Market Overview - The A-share market continued its strong performance on September 25, with the Shanghai Composite Index slightly down by 0.01% to 3853.3 points, while the Shenzhen Component Index rose by 0.67% to 13445.9 points, and the ChiNext Index increased by 1.58% to 3235.76 points [2] - The total trading volume in the Shanghai and Shenzhen markets reached 239.2 billion yuan, an increase of 44.5 billion yuan compared to the previous day [2] Sector Performance - The real estate sector faced declines, with major stocks like Dalong Real Estate hitting the limit down [2] - The metals sector saw significant gains, with Luoyang Molybdenum nearing the limit up, and other companies like Tongling Nonferrous Metals and Northern Copper rising over 7% [2][5] - AI application concepts were active, with stocks like Pinming Technology and Langchao Information hitting the limit up [2][9] - The controllable nuclear fusion concept gained traction, with stocks like Hahuan Huadong and Shanghai Electric hitting the limit up [2][13] Notable Stock Movements - Cambridge Technology (603083) hit the limit up at the end of the trading session [2] - Luoyang Molybdenum rose nearly 12% to reach a historical high, while other companies like Minmetals Resources and Ningde Times also saw significant increases [3][5] - Newly listed companies such as Jianfa Zhixin and United Power saw substantial gains, with increases of 418.6%, 147.6%, and 133% respectively [2] Copper and Cobalt Market Dynamics - A fatal landslide at Freeport McMoRan's Grasberg mine in Indonesia has led to a significant rise in global copper prices and raised supply chain concerns, with production expected to be disrupted until at least 2027 [7] - The Democratic Republic of Congo extended its cobalt export ban until October 15, 2023, with a quota system set to be implemented thereafter, potentially leading to a significant reduction in global cobalt supply [7] AI Industry Developments - The AI sector is experiencing heightened activity, with major companies like JD.com and Alibaba making significant advancements in AI technology and infrastructure investments [11] - The global investment in AI infrastructure by major tech companies is projected to exceed $350 billion this year, with expectations to surpass $400 billion by 2026 [11] Controllable Nuclear Fusion Advancements - The controllable nuclear fusion industry is entering a rapid development phase, with various countries racing to advance their technologies [15] - China is set to establish a new fusion experimental facility in Shanghai, showcasing its commitment to advancing fusion energy technology [13][15]

Market Overview - A-shares continued to show strength on September 25, with the Shanghai Composite Index experiencing slight fluctuations, while the ChiNext Index rose over 2%, reaching a new high in over three years [2] - The total trading volume in the Shanghai and Shenzhen markets reached 23.92 billion yuan, an increase of 44.5 billion yuan from the previous day [2] - The real estate sector faced declines, with major stocks like Longfor Properties hitting the daily limit down [2] Sector Performance - The non-ferrous metals sector saw significant gains, with companies like Luoyang Molybdenum nearing the daily limit up, and others like Tongling Nonferrous Metals and Northern Copper rising over 7% [5][4] - AI application stocks were active, with companies such as Pinming Technology and Inspur Information hitting the daily limit up [10][12] - The controllable nuclear fusion concept gained traction, with stocks like Haheng Huadong and Shanghai Electric also hitting the daily limit up [15][14] Copper Market Dynamics - A fatal landslide at Freeport McMoRan's Grasberg mine in Indonesia has led to a significant rise in global copper prices and raised supply chain concerns, with production expected to be disrupted until 2027 [7] - The mine accounts for 50% of the company's proven reserves and 70% of its expected production before 2029, indicating a long-term impact on global copper supply [7] Cobalt Market Developments - The Democratic Republic of Congo has extended its cobalt export ban until October 15, with a quota system set to be implemented thereafter, limiting exports to 44% of annual production from 2026 to 2027 [8] - This quota system is expected to stabilize cobalt prices and lead to a significant supply shortage in the coming years [8] AI Industry Insights - Major tech companies like Google, Microsoft, Meta, and Amazon are projected to invest over $350 billion in AI infrastructure this year, with expectations to exceed $400 billion by 2026 [13] - The AI industry continues to show strong growth potential, particularly in domestic sectors related to servers and cooling technologies [12][13] Nuclear Fusion Developments - The Chinese fusion energy company showcased its technology at the China International Industry Fair, indicating a competitive global landscape for fusion energy [17] - The commercial viability of controllable nuclear fusion is being recognized, with ongoing projects in various countries accelerating their development [17]

Freeport预计最早要到2027年才能恢复事故前的生产水平，2026年铜金产量较此前预期下降约35%。该 矿山占公司已探明储量的50%和2029年前预计产量的约70%，长期停产将对全球铜供应链造成持续冲 击。分析人士认为，这一供应中断可能加剧全球铜供应紧张局面，推高铜价并改善铜业公司的盈利前 景。 此外，刚果（金）战略矿产市场监管局（ARECOMS）9月20日发布决定，延长刚果（金）钴出口禁令 至10月15日，10月16日起该国钴出口将实行配额制，2026年—2027年钴出口配额仅为年产量的44%。 机构表示，钴出口配额制显示出刚果（金）政府控制全球钴价的决心，预计政府会通过灵活地调节钴供 应量来长期稳定钴价，这有利于全球钴产业的健康发展。预计刚果（金）出口配额政策将导致2025年— 2027年全球钴供应量远低于正常水平，供应短缺量分别为12.2万吨、8.8万吨、9.7万吨，钴价有望强势 上涨。预计布局印尼钴冶炼的公司以及在刚果（金）拥有矿山的公司将充分受益于钴价上涨。 有色板块25日盘中强势拉升，铜、钴概念股表现强势，截至发稿，精艺股份、北方铜业涨停，洛阳钼业 涨超7%，金田股份、铜陵有色、江西铜业等涨 ...

Core Viewpoint - The Democratic Republic of Congo (DRC) has lifted its cobalt export ban and shifted to a quota system, allowing for significant exports in the coming years, which is expected to impact the global cobalt supply chain and market dynamics [1][5]. Group 1: Policy Changes and Market Impact - The DRC will allow over 18,000 tons of cobalt exports in 2023, with annual quotas of 96,600 tons for 2026 and 2027, distributed based on companies' historical export volumes [1]. - Following the announcement, cobalt-related stocks in China's A-share market saw significant increases, indicating a positive market reaction [1]. - The shift from a complete export ban to a quota system suggests a more refined approach to managing cobalt resources in the DRC [5]. Group 2: Supply and Demand Dynamics - The cobalt market is currently facing a raw material shortage, with high concentration in spot inventories, leading to price increases primarily driven by traders and companies holding physical stocks [2]. - The battery sector, which consumes over 70% of cobalt, is experiencing pressure due to inventory levels, causing battery manufacturers to reduce procurement from upstream suppliers [2]. - The DRC's export policy change is expected to lead to a supply shortage in the global cobalt market from 2025 to 2027, with projected shortfalls of 122,000 tons, 88,000 tons, and 97,000 tons respectively [8]. Group 3: Price Trends and Market Reactions - Domestic cobalt prices in China have been reported between 270,000 to 290,000 yuan per ton, reflecting an upward trend in the market [3]. - The overall cobalt market is experiencing reduced supply and rising prices, with international demand also increasing, contributing to a bullish outlook for cobalt prices [3]. - Companies in the cobalt sector are currently assessing the new quota system and its implications for their operations, with some indicating that they have sufficient inventory to manage potential supply disruptions [10][11].

Group 1 - The company, Tengyuan Cobalt (301219), reported that as of September 19, 2025, the number of shareholders is 24,484 [1]

Core Viewpoint - The Democratic Republic of the Congo (DRC) will extend its ban on cobalt exports, leading to an increase in cobalt-related stocks [1] Group 1: Company Performance - Liqin Resources (02245.HK) saw a rise of 6.68%, trading at 17.4 HKD [1] - Luoyang Molybdenum (03993.HK) experienced a slight increase of 0.55%, trading at 12.9 HKD [1]

Group 1 - Cobalt stocks continue to rise, with Liqin Resources (02245) up 6.68% to HKD 17.4 and Luoyang Molybdenum (603993) (03993) up 0.55% to HKD 12.9 [1] - The government of the Democratic Republic of Congo updated its cobalt export policy on September 20, extending the export ban to October 15, 2025, and setting export quotas for 2026-2027 at only 44% of annual production [1] - CITIC Securities predicts that the export quotas will lead to global cobalt supply being significantly below normal levels from 2025 to 2027, which is expected to drive cobalt prices higher [1] Group 2 - Morgan Stanley notes that the extension of the cobalt export ban until October 15 will be followed by quotas, with the 2026-2027 quota set at 40% of normal production [1] - If Luoyang Molybdenum receives a proportional quota, potential sales for Q4 2025 could be approximately 8,600 tons, and around 43,600 tons for 2026-2027 [1] - Minsheng Securities highlights that Liqin Resources has a large-scale nickel production capacity in Indonesia with cost advantages, positioning the company to benefit significantly from rising cobalt prices [1]

Group 1 - Cobalt stocks continue to rise, with Liqin Resources up 6.68% to HKD 17.4 and Luoyang Molybdenum up 0.55% to HKD 12.9 [1] - The Congolese government updated its cobalt export policy on September 20, extending the export ban to October 15, 2025, and setting export quotas for 2026-2027 at only 44% of annual production [1] - CITIC Securities predicts that the export quotas will lead to significantly lower global cobalt supply from 2025 to 2027, resulting in a strong potential increase in cobalt prices [1] Group 2 - Morgan Stanley notes that if Luoyang Molybdenum receives proportional quotas, potential sales could be approximately 8,600 tons in Q4 2025 and about 43,600 tons for 2026-2027 [1] - Minsheng Securities highlights that Liqin Resources has a large-scale wet nickel production capacity in Indonesia, which positions the company to benefit significantly from rising cobalt prices [1]

Market Performance - A-shares showed mixed performance from September 15 to September 19, with the Shanghai Composite Index down 1.3% to 3820.09 points, while the Shenzhen Component Index rose 1.14% to 13070.86 points, and the ChiNext Index increased by 2.34% to 3091 points [2][3] - Over 32% of stocks in the A-share market experienced gains during the week, with 122 stocks rising over 15% and 16 stocks declining more than 15% [2] International Market Overview - The U.S. stock market indices rose on September 19, with the Dow Jones Industrial Average up 0.37% to 46315.27 points, the S&P 500 up 0.49% to 6664.36 points, and the Nasdaq Composite up 0.72% to 22631.48 points [3][5] - In contrast, European stock indices fell on the same day, with the FTSE 100 down 0.12%, the CAC 40 down 0.01%, and the DAX down 0.15% [4] Oil Prices - International oil prices decreased on September 19, with WTI crude oil down 1.4% to $62.68 per barrel and Brent crude down 1.13% to $66.68 per barrel [4] Industry Developments - The Chinese government is set to launch a "Cultural and Tourism Consumption Month" with over 330 million yuan in subsidies to boost tourism during the National Day holiday [6] - Several express delivery companies in Shanghai will raise their collection prices starting September 22, primarily targeting low-priced e-commerce shipments [7] - Huawei has initiated the "Tian Gong Plan," committing 1 billion yuan to support the HarmonyOS AI ecosystem [8] Logistics and Supply Chain - China's pharmaceutical logistics costs exceeded 50 billion yuan in the first half of 2025, with cold chain logistics costs alone surpassing 13.5 billion yuan [9] - Southbound capital saw a net inflow of 36.85 billion HKD over the week, marking 18 consecutive weeks of inflows, with notable trading activity in Alibaba and other major stocks [9] Regulatory and Policy Updates - The Chinese government is accelerating the establishment of national standards for pre-prepared dishes to enhance consumer rights [10] - The National Development and Reform Commission emphasizes the importance of investing in data resources and the development of high-quality data sets to support the "Artificial Intelligence +" initiative [8]

在业内停止报价、屏气敛息静待刚果（金）钴出口禁令倒计时的当下，一则"禁令"或将再延长至少两个月的传言如"深水炸弹"一样搅动着市场。 智通财经记者从业内多方采访获悉，如果再次延期，预计短期钴价将迎来大幅上涨，当前国内库存量预计能维持在年底左右，部分厂商因为原料紧缺 等因素已停产。 上市公司方面，作为全球最大钴生产商洛阳钼业（603993.SH）表示，公司未来将结合当地的政策实际，妥善地做资源释放，以实现钴价值的最大化。 在预料未来钴价可能上涨后，寒锐钴业（300618.SZ）采取控制接单的方式把握销售节奏。 再延长至少两个月？ 在刚果（金）钴出口禁令即将到期的当下，业内对后续结果保持高度关注。智通财经记者与业内多位人士沟通了解到，多数钴中间品主要生产商已暂 停报价。 在业内静候答案即将揭晓的同时，记者注意到，19日傍晚一则市场消息称，"刚果（金）正考虑将其钴出口禁令延长至少两个月"，如"深水炸弹"一样搅 动着市场。 如果再次延期，"短期来看，钴价可能会迎来一波大幅上涨"，这是智通财经记者与数位业内人士沟通后得出的答案。 同时，一家钴产品贸易商的实控人刘进（化名）向智通财经记者表示担忧，他认为在目前全球钴原料社会 ...