民生证券给予腾远钴业推荐评级，2025年半年报点评：钴产品毛利率大幅提升，期待铜钴同步扩产

Group 1 - The core viewpoint of the report is that Tengyuan Cobalt Industry (301219.SZ) is given a recommended rating due to its strong performance in copper and cobalt sectors [2] - The company maintains a high gross margin in copper, significantly outperforming domestic peers [2] - The cobalt segment benefits from the export ban on cobalt from the Democratic Republic of Congo, leading to a substantial increase in gross margin [2] - The simultaneous expansion of copper and cobalt production capacity is expected to drive high growth in performance, with cobalt prices trending upward [2]