CNGR (02579) rose nearly 5%, and as of the time of writing, it was up 4.11% to HKD 37.46, with a turnover of HKD 30.0278 million. In recent investor relations activities, CNGR stated that the company has secured 500 to 600 million wet tonnes of nickel ore resources through investments, equity participation, and long-term agreements, and has established four major nickel raw material industrial bases in Indonesia, forming an integrated industry chain from resources to smelting to materials. The company has currently built a nickel smelting capacity of 195,000 metal tonnes, with an equity capacity of approximately 120,000 tonnes; among this, the annual high-grade nickel matte capacity of 60,000 metal tonnes commenced full production in January 2026 and is expected to achieve full-capacity operation in 2026. Guolian Minsheng Securities pointed out that since early 2025, Indonesia has continuously introduced a series of policies, including the SIMBARA full-industry-chain regulation, a mandatory foreign exchange settlement mechanism for natural resource exports, and the re-pricing of the HMA formula, aiming to strengthen control over the nickel supply side to support nickel prices, with a clear intention to prop up prices. Due to persistently low nickel prices, there are expectations for a potential reduction in nickel ore quotas for 2026, warranting attention to subsequent changes in Indonesia's quota policies and the progress of clearing existing capacity.