Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights that the company's performance in the first half of 2025 was impacted by a decline in lithium prices, leading to a decrease in revenue and profit. However, cost optimization efforts have helped mitigate some of the pressure [4][5] - The company received government subsidies of nearly 60 million yuan, which contributed to a quarter-on-quarter increase in net profit for Q2 2025 [4] - The report anticipates a gradual recovery in profits from 2025 to 2027, with projected net profits of 908 million yuan, 1.085 billion yuan, and 1.495 billion yuan respectively [6] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 3.693 billion yuan, a year-on-year decrease of 18%. The net profit attributable to the parent company was 401 million yuan, down 48% year-on-year [4] - The average selling price of lithium carbonate for the first half of 2025 was approximately 71,600 yuan per ton, reflecting a 32% year-on-year decline [5] - The company's lithium business revenue was 862 million yuan, a decrease of 41% year-on-year, with a gross profit of 257 million yuan, down 47% year-on-year, resulting in a gross margin of 30% [5] Business Segment Analysis - The special steel segment reported revenue of 2.831 billion yuan in the first half of 2025, down 6% year-on-year, with a gross profit of 326 million yuan and a gross margin of 11.52% [6] - The company has been optimizing its product structure, leading to increased sales of high-value-added products such as nuclear power steel and automotive high-purity steel, which has improved market share [6] Profit Forecast and Investment Recommendations - The report forecasts net profits for 2025, 2026, and 2027 at 908 million yuan, 1.085 billion yuan, and 1.495 billion yuan respectively, reflecting a downward adjustment in lithium price expectations [6] - Earnings per share (EPS) are projected to be 1.68 yuan, 2.01 yuan, and 2.77 yuan for the years 2025, 2026, and 2027 respectively [6]

南华期货碳酸锂企业风险管理日报 2025年08月27日 夏莹莹 投资咨询证书：Z0016569 余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 期货价格区间预测 | 品种 | 价格区间预测 | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 碳酸锂主力合约 | 强压力位：90000 | 42.2% | 73.5% | source： 南华研究,同花顺 碳酸锂企业风险管理策略建议 | 行为 导向 | 情景分析 | 策略推荐 | 套保工具 | 买卖方向 | 推荐比例 | | --- | --- | --- | --- | --- | --- | | 库存 | 产品库存偏高，担心库存 | 为防止库存减值，可以根据库存情况，做空碳酸锂 期货来锁定成品利润 | LC2511 | 卖出 | 60% | | 管理 | 有减值风险 | 卖出看涨期权 | 场外/场内期权 | 卖出 | 40% | | | | 买入虚值看跌期权 | 场内/场外期权 | 买入 | | | 采购 ...

智通财经APP获悉，里昂发布研报称，赣锋锂业(01772)次季业绩符合预期，净亏损为1.75亿元人民币。 虽然毛利率9.6%未达预期，但该行预期市场将更关注管理层对锂价前景的展望，而管理层则表示短期 内价格水平有望更趋理性。该行上调锂价预测及对其盈利预估，并改以市盈率为估值基础，延展至2027 年，以目标市盈率15倍计，H股目标价由25港元升至35港元，赣锋A股(002460.SZ)目标价由37元人民币 升至45元人民币，A/H股评级均由"持有"上调至"跑赢大市"。 ...

该行将赣锋2025年经常性盈利预测下调28%，以反映氢氧化锂实现平均售价低于预期，以及上半年锂销 量减少，但将2026至27年经常性盈利上调12%至44%，因部分项目生产成本较预期低等因素。 智通财经APP获悉，高盛发布研报称，赣锋锂业(01772)上半年净亏损5.36亿元人民币(下同)，较去年同 期亏损7.59亿元有所收窄。若剔除一次性项目，经常性净亏损为4.42亿元，而去年同期则录得经常性盈 利。该行指业绩逊于预期，主要因锂化学品利润低于预期。公司今年亦未有宣派中期股息。该行维持赣 锋H股"中性"评级，目标价由19港元升至28港元，维持赣锋A股(002460.SZ)"沽售"评级，目标价由21.4 元人民币升至30.5元人民币。 ...

Group 1: Market Review and Operational Suggestions - The lithium carbonate futures rebounded after hitting the bottom, with total positions and trading volume continuing to decline, and market trading sentiment weakening. The market remained in a back structure. As the delivery month approached, the September contract continued to trade at a discount to the spot price. The spot price of electric carbon dropped by 800 to 81,700, and the discount narrowed to 2,440. Downstream procurement and price - fixing activities increased slightly compared to the previous day, but the procurement volume of some manufacturers this week decreased compared to last week. Downstream procurement sentiment turned cautious, with most players waiting for further price cuts [8]. - Australian ore prices remained stable at 920, while the price of lithium mica ore dropped by 25 to 1,970. The production losses of salt plants using purchased lithium spodumene and lithium mica narrowed to 2,021 and 2,848 respectively. Considering the hedging profits provided by the futures market, salt plants still had high production enthusiasm, and the high supply pressure was difficult to ease in the short term [8]. - The prices of 5 - series power ternary materials and lithium iron phosphate dropped by 125 and 190 respectively, and the downstream prices followed suit. Short - term downstream demand is gradually entering the peak season, and downstream consumption is supported. Moreover, there are signs of a turning point in the social inventory of lithium carbonate. It is expected that the lithium carbonate futures will stop falling in the short term, and attention should be paid to the support level of 77,000 [8]. Group 2: Industry News - Guotou Xinjiang Lithium Industry Co., Ltd. (affiliated to Guotou Luojia) plans to invest approximately 800 million yuan to expand its annual lithium carbonate production capacity in Xinjiang's Lop Nur from 5,000 tons to 10,000 tons. Jiwu High - tech and Lanxiao Technology won the bids for the core systems in the equipment procurement for this expansion project [11]. - Ganfeng Lithium Battery is leading the drafting of the "Non - ferrous Metal Industry Standard of the People's Republic of China: Battery - grade Lithium Sulfide", which has entered the approval stage. On August 22, 2025, Ganfeng Lithium Battery's semi - annual report announced its upstream - downstream integrated layout of solid - state batteries. In addition, three "Electronic Industry Standards of the People's Republic of China" have completed multiple rounds of expert discussions, laying a solid foundation for the standardization of subsequent solid - state electrolyte products [11][12]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report In Q2 2025, the overall supply of overseas lithium mines was stable with regional differentiation. The shipment volume of projects in Western Australia and North America increased quarter-on-quarter, while some projects in South America and Africa controlled market supply due to low prices. With the rebound of lithium prices in Q3, it is expected that overseas mines will release supply. The resource output of the three major production areas of Western Australia, South America, and Africa in the second half of the year is expected to be significantly higher than that in the first half, which can alleviate the gap caused by the shutdown of large domestic mines. Subsequently, attention should be paid to the operational continuity of regions such as Jiangxi, Qinghai, and Mali in the resource end [1]. Summary by Directory Australia - In Q2 2025, the shipment volume of Australian mines was about 1.007 million tons, a quarter-on-quarter increase of 16.9%. Greenbushes and Pilbara contributed the main increments. In the 2025 fiscal year (July 2024 - June 2025), the lithium concentrate output of the five major Australian mines was about 3.551 million tons, and it is expected to increase by about 10% in the 2026 fiscal year. The supply of Holland in the 2025 calendar year will double compared with the expectation. It is estimated that the average quarterly shipment volume of Australian mines in the next four quarters will be about 1 - 1.05 million tons, a year-on-year increase of about 10% [3]. - Greenbushes produced 340,000 tons of lithium concentrate in Q2 2025, basically flat quarter-on-quarter and a 2% year-on-year increase. The sales volume was 412,000 tons, a 13% quarter-on-quarter increase and a 22% year-on-year decrease. The average sales price was 725 US dollars/ton (FOB), a quarter-on-quarter decrease of 8%. The cash production cost increased by 7% quarter-on-quarter to 366 Australian dollars/ton, a year-on-year increase of 8%. In the 2025 fiscal year, the production volume was 1.479 million tons, and the unit cash production cost was 325 Australian dollars/ton, meeting the production and cost guidelines. It is expected that CGP3 will produce the first batch of ore around the end of 2025. The production and cash cost guidelines for the 2026 fiscal year are 1.5 - 1.65 million tons and 310 - 360 Australian dollars/ton respectively [4]. - In Q2 2025, the lithium concentrate output of Pilbara was 221,300 tons (SC5.1), a 77% quarter-on-quarter increase and a 2% year-on-year decrease. The sales volume was 216,000 tons (SC5.1), a 72% quarter-on-quarter increase and an 8% year-on-year decrease. The average sales price of spodumene concentrate was 703 US dollars/ton (China CIF, SC6; SC5.1 was 599 US dollars/ton), a 17% quarter-on-quarter decrease. The unit operating cost (including freight and royalties) was 462 US dollars/ton, a 7% quarter-on-quarter decrease and a 4% year-on-year decrease. It is expected that the lithium concentrate output in the 2026 fiscal year will be 820,000 - 870,000 tons, and the unit operating cost (FOB) will drop to 560 - 600 Australian dollars/ton [6]. - In Q2 2025, the total lithium concentrate output of Mt Marion was 124,000 tons, a 11% quarter-on-quarter and 30% year-on-year decrease. The shipment volume was 134,000 tons (SC4.6), a 3% quarter-on-quarter decrease and a 29% year-on-year decrease. The average sales price of lithium concentrate (SC6) was 607 US dollars/ton, a 28% quarter-on-quarter decrease. The cost was 717 Australian dollars/ton (SC6, FOB). In June 2025, its two shareholders will each inject up to 150 million Australian dollars into the project [7][8]. - Wodgina produced 166,000 tons of lithium concentrate in Q2 2025, a 32% increase both year-on-year and quarter-on-quarter. The sales volume was 136,000 tons, a 15% quarter-on-quarter increase and a 10% year-on-year increase. The average Li2O grade was 5.4%. The average realized price of lithium concentrate (SC6) was 674 US dollars/ton, a 20% quarter-on-quarter decrease. The cost was 641 Australian dollars/ton (SC6, FOB), a 17% quarter-on-quarter decrease. In the 2025 fiscal year, the cost was 849 Australian dollars/ton, meeting the cost guideline, and the production volume was 502,000 tons, higher than the guideline [9]. - In Q2 2025, the lithium concentrate output of Kathleen Valley was 85,892 tons, a 10% quarter-on-quarter increase. The sales volume was 97,330 tons, a 4% quarter-on-quarter increase. The average sales price was 740 US dollars/ton (SC6, SC5.2 was 633 US dollars/ton), a 9% quarter-on-quarter decrease. The unit operating cost was 576 US dollars/ton (FOB), a 31% quarter-on-quarter increase. The full sustaining cost (AISC) was 786 US dollars/ton (SC6.0, FOB), a 35% quarter-on-quarter increase. The 2026 fiscal year production guideline is 365,000 - 450,000 tons, a 24 - 53% year-on-year increase [10]. - Mt Holland's lithium salt sales volume in Q2 2025 was about 1,300 tons. The annual sales volume guideline for 2025 is expected to reach 20,000 tons LCE (50% equity), doubling the previous plan. The Quinana refinery in Australia has completed construction and produced the first batch of commercially - compliant products in July. It is expected to reach the nameplate capacity of 50,000 tons of lithium hydroxide by the end of 2026 (SQM accounts for 25,000 tons) [10]. South America - South American projects changed little this quarter. In Q2, companies such as SQM and Sigma controlled the shipment volume due to low lithium prices. It is expected that the sales volume in the second half of the year will have a large increase compared with the first half. The Argentine Chamber of Mining Companies expects that the Argentine lithium carbonate production in 2025 will increase by 75% year-on-year to 130,000 tons. SQM in Chile has a 20,000 - ton increase (+10%) in the Atacama Salt Lake. Brazilian hard - rock projects have cost advantages, and Grota do Cirilo and AMG lithium mines are operating at full capacity [13]. - In Q2 2025, SQM's lithium salt sales volume in Chile was 51,700 tons, a 1.1% quarter-on-quarter decrease. The total sales volume in the first half of the year was 108,100 tons. The average sales price was 9,144 US dollars/ton, a 27% year-on-year decrease. The unit sales cost was 7,038 US dollars/ton, an 18% year-on-year decrease and a 4% quarter-on-quarter increase. The company expects a significant increase in lithium sales in the second half of the year. The sales volume of SQM's Atacama Salt Lake business in Chile is expected to increase by 10% year-on-year in 2025, with an expected sales volume of about 220,000 tons [14][15]. - The Fenix project of Arcadium Lithium had problems with the transportation system in April and energy interruption due to snowfall in May. The total quarterly production of lithium resources was about 15,000 tons LCE (100% equity), a 29% quarter-on-quarter decrease. The production problems have been solved. The Fenix expansion project with a nameplate capacity of 10,000 tons of lithium carbonate is expected to be put into production in 2026 [16]. - The first - phase factory of Rincon lithium project produced the first batch of lithium products in December 2024, and the final system testing and commissioning were completed in Q2 2025. The construction of the 57,000 - ton expansion factory will start in Q3, and the first production is expected to be in 2028, reaching full - load production within three years [17]. - The first - phase 25,000 - ton/year lithium hydroxide factory of Hombre Muerto was completed in October 2024, and the second - phase is planned to be completed in the second half of 2025. The first - phase of Sal de Oro has a design capacity of 25,000 tons/year and started shipping products in September 2024, expected to reach full production in April 2025. The lithium carbonate production in 2024 was about 4,000 tons LCE, and about 16,000 tons LCE in 2025. The second - phase with a design capacity of 25,000 tons/year is planned to start construction in June 2025 and be put into production in 2026 [18]. - In Q2 2025, the total production of Caucharí - Olaroz was about 8,500 tons of lithium carbonate, a 18% quarter-on-quarter increase. The shipment volume was about 8,635 tons, a 21% quarter-on-quarter increase. The unit cash operating cost was 6,098 US dollars/ton, a quarter-on-quarter decrease of about 8%, and the unit total cash cost was 6,366 US dollars/ton, a quarter-on-quarter decrease of about 7%. The unit average realized price was about 7,400 US dollars/ton. The annual production target for 2025 is 30,000 - 35,000 tons. The company is promoting a new 40,000 - ton/year lithium carbonate capacity and evaluating the possibility of producing up to 150,000 tons of lithium carbonate using direct lithium extraction technology [19]. - The production of Centenario - Ratones in Q2 was about 270 tons of lithium carbonate, and the sales volume was 480 tons LCE. Due to technical problems in equipment commissioning in the first half of the year, the production target for 2025 is 4,000 - 7,000 tons, significantly lower than the previous guideline [20]. - The first - phase of Zijin Mining's 3Q lithium salt lake in Argentina is in industrial commissioning and optimization, and it is expected to start producing crude lithium carbonate products in Q3 2025, with an annual production of about 20,000 tons [21]. - In Q2 2025, the lithium concentrate output of Grota do Cirilo was 68,368 tons, a 38% year-on-year increase and flat quarter-on-quarter. The company controlled the shipment volume at low lithium prices. The sales volume was 40,350 tons, a 23% year-on-year and 34% quarter-on-quarter decrease. The single - ton sales cost was 584 US dollars, a 3% year-on-year and 5% quarter-on-quarter increase. The cash operating cost (China CIF) was 442 US dollars/ton, a 14% year-on-year and 3% quarter-on-quarter decrease. The unit total sustaining cost (AISC) was 594 US dollars/ton, a 24% year-on-year and 4% quarter-on-quarter decrease. The company expects the 2025 fiscal year production to reach 270,000 tons. The second - phase expansion is expected to increase the capacity by 250,000 tons/year in 2026 [22][23]. Africa - Six projects in Zimbabwe and Mali have completed capacity ramping up, but the shipment volume growth was limited in the first half of the year due to low lithium prices, maintenance, and technological transformation. The import of African lithium concentrate by China in the first seven months decreased by 13.7% year-on-year. The recovery of lithium prices may drive the supply increment in Zimbabwe, while the production and shipment rhythm of Chinese - funded lithium mines in Mali may be affected by local political changes [24]. - In the first half of 2025, Zhongkuang Resources' self - supplied raw materials achieved lithium salt sales of 17,869 tons, a year-on-year increase of about 6.37%. It directly sold 34,834 tons of self - produced spodumene concentrate [25]. - The original ore production scale of Sabi Star in Zimbabwe is 990,000 tons/year, and it can produce about 290,000 tons of lithium concentrate per year. The mine suspended production in Q1 for technological transformation and facility construction and resumed production in April. The supporting power plant was completed and put into operation in June [26]. - The lithium ore processing capacity of Yahua Group's Kamativi lithium mine project in Zimbabwe is 2.3 million tons/year, and the nameplate capacity of lithium concentrate is 350,000 tons/year. It is expected to produce about 280,000 tons of lithium concentrate in 2025 and reach full production in 2026 [27]. - Ganfeng Lithium completed the acquisition of 100% equity of Mali Lithium on July 2. The first batch of lithium concentrate was shipped from the mine in May and completed loading in late June, expected to arrive at Chinese ports in early August [28]. - The Bougouni mining area in Mali has a lithium ore mining and processing capacity of 1 million tons, with an expected annual output of more than 125,000 tons of spodumene concentrate. As of mid - August, more than 45,000 tons of lithium concentrate have been produced. The mine team is promoting the acquisition of export licenses from the Malian government [29]. North America - In Q2 2025, North American Lithium (NAL) produced 58,533 tons of lithium concentrate, a 35% quarter-on-quarter increase. The sales volume was 66,980 tons, a 148% quarter-on-quarter increase. The average sales price (FOB) dropped 8% to 1,054 Australian dollars/dry metric ton (682 US dollars/dry ton, a 4% decrease). The unit sales operating cost decreased 10% quarter-on-quarter to 1,232 Australian dollars/ton (FOB), a 5% quarter-on-quarter decrease in US dollars. The 2025 production target is 190,000 - 210,000 tons [30].

Group 1 - The article discusses the updated OVS indicator, which is essential for defining blue-green diamonds and volume riding points, and emphasizes the importance of using PV2, PV3, and OV3 for identifying momentum values [1][2] - Despite a strong market performance, the article suggests that low-buying strategies are more reliable, with recent operations yielding satisfactory results [1] - The article highlights two lithium mining stocks that have recently shown green diamonds, indicating potential investment opportunities [3] Group 2 - The article advises sticking to familiar and manageable trading patterns, noting that the logic behind rapid volume reduction is clearer and more reliable [4] - It mentions that there are signals in liquid cooling technology, although there are concerns about uncertainty due to high turnover rates, citing specific stocks like Strong瑞技术 that experienced volatility [4] - The article also references Linyi Smart Manufacturing, which showed signals but lost them after breaching certain constraints, indicating ongoing emergence of high transaction volume models [6]

Group 1 - The company, Shengxin Lithium Energy, disclosed its semi-annual report for 2025 on August 23 [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The main contract of lithium carbonate was fluctuating weakly, with a closing decline of -0.75%. The trading volume decreased month-on-month, the spot was at a premium, and the basis weakened [2]. - In terms of fundamentals, the price of lithium ore fluctuated sharply with the spot price of lithium carbonate. The supply situation changed from strong to weak due to the resumption of production of some smelters in Jiangxi. The domestic supply may increase slightly, and downstream purchasing sentiment was cautious [2]. - Overall, the fundamentals of lithium carbonate remained unchanged, with both supply and demand increasing. The inventory was still high but decreasing. In the options market, the call position was dominant, and the implied volatility decreased slightly [2]. - The operation suggestion was to go short at high levels with a light position and control risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract was 79,020 yuan/ton, down 360 yuan. The net position of the top 20 was -152,176 lots, down 19,926 lots. The position volume was 349,496 lots, down 19,171 lots. The spread between near and far contracts was 560 yuan/ton, up 20 yuan [2]. - The warehouse receipts of GZEE were 25,630 lots/ton, up 640 lots [2]. 3.2现货市场 - The average price of battery-grade lithium carbonate was 81,700 yuan/ton, down 800 yuan. The average price of industrial-grade lithium carbonate was 79,400 yuan/ton, down 800 yuan [2]. - The basis of the Li₂CO₃ main contract was 2,680 yuan/ton, down 440 yuan [2]. 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) was 961 US dollars/ton, down 9 US dollars. The average price of amblygonite was 7,735 yuan/ton, unchanged. The price of lithium mica (2 - 2.5%) was 2,645 yuan/ton, unchanged [2]. 3.4产业情况 - The monthly output of lithium carbonate was 44,600 tons, up 500 tons. The monthly import volume was 13,845.31 tons, down 3,852.31 tons. The monthly export volume was 366.35 tons, down 63.31 tons. The monthly operating rate of lithium carbonate enterprises was 48%, down 4% [2]. - The monthly output of power batteries was 133,800 MWh, up 4,600 MWh. The price of lithium manganate was 33,000 yuan/ton, down 1,000 yuan [2]. 3.5 Downstream and Application Situation - The prices of ternary materials (811 type, 622 power type, 523 single crystal type) in China remained unchanged. The price of lithium hexafluorophosphate was 55,800 yuan/ton, unchanged. The price of lithium cobalt oxide remained unchanged [2]. - The monthly operating rate of ternary cathode materials was 52%, up 1%. The monthly operating rate of lithium iron phosphate cathode was 51%, down 1% [2]. - The monthly production of new energy vehicles was 1,243,000 units, down 25,000 units. The monthly sales were 1,262,000 units, down 67,000 units. The cumulative sales penetration rate was 44.99%, up 0.68%. The cumulative sales were 8,220,000 units, up 2,286,000 units [2]. - The monthly export volume of new energy vehicles was 225,000 units, up 20,000 units. The cumulative export volume was 1.308 million units, up 600,000 units [2]. 3.6 Option Situation - The total call position was 201,196 lots, up 1,766 lots. The total put position was 151,582 lots, up 3,012 lots. The put - call ratio of total positions was 75.34%, up 0.8431% [2]. - The implied volatility of at - the - money options was 0.39%, down 0.0001% [2]. 3.7 Industry News - From January to June 2025, the installation rate of L2 - level and above assisted driving functions in new energy passenger vehicles reached 82.6%, and the intelligent driving installation rate in the market below 160,000 yuan increased [2]. - The COO of Lantu Automobile believed that the involution in the new energy vehicle industry was not only about low - price competition but also low profit margins. Supply chain enterprises needed to maintain reasonable profit margins for high - quality development [2]. - The General Administration of Customs took measures in mechanism innovation, supervision strengthening, safety guarantee, and service optimization to improve the efficiency of import and export, reducing the customs clearance time of imported minerals and exported lithium batteries by over 80% [2]. - The National Development and Reform Commission held a symposium to listen to suggestions on expanding domestic demand and stabilizing employment, aiming to promote the healthy and high - quality development of the private economy [2].

Core Viewpoint - Ganfeng Lithium plans to raise a total of HKD 13.7 billion through the issuance of convertible bonds and the placement of new H-shares to support loan repayment, capacity expansion, and general corporate purposes [1][5][6]. Group 1: Financing Activities - The company intends to issue HKD 13.7 billion in convertible bonds with a conversion price of HKD 33.67 per share, representing an 8.68% premium over the closing price on August 25 [5]. - Ganfeng Lithium will issue 40.0256 million new H-shares at a placement price of HKD 29.28 per share, which is approximately 5.49% lower than the closing price on August 25 [6]. - The net proceeds from the bond issuance are expected to be around HKD 13.4614 billion, with 40% allocated for loan repayment, 30% for capacity expansion, and 30% for working capital and general corporate purposes [5][6]. Group 2: Financial Performance - In the first half of the year, Ganfeng Lithium reported a net loss of HKD 531 million, compared to a loss of HKD 760 million in the same period last year [4][7]. - The company's revenue for the first half was HKD 8.376 billion, reflecting a year-on-year decline of 12.65% [7]. Group 3: Strategic Developments - Ganfeng Lithium's integrated lithium battery layout has shown positive results in the first half of the year, with significant contributions from battery and energy storage businesses [7]. - The company is focusing on the development of solid-state batteries, responding to the increasing demand for high energy density and safety in the robotics sector [7]. - The outlook for lithium prices is optimistic, with a shift towards a "cost-driven" support logic anticipated in the future, driven by policy implementations and market recovery [8].