Core Viewpoint - The stock price of Liqin Resources (02245) has surged over 13%, reaching a historical high of 25.6 HKD, with an 80% increase in the past month, driven by changes in cobalt export policies in the Democratic Republic of Congo (DRC) [1] Group 1: Cobalt Export Policy Changes - The DRC government updated its cobalt export policy on September 20, extending the cobalt export ban to October 15, 2025, and limiting export quotas for 2026-2027 to only 44% of annual production [1] - Huachuang Securities believes that the DRC's ban and quota policy will exacerbate the tight supply of cobalt raw materials, potentially accelerating the rise in cobalt prices [1] - Minsheng Securities indicates that the DRC government is firmly supporting higher cobalt prices, with a high likelihood of implementing quota systems, leading to a contraction in supply and a clear upward shift in cobalt price levels [1] Group 2: Company Impact - The company's wet-process nickel production capacity is located in Indonesia, which is not affected by the DRC's export restrictions, allowing it to fully benefit from the rising cobalt prices [1]