Fixed Income Research - The issuance rates for credit bonds have generally increased, with changes ranging from 0 BP to 8 BP, leading to a significant increase in credit bond issuance volume due to a low base effect [2] - The net financing amount for credit bonds has increased, while the net financing for targeted tools has decreased; corporate bonds have a negative net financing amount, while other types have positive net financing [2] - The secondary market saw an increase in transaction amounts for credit bonds, with most types experiencing growth [2] - Credit spreads have narrowed for most mid-term notes, corporate bonds, and urban investment bonds, as credit bonds continue to perform better than interest rate bonds [2] - The overall conditions for a bear market in credit bonds are insufficient, with a long-term downward trend in yields expected [2] Company Research: WuXi AppTec (药明康德) - WuXi AppTec expects to achieve a revenue of approximately 45.456 billion yuan in 2025, representing a year-on-year growth of about 15.84%, with continuous operating business revenue expected to grow by approximately 21.40% [6][7] - The adjusted non-IFRS net profit is projected to be around 14.957 billion yuan, a year-on-year increase of about 41.33%, while the net profit attributable to shareholders is expected to reach approximately 19.151 billion yuan, reflecting a growth of about 102.65% [6][7] - The strong growth is attributed to the advantages of the CRDMO model, with a focus on integrated services and continuous optimization of production processes [7] - The company plans to focus on its CRDMO business model and has sold parts of its equity in joint ventures, contributing to its profit growth [7] Industry Research: Metal Industry - The steel industry is expected to maintain production levels due to acceptable profit margins, although demand is in a seasonal decline [13] - Copper prices are influenced by market sentiment and resource competition, with potential for high volatility [13] - Aluminum prices are supported by high copper prices and strategic resource concerns, while supply remains ample [13] - Gold prices are expected to remain strong due to geopolitical risks and mixed U.S. employment data [13] - The rare earth market is anticipated to strengthen due to export control measures and strategic importance [14]

Report Information - Report Type: Aluminum Daily Report [1] - Date: January 14, 2026 [2] - Research Team: Non-ferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Core Viewpoints - On the 13th, the night session of Shanghai Aluminum continued to rise to the 25,000 mark and then declined for adjustment. The closing price at the end of the session dropped 0.85% to 24,375 yuan/ton, and the total open interest decreased by 20,000 lots to around 770,000 lots. The high aluminum price suppressed downstream procurement demand, and the overall trading sentiment of buyers declined compared with the previous trading day. The discounts in East China, Central China, and South China were -60, -220, and -45 respectively. [7] - In the short term, the overall supply of aluminum increased slightly. New projects in China and Indonesia continued to ramp up production, driving up the daily average output. Although the shutdown of an aluminum plant in Mozambique was finalized, it would still operate at full capacity in the first quarter, and the market had basically digested this news. [7] - High aluminum prices suppressed terminal demand. Downstream enterprises generally adopted strategies of delaying procurement and consuming inventories, and the weekly inventory quickly accumulated and exceeded the 700,000-ton mark. [7] - The operation logic of the aluminum market was still dominated by the macro and capital sentiment. As copper and gold prices rose significantly, funds continued to buy relatively undervalued resource products, which supported the aluminum price to be more likely to rise than to fall. [7] Industry News - 19 air-conditioning enterprises and research institutions, including Midea, Haier, and Xiaomi, jointly launched the implementation work of the "aluminum replacing copper" series of standards, triggering market discussions. Due to the continuous rise in copper prices, the price difference between copper and aluminum was about three times. Some brand stores said they would launch aluminum household air-conditioning products as soon as 2026, while others had no such plan. [10] - Lizhong Group said that its production and operation had been stable in recent years, and the overall capacity utilization rate had gradually increased. The second phase of the 3.6 million ultra-lightweight aluminum alloy wheel project in its Mexican factory, with a capacity of 1.8 million, had achieved initial production. The third aluminum alloy wheel factory in Thailand, with an annual production capacity of 3 million cast-rotated aluminum alloy wheels, was expected to be put into production next year. The high-performance aluminum alloy new material projects newly built in Chongqing, Huaian, Changchun, Thailand, and other places would be put into production from the fourth quarter of this year to next year. [10][11] - India's state-owned National Aluminium Company (Nalco) planned to start the mining of the Pottangi bauxite mine in Odisha in June 2026 to support the expansion of its integrated aluminum business. It had awarded the development and operation rights of the mine to Dilip Buildcon Ltd. To match the increase in mining capacity, Nalco was expanding the fifth production line at its Damanjodi alumina refinery, which would increase the annual capacity by 1 million tons to 3.275 million tons. [11]

1. Report Industry Investment Rating No information provided in the given content. 2. Report's Core Views Copper - The medium - long - term fundamentals of copper are good, with capital expenditure constraints on the supply side supporting a gradual upward shift of the bottom center. Short - term price strength is due to the risk of structural imbalance in global inventories and supply concerns from the Venezuela event. However, real - end demand is weak at high prices [2]. Zinc - In the context of geopolitical tensions, the non - ferrous metal sector moves upward in resonance. The zinc price is supported by tight ore supply but may face pressure from imported ore supply and weak demand. Short - term price is expected to fluctuate, with support around 23800 yuan/ton [5]. Aluminum - The alumina market is in a wide - range shock, with the core contradiction between policy expectations and weak fundamentals. The aluminum price is driven by macro and policy expectations but faces pressure from supply growth and weak demand. Short - term price is expected to be high - level and widely volatile [7]. Tin - The supply of tin may increase with the potential resumption of mines in Myanmar, while demand shows regional differences. Short - term price is volatile, and it is recommended to hold previously bought call options [8]. Industrial Silicon - Industrial silicon is expected to maintain a pattern of weak supply and demand in January. The price is expected to be low - level and volatile, with the main range between 8000 - 9000 yuan/ton [11]. Polysilicon - Polysilicon spot prices are stable, while futures prices are falling. The market will continue to accumulate inventory in January. The price may be supported at 48000 - 50000 yuan/ton, and it is recommended to wait and see [13]. Aluminum Alloy - The casting aluminum alloy market fluctuates at a high level. Cost is the main driving factor, but the market shows a pattern of weak supply and demand. Short - term price is expected to fluctuate in a high - level range [14]. Lithium - Lithium carbonate futures are rising. The supply side has a slight increase expectation, and downstream demand has some resilience. The market sentiment is strong, but short - term liquidity and regulatory risks should be noted [16]. Nickel - The nickel market is in a wide - range shock. The attitude of Indonesia on nickel ore quotas and geopolitical factors affect the market. Short - term price is expected to be strongly volatile [18]. Stainless Steel - The stainless - steel market is in a narrow - range shock. It is affected by raw material prices, with cost support and weak demand in the off - season. Short - term price is expected to adjust in a shock pattern [20]. 3. Summaries According to Related Catalogs Copper - **Price and Basis**: SMM 1 electrolytic copper price is 102510 yuan/ton, down 0.70% from the previous value. The refined - scrap spread is 5042 yuan/ton, down 7.96% [2]. - **Fundamentals**: In December, electrolytic copper production was 117.81 million tons, up 6.80% month - on - month. Global visible inventories are at a high level, but 50% are in the US and difficult to flow to non - US regions [2]. Zinc - **Price and Spreads**: SMM 0 zinc ingot price is 24330 yuan/ton, up 0.79%. The refined zinc output in December was 55.21 million tons, down 7.24% month - on - month [5]. - **Fundamentals**: Domestic zinc mine production has declined for two consecutive months, and the zinc ore TC is at a low level. The downstream start - up rate and orders are weak [5]. Aluminum - **Price and Spreads**: SMM A00 aluminum price is 24300 yuan/ton, down 0.16%. The alumina market is in a wide - range shock, and the aluminum price fluctuates at a high level [7]. - **Fundamentals**: In December, alumina production was 743.94 million tons, and domestic electrolytic aluminum production was 363.66 million tons. The inventory is accumulating [7]. Tin - **Price and Basis**: SMM 1 tin price is 380200 yuan/ton, up 3.16%. The import volume of tin ore in November increased significantly month - on - month [8]. - **Fundamentals**: The resumption of tin mines in Myanmar may accelerate, and demand shows regional differences [8]. Industrial Silicon - **Price and Spreads**: The spot price of industrial silicon is stable, and the futures price is falling. The main contract is at 8835 yuan/ton [11]. - **Fundamentals**: In January, the supply and demand of industrial silicon are expected to be weak. The production may decrease by 1 - 2 million tons, and demand may decline by about 1 million tons [11]. Polysilicon - **Price and Spreads**: The polysilicon spot price is stable, and the futures price is falling. The main contract is below 50000 yuan/ton [13]. - **Fundamentals**: In January, the downstream start - up rate is expected to decline, and the market will continue to accumulate inventory [13]. Aluminum Alloy - **Price and Spreads**: The price of SMM ADC12 is 23950 yuan/ton. The cost is the main driving factor, but the supply and demand are weak [14]. - **Fundamentals**: The production of recycled aluminum alloy ingots in December was 64.00 million tons, down 6.16% month - on - month. The social inventory is gradually decreasing [14]. Lithium - **Price and Basis**: The average price of SMM battery - grade lithium carbonate is 159500 yuan/ton, up 4.93%. The supply side has a slight increase, and downstream demand has some resilience [16]. - **Fundamentals**: In December, the production of lithium carbonate was 99200 tons, and the demand was 130118 tons. The inventory is changing [16]. Nickel - **Price and Spreads**: The price of SMM 1 electrolytic nickel is 145200 yuan/ton, down 1.12%. The attitude of Indonesia on nickel ore quotas and geopolitical factors affect the market [18]. - **Fundamentals**: The production of Chinese refined nickel products decreased by 9.38% month - on - month, and the import volume increased by 30.08% [18]. Stainless Steel - **Price and Spreads**: The price of 304/2B stainless steel is stable. The price is affected by raw material prices, with cost support and weak demand [20]. - **Fundamentals**: The production of 300 - series stainless - steel crude steel in China decreased by 2.50% month - on - month, and the social inventory is decreasing [20].

南山铝业公告称，公司拟以集中竞价交易方式回购股份，回购资金不低于3亿元且不超6亿元，回购价不 超7.52元/股，用途为注销并减少注册资本。回购期限自股东会审议通过最终方案起不超12个月。截至 2025年9月30日，按最高回购资金测算，回购资金约占总资产0.82%、净资产1.15%，不会对公司产生重 大影响。此外，相关主体未来3个月、6个月内均无减持计划。回购存在股价、债权人、经营及政策等风 险。 ...

Group 1: Precious Metals - Gold price reached $4493.85 per ounce, up $140.90 from January 2, with a growth rate of 3.24% [2][3] - Silver price was $78.14 per ounce, increasing by $3.93 from January 2, reflecting a growth rate of 5.29% [2][3] - The U.S. non-farm payrolls for December showed an increase of 50,000 jobs, below the expected 65,000, indicating a potential upward trend for precious metals [3] Group 2: Copper and Aluminum - LME copper closed at $12,990 per ton, up $480 from January 2, with a growth rate of 3.84% [4] - Domestic aluminum price was 24,060 yuan per ton, an increase of 1,540 yuan from December 31 [6] - High prices are suppressing short-term demand for copper and aluminum, with copper production facing supply disruptions [5][6] Group 3: Tin and Antimony - Domestic refined tin price was 350,700 yuan per ton, up 24,610 yuan from December 31, with a growth rate of 7.55% [7] - Antimony price was 158,000 yuan per ton, down 3,000 yuan from December 31, indicating weak demand [8] Group 4: Industry Ratings and Investment Strategy - The gold industry is rated "recommended" due to the Fed's easing cycle [9] - The copper industry is also rated "recommended" as copper supply remains tight [10] - The aluminum industry maintains a "recommended" rating due to rigid supply [11]

Core Viewpoint - Nanshan Aluminum has shown significant stock price growth in recent months, with a year-to-date increase of 9.29% and a 54.57% rise over the past 60 days, indicating strong market performance and investor interest [1]. Group 1: Stock Performance - As of January 13, Nanshan Aluminum's stock price reached 5.88 CNY per share, with a trading volume of 4.82 billion CNY and a market capitalization of 67.524 billion CNY [1]. - The stock has experienced a 3.70% increase over the last five trading days and a 24.05% increase over the last 20 trading days [1]. Group 2: Financial Performance - For the period from January to September 2025, Nanshan Aluminum reported a revenue of 26.325 billion CNY, reflecting a year-on-year growth of 8.66%, and a net profit attributable to shareholders of 3.772 billion CNY, which is an 8.09% increase compared to the previous year [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Nanshan Aluminum increased to 183,700, marking an 11.00% rise, while the average number of circulating shares per shareholder decreased by 9.91% to 63,218 shares [2]. - The company has distributed a total of 12.999 billion CNY in dividends since its A-share listing, with 7.278 billion CNY distributed over the last three years [3].

Investment Rating - The report assigns an "Overweight" rating for the non-ferrous metals industry [5] Core Insights - The balance between supply and demand is crucial, but macroeconomic factors such as monetary policy, geopolitical tensions, and supply disruptions will significantly influence metal price trends [2] - Precious metals are supported by geopolitical factors, with gold prices expected to be bolstered by central bank purchases and rising ETF holdings [5] - Copper is transitioning from a commodity to a strategic asset, with price fluctuations influenced by macroeconomic resilience and supply disruptions [5] - Aluminum prices are expected to remain strong due to robust macroeconomic performance and easing liquidity [5] - Energy metals like lithium are facing demand preemption due to export tax adjustments, while cobalt prices remain high due to tight raw material supply [5] Summary by Sections Precious Metals - Gold prices have risen, with SHFE gold increasing by 2.57% to 1,006.48 CNY/g and COMEX gold rising by 4.36% to 4,518.40 USD/oz [8][25] - Silver prices also saw significant increases, with SHFE silver up 3.85% to 18,731 CNY/kg and COMEX silver up 12.36% to 79.79 USD/oz [9][25] - Central bank gold reserves in China increased to 7,415 million ounces, marking a continuous expansion over 14 months [8] Copper - Copper prices increased, with SHFE copper rising by 3.23% to 101,410 CNY/ton and LME copper up 4.24% to 12,998 USD/ton [10][22] - Supply disruptions from the Mantoverde copper mine strike in Chile are expected to maintain price strength [10] - The copper market is characterized by low inventory levels, with global visible inventory at 909,000 tons [10][67] Aluminum - Aluminum prices have shown strong performance, with SHFE aluminum increasing by 6.13% to 24,330 CNY/ton and LME aluminum up 4.00% to 3,136 USD/ton [10][79] - The average operating rate for aluminum processing has slightly increased to 60.1% [93] Energy Metals - Lithium production is on the rise, with a weekly increase of 115 tons, although demand is showing signs of weakness [11] - Cobalt prices remain elevated due to tight supply conditions, with companies extending their operations into downstream sectors [11] Rare Earths - Rare earth prices have rebounded, with significant increases in the prices of praseodymium-neodymium oxide and dysprosium oxide [11]

Group 1 - The core point of the article is that Hongchuang Holdings (002379) reported a total of 22,789 shareholders as of January 9, 2026 [1]

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports - Copper: The medium - to long - term fundamentals of copper remain good, with supply - side capital expenditure constraints supporting a gradual upward shift in the bottom. Short - term prices are likely to stay strong due to the structural imbalance of global inventories and the risk premium of metal supply concerns. However, real terminal demand is weak at high prices. Focus on changes in CL premium, LME inventory, and the 99000 - 100000 support level [1]. - Zinc: The shortage of zinc ore at the mine end supports prices, but the import window for zinc ore is opening, limiting the downside space of TC. The supply pressure of refined zinc is relieved, and demand is suppressed. Overseas and domestic inventories are increasing. Short - term prices are expected to fluctuate, with support from the tight domestic zinc ore supply and pressure from the expected supply of imported ore and weak demand feedback. Pay attention to zinc ore TC and refined zinc inventory changes, and the 23300 - 23400 support level [4]. - Nickel: The nickel market has seen significant price fluctuations. The unclear result of the 2026 nickel ore quota in Indonesia has affected market sentiment. High nickel prices have restricted downstream transactions, and the supply and demand situation is complex. Short - term prices are expected to adjust in a wide range, with the main contract running in the 132000 - 142000 range [6]. - Stainless Steel: The stainless - steel market is mainly driven by nickel raw materials. The unclear nickel ore quota in Indonesia has affected market expectations. The supply pressure has eased slightly, but demand in the off - season is weak. The cost support from the ore end and nickel - iron is strengthened. Short - term prices are expected to fluctuate, with the main contract in the 13400 - 14200 range [8]. - Lithium Carbonate: The lithium carbonate market has seen a significant increase in the price center last week. The supply - side shock expectation is strengthened, and demand is expected to be optimistic. The inventory situation has changed, with upstream inventory increasing and downstream inventory decreasing. The market is expected to maintain a strong and volatile trend, with a focus on the 150000 breakthrough and liquidity risks [10]. - Industrial Silicon: The industrial silicon market is expected to continue the pattern of weak supply and demand in January. Supply may decrease by 1 - 20,000 tons, and demand is expected to decline slightly. Exports may increase. The price is expected to fluctuate at a low level, mainly in the 8000 - 9000 yuan/ton range [11]. - Polysilicon: In January, the polysilicon market is in a weak - demand situation, with high inventory and price pressure. There is a need for further production cuts to balance supply and demand. Pay attention to the impact of antitrust news, the possibility of production cuts, and the redistribution of industrial chain profits. The 50000 yuan/ton level may provide support, and trading is recommended to wait and see [12]. - Tin: The short - term price of tin is greatly affected by macro - sentiment. The supply side may be affected by the situation in Congo (Kinshasa), and demand shows regional differences. The price is expected to fluctuate at a high level, and operations should be cautious [13]. - Alumina: The alumina market has been oscillating widely. The supply is rigid, and demand is weak, with inventory accumulating. The short - term price is expected to oscillate widely around the industry cash - cost line, with the main contract in the 2600 - 2950 yuan/ton range. A rebound depends on capacity - control policies or large - scale production cuts [14]. - Aluminum: The aluminum price has risen strongly, driven by macro and policy expectations. However, the fundamentals are under pressure, with supply increasing and demand being suppressed by high prices, and inventory starting to accumulate. Short - term prices are expected to oscillate widely at a high level, with the main contract in the 23000 - 25000 yuan/ton range [14]. - Aluminum Alloy: The casting aluminum - alloy market has shown a strong trend, mainly driven by cost factors. However, the supply and demand are both weak, with supply affected by raw - material shortages and demand being suppressed by high prices. Inventory has been gradually decreasing. Short - term prices are expected to oscillate in a high - level range, with the main contract in the 22000 - 24000 yuan/ton range [15]. 3. Summaries According to Relevant Catalogs Price and Spread - **Copper**: SMM 1 electrolytic copper price dropped to 100275 yuan/ton, with a daily decline of 1.77%. The LME 0 - 3 spread increased to 41.94 dollars/ton [1]. - **Zinc**: SMM 0 zinc ingot price was 24170 yuan/ton, with a decline of 0.58%. The import profit and loss was - 1887 yuan/ton [4]. - **Nickel**: SMM 1 electrolytic nickel price decreased to 141900 yuan/ton, with a daily decline of 4.80%. The LME 0 - 3 spread was - 196 dollars/ton [6]. - **Stainless Steel**: The price of 304/2B (Wuxi Hongwang 2.0 roll) remained at 13800 yuan/ton. The inter - month spread of 2602 - 2603 increased to - 85 yuan/ton [8]. - **Lithium Carbonate**: SMM battery - grade lithium carbonate average price rose to 140000 yuan/ton, with an increase of 1.08%. The inter - month spread of 2602 - 2603 was - 580 yuan/ton [10]. - **Industrial Silicon**: The price of East China SI4210 industrial silicon remained at 9650 yuan/ton. The inter - month spread of 2602 - 2603 decreased to 25 yuan/ton [11]. - **Polysilicon**: The average price of N - type re -投料 was 55000 yuan/ton, with a decline of 0.90%. The main contract price dropped to 51300 yuan/ton [12]. - **Tin**: SMM 1 tin price decreased to 349750 yuan/ton, with a decline of 1.49%. The inter - month spread of 2601 - 2602 increased to 370 yuan/ton [13]. - **Aluminum**: SMM A00 aluminum price rose to 24030 yuan/ton, with an increase of 0.12%. The import profit and loss of electrolytic aluminum was 176.8 yuan/ton [14]. - **Aluminum Alloy**: SMM aluminum alloy ADC12 price remained at 23700 yuan/ton. The inter - month spread of 2601 - 2602 increased to - 105 yuan/ton [15]. Fundamental Data - **Copper**: In December, electrolytic copper production was 117.81 million tons, a 6.80% increase month - on - month. In November, the import volume was 27.11 million tons, a 3.90% decrease [1]. - **Zinc**: In December, refined zinc production was 55.21 million tons, a 7.24% decrease month - on - month. In November, the import volume was 1.82 million tons, a 3.22% decrease [4]. - **Nickel**: In December, China's refined nickel production decreased by 9.38% month - on - month. The import volume in November increased by 30.08% [6]. - **Stainless Steel**: In December, China's 300 - series stainless - steel crude steel production decreased by 2.50% month - on - month. The net export volume increased by 25.31% [8]. - **Lithium Carbonate**: In December, lithium carbonate production was 99200 tons, a 4.04% increase month - on - month. The demand decreased by 2.50% [10]. - **Industrial Silicon**: In January, the expected production of industrial silicon may decrease to 38 - 39 million tons. The demand is expected to decline by about 1 million tons [11]. - **Polysilicon**: In December, polysilicon production was 11.55 million tons, a 0.79% increase month - on - month. The net export volume increased by 2041.76% [12]. - **Tin**: In November, tin ore imports increased by 29.81% month - on - month. In December, SMM refined tin production decreased slightly [13]. - **Aluminum**: In December, alumina production was 751.96 million tons, a 1.08% increase month - on - month. Domestic electrolytic aluminum production increased by 3.97% [14]. - **Aluminum Alloy**: In December, the production of recycled aluminum alloy ingots decreased by 6.16% month - on - month. The production of primary aluminum alloy ingots increased slightly [15]. Inventory Data - **Copper**: Domestic social inventory increased by 14.61% week - on - week to 27.38 million tons. LME inventory decreased by 1.49% day - on - day to 13.90 million tons [1]. - **Zinc**: China's zinc ingot seven - region social inventory increased by 11.69% week - on - week to 11.85 million tons. LME inventory decreased by 0.51% day - on - day to 10.7 million tons [4]. - **Nickel**: SHFE inventory increased by 2.43% week - on - week to 46650 tons. LME inventory increased by

Group 1: Rare Earths - The report from Guotai Junan indicates that rare earth prices have rebounded due to a combination of policy support and pre-holiday inventory demand recovery, with significant increases in medium and heavy rare earth prices [1] Group 2: Precious Metals - Geopolitical factors in Venezuela and the Middle East are supporting gold prices, alongside strong U.S. unemployment data. The outlook for 2026 suggests that central bank gold purchases and rising gold ETF holdings will continue to support gold prices [2] - Silver prices are expected to follow gold trends, influenced by a decrease in London silver leasing rates and rising inventories. Platinum prices are also expected to strengthen due to anticipated U.S. tariffs [2] Group 3: Copper - Despite mixed U.S. employment data, the resilience of the U.S. economy and ongoing strikes at the Mantoverde copper mine in Chile are contributing to a strong copper price outlook. The report highlights the need to monitor the impact of Trump's nomination for the next Federal Reserve chair on copper prices [3] - Supply constraints and low inventories in non-U.S. regions, combined with a strategic reserve logic under the "Monroe Doctrine," are expected to amplify upward price elasticity for copper [3] Group 4: Aluminum - Strong macroeconomic expectations, liquidity easing, and a rebound in aluminum prices are noted. Daily production rates are increasing due to new electrolytic aluminum projects in China and Indonesia, while demand is rising as environmental controls in central China are lifted [4] - The operating rate of domestic aluminum processing leading enterprises has slightly increased by 0.2 percentage points to 60.1% [4] Group 5: Tin - Supply bottlenecks persist in the tin market, with delays in the resumption of mining in Myanmar and uncertainties regarding Indonesian approvals. Despite adjustments in the Federal Reserve's interest rate path, tin prices remain supported by liquidity expectations and strong demand from the semiconductor industry [5] Group 6: Energy Metals - Lithium inventory has accumulated, and production has increased, although demand is showing marginal weakness. The reduction in export tax rebates for battery products may lead to front-loaded demand, with lithium production rising by 115 tons last week [6] - The cobalt sector is facing high prices due to tight upstream raw material supplies, while cobalt companies are extending their reach into the electric new energy sector to enhance competitive advantages [6]