Investment Rating - The report maintains a "Buy" recommendation for the non-ferrous metals industry, citing an increase in expectations for interest rate cuts by the Federal Reserve, which is likely to support metal prices [1]. Core Views - The report emphasizes that Powell's statements may strengthen expectations for interest rate cuts, potentially leading to an upward trend in precious metal prices, particularly gold [4]. - There is an optimistic outlook for aluminum prices due to improving macroeconomic conditions and a decrease in aluminum inventory, indicating a potential recovery in market consumption as the peak season approaches [4]. - The report highlights significant corporate actions, such as China Hongqiao's substantial share buyback, reflecting confidence in future growth [4]. - Focus is placed on the acquisition by Jiaozuo Wanfang of a majority stake in Sanmenxia Aluminum, which is expected to enhance the company's integrated operations [4]. - The report notes that Shenhui Co. has shown a recovery in aluminum profits, driven by rising aluminum prices despite a decline in net profit year-on-year [4]. Industry Data Summary Industrial Metals - The report indicates that the domestic inventory of electrolytic aluminum decreased slightly, with a reported inventory of 596,000 tons as of August 21, down by 11,000 tons from the previous week [4]. - The report also mentions that the average daily production of electrolytic aluminum in China is projected to remain stable, with a focus on monitoring inventory trends [4]. Precious Metals - The report recommends focusing on companies in the precious metals sector, such as Chifeng Jilong Gold Mining and Zhongjin Gold, as well as silver companies like Xinyi Silver and Hunan Silver [5]. Tungsten and Other Metals - The report notes a significant increase in tungsten exports, with a year-on-year growth of 25.2% in July, indicating a continued upward trend in tungsten prices [6][8]. - The report suggests that companies involved in cobalt and lithium production may benefit from rising prices and demand in the market [8].

Group 1: Gaming Industry - The gaming sector is expected to see significant performance growth in Q3 2023, driven by high earnings per share (EPS) revisions and improved market conditions [1] - Domestic self-developed online games in the first half of the year experienced a 20% increase, primarily due to enhanced average revenue per user (ARPPU) [1] - Major titles set to launch include "Valorant," "Famous Generals," "Nine Muses of the Wild," "Iser" domestic version, and "Eternal Ring," contributing to a strong Q3 performance [1] Group 2: Cobalt Market - Cobalt prices are anticipated to experience a cyclical upward trend between 2025 and 2027 due to an optimized long-term supply-demand balance [2] - The cobalt supply-demand relationship is likely to remain in a state of shortage in 2026 and 2027, suggesting a potential price rebound similar to previous cycles [2] - Future cobalt prices may stabilize above 350,000 yuan per ton, indicating a sustained increase in the coming years [2] Group 3: Solar Thermal Power - Solar thermal power is recognized for its significant role in constructing a new type of power system, providing stable and continuous electricity generation [3] - This energy source combines peak-shaving capabilities and energy storage, offering long-term peak regulation and inertia in the power system [3] - The value distribution of solar thermal systems highlights that the concentrator system, heat absorption system, thermal system, and storage system hold substantial value [3]

Group 1 - The company Tengyuan Cobalt (301219) announced that it will hold its first extraordinary general meeting of shareholders for 2025 on September 23, 2025 [1] - The agenda for the meeting includes the proposal to apply for financing credit limits from banks and other financial institutions among other items [1]

Group 1 - Huayou Cobalt Co., Ltd. (603799.SH) released its semi-annual report for 2025, indicating that as of August 17, 2025, 162 institutional investors disclosed holdings in Huayou Cobalt A-shares, totaling 721 million shares, which accounts for 42.38% of the total share capital [1] - The top ten institutional investors include Huayou Holding Group Co., Ltd., Hong Kong Central Clearing Limited, and several major banks and funds, with the top ten collectively holding 36.43% of the shares, an increase of 4.55 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 20 funds increased their holdings compared to the previous period, with a holding increase ratio of 0.51%, including major ETFs like Huaxia CSI 300 ETF and E Fund CSI 300 ETF [2] - Conversely, 64 public funds decreased their holdings, with a decrease ratio of 0.38%, including funds such as HSBC Jintrust Low Carbon Pioneer Stock A and Southern CSI Shenwan Nonferrous Metals ETF [2] - A total of 59 new public funds were disclosed this period, including funds like E Fund New Energy New Materials Stock A and Huaxia CSI New Energy Vehicle ETF [2]

Group 1 - The People's Bank of China emphasizes the importance of promoting a reasonable recovery in prices as a key consideration for monetary policy [4] - The central bank plans to implement a moderately loose monetary policy, focusing on supply-side efforts to create effective demand [4] Group 2 - The U.S. government has announced an expansion of the 50% tariffs on steel and aluminum imports, including hundreds of derivative products [7] - President Trump indicated that semiconductor tariffs could be announced within two weeks, potentially reaching 300% [8] Group 3 - Southbound funds recorded a net purchase of 35.876 billion HKD on August 15, setting a new single-day record [9] - This surpasses the previous record of 35.586 billion HKD set on April 9, 2025 [9] Group 4 - Hong Kong's Financial Secretary, Paul Chan, announced plans to develop an international gold trading center, with a proposal expected to be released within the year [10] - The government has established a dedicated team to review various aspects related to gold financial transactions [10] Group 5 - The China Securities Regulatory Commission has approved the registration of futures and options for five products, including printing paper and fuel oil, marking the launch of the world's first financial derivatives for cultural paper [11][12] - This move aims to enrich the product system of the Shanghai Futures Exchange [12] Group 6 - The CXO industry in China is entering an adjustment phase due to a cooling investment environment and high base effects from COVID-19 orders, with performance under pressure [18] - A recovery in overseas market demand is expected by the end of 2023, leading to a rebound in orders for leading domestic companies in 2024 [18]

Group 1 - The Democratic Republic of Congo (DRC) has announced a four-month suspension of cobalt exports due to concerns over global market oversupply, which has been extended for an additional three months [1][2] - The suspension is expected to significantly alter the global cobalt supply-demand landscape by 2025, potentially leading to an upward shift in cobalt prices [1][5] - China's imports of cobalt from the DRC have seen a substantial decline, with June imports dropping by 60.8% compared to May, indicating tightening supply [2][3] Group 2 - Companies like Luoyang Molybdenum Co. have stated that the export ban will have limited impact on their operations in the short term, as they have sufficient inventory to manage through the supply disruption [3][5] - The ban is expected to lead to a depletion of existing inventories, which may result in a tighter supply situation for cobalt in the coming months, particularly in August and September [5][6] - Cobalt prices have already shown a significant increase following the DRC's export ban, rising from 166,000 CNY/ton to 250,000 CNY/ton within approximately 20 days, reflecting a 50.6% increase [6]

Group 1 - Shanghai Xiba plans to participate in the auction of lithium sulfide business assets from Yuyuan Rare Earth New Materials Co., indicating a strategic move into the new energy sector and solid-state battery technology [1] - The auctioned assets include intangible and fixed assets, with a focus on lithium sulfide production technology, which is solely owned by Yuyuan Rare Earth [1] - The transaction does not constitute a related party transaction or a major asset restructuring, suggesting manageable risk for Shanghai Xiba [1] Group 2 - Huayou Cobalt expects a net profit of 2.6 billion to 2.8 billion yuan for the first half of 2025, representing a year-on-year increase of 55.62% to 67.59% [2] - The profit increase is attributed to the continuous release of integrated operational advantages, rising cobalt prices, and ongoing management reforms and cost reduction efforts [2] - The company reported a net profit of 1.252 billion yuan in the first quarter, with the second quarter expected to yield a net profit of 1.348 billion to 1.548 billion yuan, indicating strong operational momentum [2] Group 3 - A lithium battery recycling plant in Spain experienced a fire that lasted for three days, injuring two individuals and raising safety concerns within the industry [3] - The fire, caused by several explosions, highlights potential operational stability issues for related companies and may prompt the industry to enhance safety standards [3] - The incident could negatively impact market confidence in the lithium battery recycling sector in the short term, despite potential long-term benefits for compliant enterprises [3]

Group 1: Brain-Computer Interface (BCI) Development - The world's first invasive brain-computer interface successfully restored motor function in a paralyzed patient in China, led by a team from Nankai University and local hospitals [1] - The BCI technology is expected to experience explosive growth in the next 3 to 5 years, driven by policy support and technological breakthroughs, with both invasive and non-invasive product developments progressing [2] - Companies like Rongtai Health and Aoyi Technology are collaborating to advance brain-machine integration technology and its applications in smart health [2] Group 2: Cross-Border Payment Innovations - The launch of the Cross-Border Payment System marks a significant innovation, allowing real-time cross-border remittances between mainland China and Hong Kong [3] - This system is expected to enhance the efficiency of cross-border payments and expand the offshore business scale of the renminbi, providing new profit growth points for banks [3] - Companies like Xiaogongshangcheng and Lakala are actively investing in cross-border payment services, with Lakala reporting a 76% increase in cross-border merchant scale and an 85% increase in transaction volume year-on-year [3] Group 3: Carbon Fiber Material Expansion - Carbon fiber materials are increasingly being used in various industries, with a projected demand of 11,700 tons in the electric vertical takeoff and landing aircraft sector by 2030, creating a new market worth over 10 billion [4] - The price of T300-grade carbon fiber has dropped by 70% to around 60,000 yuan per ton, facilitating its use in more industries [4] - The carbon fiber market in China is expected to reach approximately 17.14 billion yuan in 2024, with an 8.16% year-on-year production growth and a 119.9% increase in exports [4] Group 4: Solid-State Battery Advancements - Solid-state batteries are entering a critical development phase, with expectations for widespread application in low-altitude economy, robotics, and new energy vehicles [6] - The global shipment of solid-state batteries is projected to reach 614.1 GWh by 2030, with a market size exceeding 250 billion yuan [6] - Companies like XianDao Intelligent and Ningde Times are making significant advancements in solid-state battery production equipment and technology [7] Group 5: Semiconductor Material Innovations - The launch of a silicon carbide semiconductor production project highlights the growing importance of wide bandgap semiconductors, which offer superior performance compared to traditional silicon-based semiconductors [8] - The silicon carbide market is expected to grow rapidly, driven by demand from AI data centers, AR glasses, and other emerging applications [8] - Companies like TianYue Advanced and XinLian Integrated are expanding their production capabilities in silicon carbide substrates, targeting various high-tech applications [9] Group 6: Cobalt Supply and Market Dynamics - The Democratic Republic of the Congo has extended its temporary ban on cobalt exports, which could impact global cobalt supply by over 100,000 metric tons [10] - The global cobalt production is projected to reach 288,000 metric tons in 2024, with the DRC accounting for approximately 220,000 metric tons, representing a 25% year-on-year increase [10] - Companies like Hanrui Cobalt and Luoyang Molybdenum are significantly increasing their cobalt production, with Hanrui ranking among the top three in global market share [11]

Core Viewpoint - The extension of the cobalt export ban by the Democratic Republic of Congo (DRC) is expected to lead to a significant increase in cobalt prices, similar to past occurrences, impacting both the domestic cobalt market and related stocks. Group 1: Market Reactions - The DRC's strategic mineral market regulator announced a three-month extension of the cobalt export ban, causing a sharp reaction in the domestic cobalt product and securities markets, with companies like Hanrui Cobalt and Huayou Cobalt seeing notable stock price increases, and Tengyuan Cobalt rising over 15% [1] - On June 23, the price of 1 cobalt in the Changjiang spot market surged by 22,000 yuan to 256,000 yuan per ton, marking the largest single-day increase in nearly a decade [1] - Other cobalt products, including electrolytic cobalt and cobalt tetroxide, also experienced price increases ranging from 5,000 to 9,000 yuan [1] Group 2: Supply Chain Impact - Currently, the price increase is concentrated in the upstream of the supply chain, with no significant transmission to downstream lithium cobalt oxide battery materials, as prices remain stable and purchasing sentiment is cautious [2] - The DRC's previous export ban in February led to a rapid price rebound for electrolytic cobalt, which rose from approximately 162,500 yuan per ton to 247,600 yuan within a month [2] Group 3: Future Supply and Demand Dynamics - The extension of the export ban has prompted a reevaluation of the supply-demand relationship in the cobalt industry for the year, with the DRC expected to produce 220,000 tons of cobalt in 2024, accounting for 76% of global production [4] - According to CITIC Securities, the ban could affect the DRC's cobalt export volume in 2025 by 128,000 tons, potentially shifting the global cobalt market from oversupply to a shortage of 78,000 tons, which may trigger a new wave of price increases [4] - The three-month shipping period from the DRC to China means that the impact of the previous export ban on domestic supply will only be felt gradually, with the current extension increasing the risk of raw material shortages for domestic smelting companies [4][5] Group 4: Long-term Outlook - The export ban is expected to create only a temporary supply contraction rather than a fundamental shift in long-term supply-demand dynamics [6] - Major cobalt producer Luoyang Molybdenum Co. stated that their production operations remain normal and that the extended ban is not expected to significantly impact their financial performance [7] - Even if cobalt prices rise to 300,000 yuan or 400,000 yuan per ton, the resumption of cobalt exports from the DRC would likely lead to a price decline, indicating that the DRC's export policies are a key variable influencing cobalt price trends this year [9]

Market Overview - A-shares opened lower on June 23, with the ChiNext Index and Shenzhen Component Index turning positive during the session [1] - The Hang Seng Index and Hang Seng Tech Index opened lower, with JD.com leading the decline among blue chips [1][2] Sector Performance - Oil and gas stocks showed strong performance, with Shandong Molong and MI Energy rising nearly 15% [1][3] - Shipping stocks also performed well, with Ningbo Shipping and Xingtong Co. hitting the daily limit [5][6] Oil and Gas Sector - WTI crude oil futures rose over 6% in early trading, contributing to the rally in oil and gas stocks [3] - Citic Securities predicts that Brent crude oil prices may break $80 per barrel, with a trading range expected between $70 and $100 per barrel [5] Shipping Sector - Shipping and port stocks in Hong Kong also saw gains, with DeXiang Shipping rising over 17% [6] - The geopolitical situation in the Middle East, particularly regarding Iran's potential closure of the Strait of Hormuz, is influencing market sentiment [6] Cobalt and Solid-State Battery Sector - Cobalt-related stocks experienced a surge, with Tengyuan Cobalt rising over 17% [7] - The Democratic Republic of the Congo announced an extension of a temporary ban on cobalt exports, impacting market dynamics [9] - Solid-state battery stocks are gaining traction, with companies reporting advancements in production timelines [9] Semiconductor Sector - Semiconductor and photolithography stocks saw strong performance, with multiple companies hitting daily limits [9]