Core Viewpoint - The energy metals sector experienced a decline of 0.34% on October 22, with Tengyuan Cobalt leading the drop. The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1]. Group 1: Market Performance - The energy metals sector saw mixed performance among individual stocks, with Shengxin Lithium Energy rising by 3.37% to close at 19.95, while Tengyuan Cobalt fell by 2.60% to close at 64.83 [1][2]. - The trading volume for Shengxin Lithium Energy was 652,800 shares, with a transaction value of 1.282 billion yuan, indicating strong investor interest [1]. Group 2: Capital Flow - The energy metals sector experienced a net outflow of 495 million yuan from institutional investors, while retail investors saw a net inflow of 396 million yuan [2]. - Among individual stocks, Shengxin Lithium Energy had a net outflow of 34.63 million yuan from institutional investors, while it attracted a net inflow of 38.04 million yuan from retail investors [3].

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]

赣州腾远钴业新材料股份有限公司 简式权益变动报告书 上市公司名称：赣州腾远钴业新材料股份有限公司 股票简称：腾远钴业 股票代码：301219 股票上市地：深圳证券交易所 信息披露义务人：长江晨道（湖北）新能源产业投资合伙企业（有限合伙） 住所及通讯地址：武汉市东湖新技术开发区高新二路388号光谷国际生物医药企 业加速器一期工程1号厂房146号 股份变动性质：股份减少 签署日期：2025年10月17 日 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》《上市公司收购管理办法》 《公开发行证券的公司信息披露内容与格式准则第15号——权益变动报告书》及其 他相关法律、法规和部门规章的有关规定编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行证券的 公司信息披露内容与格式准则第15号——权益变动报告书》的规定，本报告书已全 面披露信息披露义务人在腾远钴业中拥有权益的股份变动情况。 截至本报告书签署之日，除本报告书披露的持股信息外，信息披露义务人没有 通过任何其他方式增加或减少其在腾远钴业中拥有权益的股份。 四 ...

证券代码：301219 证券简称：腾远钴业 公告编号：2025-044 赣州腾远钴业新材料股份有限公司 关于持股 5%以上股东股份减持至 5%暨权益变动的提示性公告 宁波梅山保税港区晨道投资合伙企业(有限合伙)-长江晨道(湖北)新能源产业投资合伙 企业(有限合伙)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。 特别提示： 1、本次权益变动属于持股 5%以上股东减持公司股份，不触及要约收购。 2、本次权益变动后，公司持股 5%以上股东宁波梅山保税港区晨道投资合伙 企业(有限合伙)-长江晨道(湖北)新能源产业投资合伙企业(有限合伙)（以下简 称"长江晨道"）持有公司股份总数 14,735,909 股，占公司总股本的 5%，占剔 除公司回购专用证券账户股份后总股本的 5.0243%，不再是公司持股 5%以上股 东。 3、长江晨道不属于公司控股股东、实际控制人及其一致行动人，本次权益 变动不会导致公司控股股东、实际控制人发生变化，不会影响公司的治理结构 和持续经营。 4、截至本公告日，公司总股本为 294,717, ...

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]

Core Viewpoint - The A-share market for energy and non-ferrous metals has experienced a significant decline, with notable drops in specific companies' stock prices [1] Company Summary - Tengyuan Cobalt Industry saw a nearly 10% drop in its stock price [1] - Huayou Cobalt's stock fell over 8% [1] - Other companies such as Shengda Resources, Xingye Silver Tin, and Zijin Mining also experienced declines of over 5% [1]

Core Viewpoint - The non-ferrous metal sector has experienced a significant decline, with multiple companies facing substantial stock price drops [1] Group 1: Company Performance - Tengyuan Cobalt Industry (301219) has seen a nearly 10% drop in its stock price [1] - Huayou Cobalt (603799) has experienced a decline of over 8% [1] - Several other companies, including Shengda Resources (000603), Xingye Silver Tin (000426), and Zijin Mining (601899), have also reported stock price decreases exceeding 5% [1]

Group 1 - The report highlights the resurgence of tariffs between China and the U.S., suggesting an increased allocation towards gold as a safe-haven asset [1][2] - Precious metals continue to show strength, with silver spot prices reflecting insufficient upward momentum, indicating potential risks of a pullback amid trade disputes [1][2] - The long-term trend of de-dollarization is expected to persist, coupled with inflows into ETFs due to short-term interest rate cuts, supporting a positive outlook for the precious metals sector [1][2] Group 2 - Copper prices are anticipated to rise due to supply disruptions, with recent production guidance cuts from Freeport and Teck Resources enhancing the likelihood of a reversal in the global electrolytic copper balance by 2026 [2] - The aluminum market is also waiting for a buying opportunity following recent price increases, with inventory levels showing expected increases without exceeding forecasts [2] - Cobalt prices have surged significantly, with expectations for continued price increases in 2026-2027 due to a projected supply-demand gap of 20,000 to 30,000 tons next year [3][4] Group 3 - Recent export controls on rare earth materials by Chinese authorities are expected to exacerbate supply-demand imbalances, potentially leading to a new upward trend in rare earth prices [4] - The report suggests monitoring specific companies such as Northern Rare Earth, Baotou Steel, and Huayou Cobalt, among others, for investment opportunities in the precious metals and rare earth sectors [5]

Core Insights - Tengyuan Cobalt Industry experienced a decline of 5.04% on October 14, with a stock price of 73.48 yuan per share and a trading volume of 562 million yuan, resulting in a total market capitalization of 21.656 billion yuan [1] Company Overview - Tengyuan Cobalt Industry Co., Ltd. is located in Ganzhou, Jiangxi Province, and was established on March 26, 2004, with its listing date on March 17, 2022 [1] - The company's main business includes the production and sales of hazardous chemicals, fertilizers, non-ferrous metal smelting, basic chemical raw materials manufacturing, recycling of used power batteries for electric vehicles, and manufacturing of new building materials [1] - The revenue composition of the company is as follows: cobalt products account for 47.56%, copper products for 44.39%, and other products for 8.05% [1] Fund Holdings - Silver Hua Fund has a significant holding in Tengyuan Cobalt Industry, with its Silver Hua Growth Mixed Fund (161838) increasing its stake by 24,000 shares in the second quarter, holding a total of 293,800 shares, which represents 5.87% of the fund's net value [2] - The fund has reported a floating loss of approximately 1.146 million yuan as of the current date [2] Fund Manager Performance - The fund managers of Silver Hua Growth Mixed Fund are Liu Hui and Wang Ligang, with Liu Hui having a tenure of 8 years and 216 days, achieving a best fund return of 142.12% during his tenure [3] - Wang Ligang has a tenure of 5 years and 290 days, with a best fund return of 38.14% during his management [3]

Core Insights - Tengyuan Cobalt (301219) reported that as of September 30, 2025, the number of shareholders is 28,910 [1] Company Information - Tengyuan Cobalt is actively engaging with investors through interactive platforms [1]