CDAYENONFER (00661) rose more than 16% in the afternoon session, with gains narrowing to 13.33% by the time of writing, trading at HK$0.102 with a turnover of HK$11.85 million.

Recent developments in China's smelting sector have been positive regarding anti-internal competition measures. On October 30, the CSPT Q3 General Manager Meeting reached agreements on establishing a user BM system, rejecting pricing methods based on trader and smelter average indices, preventing cutthroat competition, and implementing a blacklist system.

Additionally, on October 29, the China Nonferrous Metals Industry Association suggested setting production capacity ceilings for major metals like copper, lead, and zinc, drawing from the experience of the electrolytic aluminum industry.

Oriental Securities noted that under the expected implementation of anti-internal competition measures, the growth rate of midstream smelting capacity may slow, potentially leading to an upward revision in smelting fees in the medium term.

It was reported that CDAYENONFER's revenue declined by over 10% in the first half of the year, primarily due to the dual impact of accelerated domestic and international smelting capacity expansion and tight copper concentrate supply, which kept smelting processing fees low and reduced the company's production output.