Core Viewpoint - The energy metals sector experienced a slight increase of 0.44% on January 20, with significant contributions from companies like BQX New Materials, while the overall market indices showed minor declines [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4113.65, down 0.01%, and the Shenzhen Component Index closed at 14155.63, down 0.97% [1]. - BQX New Materials led the energy metals sector with a closing price of 73.99, reflecting a rise of 6.77% [1]. - Other notable performers included Zangge Mining, which rose by 1.61% to 91.45, and Tianqi Lithium, which increased by 1.50% to 59.49 [1]. Group 2: Trading Volume and Value - BQX New Materials had a trading volume of 283,400 shares, resulting in a transaction value of 2.103 billion yuan [1]. - Tianqi Lithium recorded a trading volume of 485,000 shares with a transaction value of 2.862 billion yuan [1]. - The total trading volume and values for other companies in the sector varied, with Shengton Mining and Ganfeng Lithium also showing significant transaction values of 2.556 billion yuan and 3.803 billion yuan, respectively [1]. Group 3: Capital Flow - The energy metals sector saw a net outflow of 521 million yuan from institutional investors, while retail investors contributed a net inflow of 193 million yuan [2]. - The sector's capital flow indicated that speculative funds had a net inflow of 328 million yuan [2]. - Specific companies like Shengxin Lithium and Tianqi Lithium experienced varied capital flows, with Shengxin Lithium seeing a net inflow of 14 million yuan from institutional investors [3].

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including 山金国际, 赤峰黄金, 洛阳钼业, 中国宏桥, and 中钨高新 [10]. Core Insights - The non-ferrous metals sector is experiencing a general upward trend, with significant price increases across various metals, driven by macroeconomic factors and supply chain dynamics [11][19]. - The report highlights the impact of U.S. tariffs and trade policies on the supply and demand dynamics of key metals, particularly copper and aluminum [2][3]. - The report emphasizes the importance of monitoring inventory levels and production capacities, as these factors are critical in determining future price movements [26][35]. Summary by Sections Precious Metals - Concerns over tariffs have led to a temporary pullback in silver prices, but the long-term outlook remains positive [1]. - The report suggests monitoring companies such as 兴业银锡 and 盛达资源 for potential investment opportunities [1]. Industrial Metals - Copper inventories are rising, particularly in the U.S., raising concerns about supply tightness in non-U.S. regions [2]. - The report notes that while high copper prices are suppressing end-user demand, the long-term consumption outlook remains strong due to infrastructure investments [2]. Aluminum - The aluminum market is expected to experience price fluctuations due to geopolitical tensions and macroeconomic policies [3]. - The report indicates that production cuts in aluminum processing are occurring, particularly in regions like Guizhou and Henan [3]. Nickel - Nickel prices are on an upward trend, supported by supply tightening expectations from Indonesia [4]. - The report highlights the importance of monitoring companies like 华友钴业 and 力勤资源 for investment opportunities [4]. Tin - Supply chain bottlenecks and macroeconomic factors are providing short-term support for tin prices [5]. - The report suggests that companies like 华锡有色 and 兴业银锡 may benefit from these market conditions [5]. Lithium - Lithium prices are experiencing wide fluctuations due to export policy expectations and demand uncertainties [6]. - The report recommends关注 companies such as 赣锋锂业 and 天齐锂业 for potential investment [6]. Cobalt - Progress in cobalt shipments from the Democratic Republic of Congo is expected to support high cobalt prices in the short term [9]. - The report suggests monitoring companies like 华友钴业 and 腾远钴业 for investment opportunities [9].

Group 1 - The core viewpoint of the article is that Tengyuan Cobalt Industry (301219) is actively engaging with investors regarding its solid-state battery technology and its applications in the new energy power battery sector [1] - The company states that solid-state power batteries involve a transformation of internal material structure from liquid to solid [1] - Tengyuan Cobalt's products, including cobalt sulfate, nickel sulfate, lithium carbonate, and ternary precursors, are applicable in the positive material field of new energy power batteries [1]

Group 1 - The core point of the article is that Tengyuan Cobalt Industry (301219) reported a total of 27,347 shareholders as of January 9, 2026 [1]

Group 1 - The company, Tengyuan Cobalt Industry, confirmed that its products, including cobalt sulfate, nickel sulfate, lithium carbonate, and ternary precursors, can be used in the cathode materials for solid-state power batteries [2] - Solid-state power batteries represent a shift in internal material structure from liquid to solid [2] Group 2 - The inquiry about the company's products' applicability in solid-state batteries was raised by an investor on an interactive platform [2] - The company operates in the new energy power battery sector, indicating its involvement in the growing demand for advanced battery technologies [2]

Group 1 - The core point of the article is that Tengyuan Cobalt Industry announced that Xiamen Tungsten's share reduction plan will expire on January 15, 2026, and the company has not reduced its holdings, maintaining ownership of 26,676,000 shares, which represents 9.05% of the total share capital [2]

关于持股 5%以上股东减持计划期限届满未减持股份的公告 股东厦门钨业股份有限公司保证向本公司提供的信息内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 赣州腾远钴业新材料股份有限公司（以下简称"公司"）于 2025 年 9 月 16 日在巨潮资讯网（http://www.cninfo.com.cn）披露了《关于持股 5%以上股东 减持股份的预披露公告》，公司持股 5%以上股东厦门钨业股份有限公司（以下 简称 "厦门钨业"）计划自该公告披露之日起 15 个交易日后的 3 个月内（即从 2025 年 10 月 16 日至 2026 年 1 月 15 日，中国证监会、深圳证券交易所相关法 律法规、规范性文件规定不得进行减持的时间除外），通过集中竞价方式减持公 司股份不超过 2,932,924 股，即不超过公司当前总股本的 1%。 公司于近日收到公司股东厦门钨业出具的《股份减持结果告知函》，获悉截 至 2026 年 1 月 15 日，厦门钨业本次减持计划期限已届满，未减持公司股份。 证券代码：301219 证券简称：腾远钴业 公告编号：2 ...

Core Insights - A total of 43 companies listed on the ChiNext board have released their performance forecasts for 2025, with 22 companies expecting profit increases, representing 51.16% of the total [1] - The overall proportion of companies forecasting positive performance (including profit increases and profit warnings) stands at 55.81% [1] Performance Forecast Summary - Among the companies forecasting profit increases, 9 are expected to see net profit growth exceeding 100%, while 6 companies anticipate growth between 50% and 100% [1] - The company with the highest expected net profit growth is Huisheng Biological, with a median increase of 1355.24% for 2025 [1] - Other notable companies include Zhongtai Co., expecting a median net profit increase of 677.22%, and Chenguang Biological, with a forecasted increase of 301.38% [1] Companies with Significant Profit Increases - The following companies are highlighted for their substantial expected profit increases: - Huisheng Biological (Code: 300871) - 1355.24% increase, latest closing price: 25.52, year-to-date change: 23.11%, industry: Agriculture, Forestry, Animal Husbandry, and Fishery [1] - Zhongtai Co. (Code: 300435) - 677.22% increase, latest closing price: 29.14, year-to-date change: 31.14%, industry: Public Utilities [1] - Chenguang Biological (Code: 300138) - 301.38% increase, latest closing price: 13.78, year-to-date change: 11.04%, industry: Agriculture, Forestry, Animal Husbandry, and Fishery [1] - Lakala (Code: 300773) - 222.00% increase, latest closing price: 32.08, year-to-date change: 12.64%, industry: Non-banking Financial [1] - Other companies with notable increases include Guokai Technology, Chuanjin Nuo, and Jinli Yong, with expected increases ranging from 144.00% to 158.44% [1]

Group 1 - The energy metals sector has seen an increase, with Huayou Cobalt rising over 5% [1] - Other companies such as Yuanhang Precision, Hanrui Cobalt, Tengyuan Cobalt, and Ganfeng Lithium also experienced gains [1]

Core Viewpoint - Tengyuan Cobalt's 2025 annual performance forecast indicates a significant increase in net profit, driven by production capacity expansion, cost management, resource recycling, and rising metal prices [1][2]. Group 1: Performance Forecast - The company expects a net profit attributable to shareholders of 1.028 billion to 1.164 billion yuan, representing a year-on-year growth of 50.02% to 69.87% [1]. - The non-GAAP net profit is projected to be between 991 million and 1.127 billion yuan, with a year-on-year increase of 47.67% to 67.94% [1]. - The forecasted net profit for 2025 will reach a historical high, with non-GAAP net profit nearing historical peaks [2]. Group 2: Factors Driving Growth - Growth is attributed to the gradual release of production capacity from fundraising projects, leading to increased total metal output of cobalt, copper, nickel, lithium, and manganese [1]. - The company has implemented lean management reforms and cost control measures, enhancing operational efficiency and overall profitability [1]. - The improvement of the secondary resource recycling system has increased the proportion of recycled materials in the raw material structure, strengthening supply chain resilience and self-sufficiency [1]. - The company benefits from rising market prices for cobalt and copper, significantly boosting product profitability [1]. Group 3: Market Conditions - Copper prices have risen nearly 43% in 2025, with LME copper prices surpassing $13,000 per ton, marking an 8% increase year-to-date [2]. - LME cobalt prices have increased approximately 130% in 2025, with a year-to-date rise of over 6%, currently priced at $56,290 per ton [2]. - Short-term global copper inventory adjustments and supply shortages are expected to support further price increases, while cobalt supply may remain structurally tight, benefiting cobalt resource companies [2]. Group 4: Future Projects and Capacity Expansion - Tengyuan Cobalt plans to establish a joint venture with SAWA Group to build a 30,000-ton copper and 2,000-ton cobalt hydrometallurgical plant in the Democratic Republic of Congo, expected to commence production in Q4 2026 [3]. - The company's copper smelting capacity will reach 90,000 tons, supported by favorable local copper concentrate procurement models [3]. - The company has established upstream and downstream production capacities, including 10,000 tons of cobalt intermediate smelting and 26,500 tons of cobalt salt processing, with a total domestic cobalt production capacity projected to increase by 74% to 46,000 tons [3].