Group 1 - The core viewpoint of the article highlights the significant stock price increase of Liqin Resources (02245), which has risen over 6% recently and nearly 90% over the past ten trading days [1] - As of the report, the stock is trading at 28.64 HKD with a transaction volume of 203 million HKD [1] - The Democratic Republic of Congo has announced an extension of the cobalt export ban until October 15, with plans to lift the ban on October 16 and implement annual export quotas [1] Group 2 - Tianfeng Securities believes that the price center of cobalt is expected to rise in the medium to long term, and long-term assets in the equity sector may face revaluation [1] - Minsheng Securities points out that the company's wet nickel production capacity in Indonesia is substantial, with cost advantages that are likely to benefit significantly from rising cobalt prices [1]

Group 1 - The core viewpoint of the article highlights the significant stock price increase of Liqian Resources (02245), which has risen over 6% recently and nearly 90% over the past ten trading days [1] - As of the report, the stock price is at 28.64 HKD with a trading volume of 203 million HKD [1] - The Democratic Republic of Congo has announced an extension of the cobalt export ban until October 15, with plans to lift it on October 16 and implement annual export quotas [1] Group 2 - Tianfeng Securities believes that the price center of cobalt is expected to rise in the medium to long term, and long-duration assets in the equity sector may face revaluation [1] - Minsheng Securities points out that the company's wet nickel production capacity in Indonesia is large and cost-effective, positioning it to benefit significantly from rising cobalt prices [1]

Group 1 - The core viewpoint of the news is that the cobalt export ban in the Democratic Republic of Congo (DRC) may be extended for at least two more months, which could lead to a significant supply shortage of cobalt in China by February 2026, especially with the upcoming demand peak in the electric vehicle and consumer electronics sectors [1] - The DRC accounts for 74% of global cobalt production, and since the export ban was implemented in June, China's imports of cobalt intermediate products have drastically decreased by 62%, dropping from approximately 50,000 tons to 5,000 tons by August [1] - The extension of the export ban is expected to reduce raw material supply, which, combined with the seasonal demand increase, may lead to accelerated inventory depletion in the domestic industry and support upward pressure on cobalt prices [1] Group 2 - The China Securities Index Co. has established the National Securities Nonferrous Metals Industry Index, which includes 50 prominent securities in the nonferrous metals sector, reflecting the overall performance of listed companies in this industry [2] - As of August 29, 2025, the top ten weighted stocks in the National Securities Nonferrous Metals Industry Index accounted for 50.35% of the index, with major companies including Zijin Mining, Northern Rare Earth, and Huayou Cobalt [2]

2025 年 9 月 24 日 晨会速递 分析师点评 市场数据 | | 股指期货 | | | --- | --- | --- | | | 收盘 | 涨跌% | | IF2510 | 4510.20 | 0.28 | | IF2511 | 4495.40 | 0.30 | | IF2512 | 4483.80 | 0.25 | | IF2603 | 4457.60 | 0.20 | 行业研究 【有色】刚果（金）钴出口配额落地，钴价有望进入上行周期——钴行业动态点评(增 持) 刚果（金）战略矿产市场监管局 2025 年 9 月 20 日宣布将钴出口禁令延长至 10 月 15 日，10 月 16 日起改为钴出口配额制度。2024 年刚果（金）钴产量占全球产量的 76.3%。投资建议：刚果（金）出口受限，钴供给明显收缩，利好钴价上行。推荐华 友钴业、洛阳钼业，关注力勤资源。 风险提示：刚果（金）钴政策变化风险；刚果 （金）以外地区产量超预期风险；钴需求下跌风险。 公司研究 【建筑】盈利进一步减亏，现金流及收现比同比改善——中铁装配（300374.SZ）跟 踪点评报告(增持) 25H1，中铁装配收入实现稳定增长，归母净 ...

9月21日，刚果（金）战略矿产市场监管控制局宣布，该国自10月15日起结束自今年2月以来实施的钴出 口禁令，并于10月16日改为实行出口配额制度，直至另行通知。 该机构在声明中说，今年余下时间内，在刚果（金）的矿企将被允许出口逾1.8万吨钴，2026年和2027 年每年最高出口量为9.66万吨。配额将根据企业历史出口量比例分配，并"将通知各公司"。 对此，一位业内人士告诉《每日经济新闻》记者："（供需）将进入紧平衡，印尼的粗制氢氧化镍钴逐 步放量，将补足一部分量。" 9月22日，力勤资源一度放量上涨达17%，截至收盘上涨6.60%。该公司湿法镍产能位于印尼，其钴产品 供应不受刚果（金）出口配额制度的影响。刚果（金）钴出口禁令将改为出口配额制度 锂电池按照正极材料，可分为三元材料（镍钴锰）电池和磷酸铁锂电池这两大主要品类，钴金属正是三 元材料重要的组成部分。 其中，刚果（金）主要是铜钴矿，印尼主要是镍钴矿。可以看出，在刚果（金）实施出口配额制度之 下，镍钴矿或将弥补供给短缺。 刚果（金）战略矿产市场监管控制局宣布，10月16日改为实行出口配额制度，2025年10月至12月配额 1.8万吨，2026年和2027年 ...