Group 1 - The stock of Liqin Resources (02245) increased by over 8%, reaching 26.9 HKD, with a trading volume of 19.58 million HKD [1] - The Democratic Republic of Congo announced the lifting of the cobalt export ban on October 16, implementing annual export quota management, with a cap of 18,125 tons for the remainder of 2025 [1] - The DRC is the largest cobalt producer globally, accounting for 75.86% of the world's production in 2024 [1] Group 2 - Analysts predict that the DRC's export quota policy will lead to significantly lower global cobalt supply from 2025 to 2027, with shortages of 122,000 tons, 88,000 tons, and 97,000 tons respectively, potentially driving cobalt prices up [1] - Minsheng Securities noted that nickel prices are at a cyclical bottom with clear cost support, and the DRC's export ban has exacerbated domestic raw material shortages [2] - The company’s wet-process nickel production capacity is located in Indonesia, which is unaffected by the DRC's export restrictions, allowing it to benefit from rising cobalt prices [2]

Core Viewpoint - The lifting of the cobalt export ban in the Democratic Republic of Congo (DRC) is expected to significantly impact global cobalt supply and prices, with the country being the largest producer globally, accounting for 75.86% of the world's production in 2024 [1] Group 1: Cobalt Market Impact - The DRC will lift its cobalt export ban on October 16, implementing an annual export quota management system, with a cap of 18,125 tons for the remainder of 2025 [1] - The export quota policy is projected to lead to a global cobalt supply shortage from 2025 to 2027, with shortfalls of 122,000 tons, 88,000 tons, and 97,000 tons respectively [1] - Analysts anticipate that cobalt prices are likely to rise significantly due to the expected supply constraints [1] Group 2: Nickel Market Dynamics - Indonesia's newly released RKAB regulations for 2026 are expected to boost nickel ore demand, supporting nickel prices [1] - Minsheng Securities noted that nickel prices are currently at a cyclical low, with clear cost support [1] Group 3: Company Growth Potential - The company has wet nickel production capacity located in Indonesia, which is not affected by the DRC's export restrictions, allowing it to fully benefit from rising cobalt prices [1] - The combination of new capacity release and cost advantages indicates significant growth potential for the company [1]