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Core Viewpoint - A resource revolution is underway as the world strives for carbon neutrality, with energy metals like lithium, cobalt, and nickel becoming essential for the clean energy transition [1] Group 1: Energy Metals Market Trends - The energy metals sector index has shown a consistent upward trend since April, with a significant breakout on September 30, where the index rose by 4.03%, indicating potential for further gains [3] - Energy metals, including lithium, cobalt, nickel, and rare earths, are critical raw materials for new energy devices such as lithium batteries and fuel cells [3] Group 2: Lithium Demand and Supply - Lithium demand is expected to surge due to the rise of the new energy industry, with global sales of electric vehicles projected to reach 19.2 million by 2025, contributing over 15 million from China [4][6] - The demand structure for lithium is characterized by a dominant role of power batteries, with a projected 52% year-on-year growth in domestic lithium carbonate demand by 2025 [4] Group 3: Cobalt Market Dynamics - The Democratic Republic of the Congo (DRC) has extended its cobalt export ban to stabilize prices, with a shift towards an annual export quota management system expected to tighten supply [7] - Global cobalt supply is projected to increase from 20.7 thousand tons in 2022 to 32.9 thousand tons by 2026, while demand is expected to rise from 18.7 thousand tons to 28.0 thousand tons in the same period [8] Group 4: Nickel Supply and Demand - Nickel prices are supported by rising costs across the supply chain, with the stainless steel sector accounting for 70% of nickel demand, while the battery sector is growing rapidly [9][11] - The global stainless steel production is expected to grow at a compound annual growth rate of 3.85% from 2017 to 2024, indicating a stable demand for nickel [9] Group 5: Investment Outlook - The current global interest rate cut cycle enhances the investment value of the non-ferrous metals sector, particularly energy metals, which are poised to benefit from the energy transition and carbon neutrality efforts [12] - Investors are encouraged to focus on companies with resource advantages in lithium, cobalt, and nickel production, as well as those leading in battery material technology [12]