Group 1: Rare Metal ETF Performance - The Rare Metal ETF has a turnover rate of 11.57% during trading, with a transaction volume of 359 million yuan, indicating active market trading [3] - The latest scale of the Rare Metal ETF reached 3.08 billion yuan, marking a new high since its inception and ranking first among comparable funds [3] - The ETF's share reached 3.67 billion shares, also a new high since inception, and ranks first among comparable funds [3] - Over the past three days, the Rare Metal ETF has seen continuous net inflows, with a maximum single-day net inflow of 358 million yuan, totaling 551 million yuan [3] - As of October 10, the net value of the Rare Metal ETF has increased by 17.31% over the past three years [3] - The highest monthly return since inception is 24.02%, with the longest consecutive monthly increase being five months and a maximum increase of 66.25%, averaging a monthly return of 8.60% [3] Group 2: Cobalt Export Quotas and Market Dynamics - According to CITIC Construction Investment, cobalt export quotas for Congo (Kinshasa) have been finalized, with Luoyang Molybdenum, Glencore, and Eurasian Resources holding the top three shares at 35.9%, 27.3%, and 21.6% respectively [4] - The total quota for 2026 and 2027 is set at 96,600 tons, which includes a basic quota of 87,000 tons allocated to production enterprises and a strategic quota of 9,600 tons [4] - Under the quota system, only about 44% of production can be exported, resulting in a reduction of over 100,000 tons [4] - Based on estimates for 2024, with a supply of 270,000 tons and demand of 230,000 tons, the market is expected to shift from a surplus of about 70,000 tons to a shortage of about 30,000 tons, potentially driving cobalt prices higher [4] Group 3: Rare Earth Export Controls - The Ministry of Commerce has issued four documents to strengthen rare earth export controls, adding five categories of medium and heavy rare earths to the export control list [4] - The controls also extend to the entire industrial chain, including equipment, technology, and raw materials, with additional regulations on overseas military and high-end semiconductor demands [4] - The strategic position of rare earths has been further reinforced through these measures [4] Group 4: Rare Metal Index and Investment Opportunities - As of September 30, 2025, the top ten weighted stocks in the CSI Rare Metal Theme Index include Northern Rare Earth, Luoyang Molybdenum, Huayou Cobalt, and others, collectively accounting for 59.91% of the index [4] - Investors can also participate in the rare metal sector through the Rare Metal ETF linked fund (014111) [4]

Core Viewpoint - The Democratic Republic of Congo (DRC) will lift an 8-month cobalt export ban on October 16, 2023, due to rising cobalt prices, which have more than doubled since the ban was implemented [1][2]. Group 1: Export Regulations - The DRC's mining regulatory authority, ARECOMS, will implement a quota system for cobalt exports, allowing only slightly over 18,000 tons for the remainder of this year, with a maximum annual export of 96,600 tons for the next two years, which is less than half of last year's production [1][2]. - Companies must pay a royalty fee of 10% of the sales value before shipping cobalt, and failure to comply with export quotas or regulations may result in the revocation of export rights [2][3]. Group 2: Strategic Quotas - A 10% "strategic quota" will be established, which will be allocated at the discretion of ARECOMS [3]. - Export quotas for major mining companies have been disclosed, with the top two producers receiving approvals for 6,500 tons and 3,925 tons, respectively, by the end of this year [4]. Group 3: Compliance and Future Quotas - For compliant operators, the quotas approved for December 2025 will automatically convert into monthly quotas for 2026 [5].