retail funds showing a net outflow of 7.79 million yuan [2] - Ganfeng Lithium had a main fund net inflow of 4.36 million yuan, but retail funds experienced a net outflow of 16.13 million yuan [2]

证券代码：300618 证券简称：寒锐钴业 公告编号：2025-043 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赣州寒锐新能源科技有限公司（以 下简称"赣州寒锐"）向中国工商银行股份有限公司南京玄武支行（以下简称"工 商银行南京玄武支行"）申请不超过人民币 1.65 亿元固定资产借款，由公司为上 述借款提供连带责任担保， ...

Market Overview - On September 22, the energy metals sector declined by 0.72%, with Tengyuan Cobalt leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - Huayou Cobalt (603799) closed at 52.72, up 2.25% with a trading volume of 1.1924 million shares and a transaction value of 6.334 billion [1] - Cangge Mining (000408) closed at 54.24, down 0.11% with a trading volume of 84,000 shares [1] - Ganfeng Lithium (002460) closed at 52.54, down 0.53% with a trading volume of 1.2772 million shares and a transaction value of 6.638 billion [1] - Other notable declines include Tengyuan Cobalt (301219) down 5.59% and Tianqi Lithium (002466) down 2.53% [2] Capital Flow Analysis - The energy metals sector experienced a net outflow of 1.698 billion in main funds, while retail funds saw a net inflow of 758 million [2][3] - Ganfeng Lithium (002460) had a main fund net outflow of 718 million, with retail inflows of 344 million [3] - Tianqi Lithium (002466) also faced a main fund net outflow of 370 million, with retail inflows of 217 million [3]

Group 1 - The cobalt export ban in the Democratic Republic of Congo has led to significant impacts on the global cobalt market, with major producers suspending quotes and some halting production due to raw material shortages [1] - If the cobalt export ban is extended, a substantial increase in cobalt prices is expected in the short term [1] - Companies like Luoyang Molybdenum and Hanrui Cobalt are adopting strategies to manage market changes, focusing on resource release and controlling order intake [1] Group 2 - XINWANDA's wholly-owned subsidiary, Qianhai Hongsheng, plans to establish a private equity fund in collaboration with several investment institutions, with a total subscription amount of 30 million yuan, focusing on commercial energy storage projects in China [2] - This investment reflects the company's strategic positioning in the new energy sector and is expected to provide new growth opportunities and investment returns [2] Group 3 - Fengshan Group's collaboration with Tsinghua University on a technology development contract is primarily for research purposes, with significant uncertainty regarding the commercialization of results [3] - The contract does not impact the company's main business, and the current revenue from its sodium-ion and lithium-ion battery electrolyte products is limited due to intense market competition [3] - The company is cautiously expanding into the new energy sector while maintaining focus on its traditional business, with limited contributions from the new energy segment [3]

Group 1 - The cobalt export ban from the Democratic Republic of Congo has led to significant impacts on the global cobalt market, with major producers suspending quotes and some halting production due to raw material shortages [1] - If the cobalt export ban is extended, a substantial increase in cobalt prices is expected in the short term [1] - Companies like Luoyang Molybdenum and Hanrui Cobalt are adopting strategies to manage market changes, focusing on resource release and controlling order intake [1] Group 2 - Xiwanda's wholly-owned subsidiary, Qianhai Hongsheng, plans to establish a private equity fund in collaboration with several investment institutions, with a total subscription amount of 30 million yuan, focusing on commercial energy storage projects in China [2] - This investment reflects the company's strategic positioning in the new energy sector, potentially providing new growth opportunities and investment returns [2] Group 3 - Fengshan Group has signed a technology development contract with Tsinghua University, but the development is highly uncertain and unlikely to significantly impact the company's main business or 2025 performance [3] - The company is currently focused on traditional business areas while cautiously exploring the new energy sector, facing intense competition in the market [3]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [12]. Core Insights - The Democratic Republic of the Congo (DRC) is a major supplier of diamond resources globally, and since February 2025, it has implemented an export ban on diamond products, significantly disrupting the supply side [1][3]. - The DRC's export ban, which began on February 22, 2025, has led to a substantial decline in China's diamond imports, with volumes dropping from 1.9 thousand tons in June to 0.52 thousand tons in August, reflecting a month-on-month decrease of -61.62%, -27.26%, and -62.05% respectively [3][4]. - It is estimated that global effective diamond supply will decrease by 34% from 282,000 tons to 185,000 tons due to the DRC's export suspension lasting seven months [3]. - Demand for diamonds is expected to grow steadily, particularly in emerging sectors such as low-altitude economy and robotics, with a projected increase of 5.06% in diamond demand to 210,900 tons in 2025 [3][6]. - The price of diamonds has risen from a historical low of 159,000 yuan/ton to 277,000 yuan/ton since the DRC's export restrictions were enacted, indicating a strong upward trend in diamond prices [3][6]. Summary by Sections Supply and Demand Dynamics - The DRC's export restrictions are expected to tighten supply, leading to a forecasted diamond price increase in the short term [3]. - The DRC's government has a clear stance on controlling diamond supply, making it unlikely for export restrictions to be lifted in the near future [3]. Company Valuation - Key companies in the diamond sector include Huayou Cobalt, Tongyuan Cobalt, Luoyang Molybdenum, Liqin Resources, and Hanrui Cobalt, which are expected to benefit from the anticipated price increases [3][7].

Investment Rating - The report rates the cobalt industry as "Overweight," indicating an expectation for the industry to outperform the overall market [3][12]. Core Insights - The Democratic Republic of Congo (DRC) is the primary supplier of cobalt globally, and since February 2025, it has implemented an export ban on cobalt products, significantly disrupting supply [3]. - The DRC's export ban has led to a noticeable decline in China's cobalt imports from June to August 2025, with import volumes dropping by 61.62%, 27.26%, and 62.05% respectively [3]. - It is projected that global effective cobalt supply will decrease by 34% from 282,000 tons to 185,000 tons in 2025 due to the DRC's export restrictions [3]. - Demand for cobalt is expected to grow steadily, particularly in the battery sector, with a projected increase of 5.06% in cobalt demand to 210,900 tons in 2025 [3]. - Cobalt prices have risen from a historical low of 159,000 yuan/ton to 277,000 yuan/ton since the DRC's export restrictions began, with expectations for continued price increases in the short term [3]. Summary by Sections Supply and Demand Dynamics - The DRC's export ban is expected to tighten supply, leading to a projected global cobalt supply of 185,000 tons in 2025, down from 282,000 tons [3][6]. - The demand for cobalt in the battery sector is anticipated to grow, with total cobalt demand reaching 210,900 tons in 2025, driven by applications in drones and consumer electronics [3][6]. Price Outlook - Cobalt prices are expected to continue rising due to supply constraints, with a strong long-term price support anticipated from the DRC's government policies [3][6]. Investment Recommendations - The report suggests focusing on companies with profit elasticity in the cobalt sector, including Huayou Cobalt, Tongyuan Cobalt, Luoyang Molybdenum, Liqin Resources, and Hanrui Cobalt [3][7].

Group 1 - The metal cobalt sector increased by 0.93%, ranking fifth among concept sectors, with 25 stocks rising, including Ganfeng Lithium which hit the daily limit, and Tengyuan Cobalt, Blue Sky Technology, and Xingye Silver Tin showing significant gains of 7.30%, 5.16%, and 3.23% respectively [1][2] - The sector saw a net inflow of 2.03 billion yuan, with 20 stocks receiving net inflows, and 6 stocks exceeding 50 million yuan in net inflow, led by Ganfeng Lithium with a net inflow of 1.796 billion yuan [2][3] - Ganfeng Lithium, China Electric Power, and Huayou Cobalt had the highest net inflow rates of 22.75%, 12.20%, and 9.67% respectively [3] Group 2 - The top gainers in the metal cobalt sector included Ganfeng Lithium, which rose by 10.00%, and Huayou Cobalt, which increased by 1.96% [3][4] - The top decliners included Daoshi Technology, which fell by 4.85%, and Tianqi Co., which decreased by 4.11% [5] - The overall trading volume and turnover rates for leading stocks in the sector indicate strong investor interest, particularly in Ganfeng Lithium and Huayou Cobalt [3][4]

Market Overview - On September 18, the energy metals sector declined by 1.29%, with Tibet Mining leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Individual Stock Performance - Tibet Mining (000762) closed at 21.91, down 4.11% with a trading volume of 213,900 shares [1] - Rongjie Co. (002192) closed at 34.96, down 4.01% with a trading volume of 114,900 shares [1] - Blue Electric Mining (600711) closed at 8.40, down 4.00% with a trading volume of 1,290,200 shares [1] - Ganfeng Lithium (002460) closed at 48.02, down 3.86% with a trading volume of 983,400 shares [1] - Tianqi Lithium (002466) closed at 43.15, down 3.66% with a trading volume of 508,200 shares [1] - Other notable declines include Sai Rui Drilling (300618) down 3.47% and Shengxin Lithium Energy (002240) down 3.35% [1] Capital Flow Analysis - The energy metals sector experienced a net outflow of 1.765 billion yuan from main funds, while retail funds saw a net inflow of 1.286 billion yuan [1] - Notable net inflows from retail investors were observed in Tibet Mining and Cangge Mining, with 28.16 million yuan and 58.10 million yuan respectively [2] - Conversely, significant net outflows from main funds were recorded for Rongjie Co. and Tibet Mining, with 30.47 million yuan and 35.79 million yuan respectively [2]

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]