Group 1 - The Hang Seng Index rose by 0.43%, gaining 115 points to reach 26,633 points, while the Hang Seng Tech Index increased by 1.91% with a morning trading volume of HKD 175.8 billion [1] - Contemporary Amperex Technology Co., Limited (CATL) saw its stock price increase by over 5%, reaching a new high since its listing, with Credit Lyonnais raising its target price to HKD 670 [1] - JD Group's stock rose by over 6%, with plans to invest continuously over the next three years to develop a trillion-scale artificial intelligence ecosystem [1] Group 2 - Luoyang Molybdenum Co., Ltd. experienced a 13% increase, reaching a new high, amid supply disruptions in cobalt and copper, and announced a HKD 5 billion equity incentive plan [2] - Zijin Mining Group Co., Ltd. rose by over 6%, benefiting significantly from rising gold and copper prices, with its subsidiary expected to be the second-largest IPO globally this year [2] - Semiconductor stocks continued their upward trend, with Alibaba announcing an expansion in AI capital expenditure, and Goldman Sachs optimistic about long-term demand growth for Chinese AI chips; Hua Hong Semiconductor rose by over 6%, while SMIC increased by nearly 2% [2] Group 3 - China Everbright Holdings Co., Ltd. surged by over 21%, with a cumulative increase of 110% in stock price this year, focusing on key industries including artificial intelligence and semiconductors [3] Group 4 - Jinli Permanent Magnet Co., Ltd. rose by over 6%, with the robotics industry expected to see multiple catalysts, as the company has made early investments in the robotics sector [4] Group 5 - Shanghai Electric Group Co., Ltd. increased by over 6%, with new breakthroughs in the nuclear fusion sector and continued advancements in emerging industries [5] Group 6 - Chery Automobile Co., Ltd. saw its stock price rise by over 8% on its first day of listing [6] Group 7 - Changfei Optical Fiber and Cable Co., Ltd. fell by over 2%, as its former largest shareholder liquidated 23.73% of its shares within six months [7]

来源：新浪港股 洛阳钼业（03993）AH股早盘均创历史新高，A股涨停，H股盘中大涨15%，创新高；截至发稿，股价 上涨13.65%，现报14.24港元，成交额14.19亿港元。 9月23日晚，洛阳钼业发布一项重磅股权激励计划，拟建立H股受限制股票计划，在计划有效期之内向 激励对象授予不超过3.93亿股H股股份用于股权激励，上限约占已发行港股总数的10%。以当日收盘价 每股12.760港元计算，此次激励的总计划金额达50亿港元，约占公司港股总市值的1.8%。据悉，这是港 股近几年规模最大的股权激励计划之一。 ...

Group 1 - A-shares saw 43 stocks hitting the daily limit up and 6 stocks hitting the limit down on September 25 [1] - The non-ferrous metal sector was particularly active, with Jingyi Co. achieving a two-day limit up, and Luoyang Molybdenum and Northern Copper also hitting the limit up [1] - Notable continuous limit up stocks include *ST Yatai with 13 limit ups in 14 days, Huasoft Technology with 5 consecutive limit ups, and Lanfeng Biochemical with 4 consecutive limit ups [1] Group 2 - *ST Gaohong experienced a continuous limit down for 10 days, while ST Fuhua faced a 3-day limit down [1] - Other stocks facing limit down include *ST Gaosi and Taimushi with 2 consecutive limit downs, and Fulongma and Dazhong Public Utilities hitting the limit down [1]

主力资金早间净流入计算机、电力设备、机械设备等板块，净流出交通运输、房地产、银行等板块。具 体到个股来看，浪潮信息、华工科技、洛阳钼业获净流入37.84亿元、28.91亿元、23.15亿元。净流出方 面，和而泰、立讯精密、胜宏科技遭抛售18.10亿元、9.07亿元、7.21亿元。 ...

智通财经APP获悉，洛阳钼业(03993)AH股早盘均创历史新高，截至发稿，A股涨停，H股涨14.53%，报 14.35港元，成交额13.62亿港元。 值得注意的是，9月23日晚，洛阳钼业发布一项重磅股权激励计划，拟建立H股受限制股票计划，在计 划有效期之内向激励对象授予不超过3.93亿股H股股份用于股权激励，上限约占已发行港股总数的 10%。以当日收盘价每股12.760港元计算，此次激励的总计划金额达50亿港元，约占公司港股总市值的 1.8%。据悉，这是港股近几年规模最大的股权激励计划之一。 消息面上，刚果金钴出口政策于9月21日正式落地，包括延长钴出口禁令至2025年10月15日，随后将实 施出口配额，2026至2027年配额将为正常产量的40%。此外，Freeport公司表示，由于发生致命泥流事 故，印度尼西亚格拉斯伯格铜矿的采矿作业自9月8日起已暂时停止，该矿山可能要到2027年才能恢复到 事故前的运营水平。 ...

Core Insights - Luoyang Molybdenum's trading volume reached 6.853 billion RMB, marking the highest level since June 23, 2022 [1] - The latest stock price increased by 9.98%, with a turnover rate of 2.85% [1] - The previous trading day's total trading volume was 1.863 billion RMB [1] Company Overview - Luoyang Molybdenum Co., Ltd. was established on December 22, 1999, with a registered capital of 4.2788620352 billion RMB [1]

消息面上，刚果金钴出口政策于9月21日正式落地，包括延长钴出口禁令至2025年10月15日，随后将实 施出口配额，2026至2027年配额将为正常产量的40%。此外，Freeport公司表示，由于发生致命泥流事 故，印度尼西亚格拉斯伯格铜矿的采矿作业自9月8日起已暂时停止，该矿山可能要到2027年才能恢复到 事故前的运营水平。 值得注意的是，9月23日晚，洛阳钼业发布一项重磅股权激励计划，拟建立H股受限制股票计划，在计 划有效期之内向激励对象授予不超过3.93亿股H股股份用于股权激励，上限约占已发行港股总数的 10%。以当日收盘价每股12.760港元计算，此次激励的总计划金额达50亿港元，约占公司港股总市值的 1.8%。据悉，这是港股近几年规模最大的股权激励计划之一。 洛阳钼业（603993）(03993)AH股早盘均创历史新高，截至发稿，A股涨停，H股涨14.53%，报14.35港 元，成交额13.62亿港元。 ...

Group 1 - The niobium concept sector has seen a significant increase, with Luoyang Molybdenum Co., Ltd. reaching its daily limit up [1]

Industry Overview - The non-ferrous metals sector is experiencing favorable policies and supply-demand dynamics, with tight copper supply supporting prices and "anti-involution" policies expected to improve the smelting and processing landscape [1] - Domestic growth stabilization policies and the U.S. entering a rate-cutting cycle are anticipated to enhance demand, leading to a potentially strong copper price trend [1] - China holds a leading advantage in rare earth resources, smelting, and downstream magnetic materials, with developments in humanoid robots and new energy sectors providing new demand momentum [1] Company Performance - Luoyang Molybdenum Co. reported impressive performance in the first half of 2025, achieving a net profit of 8.671 billion yuan, a year-on-year increase of 60.07%, marking a historical high for the period [2] - The company produced 353,600 tons of copper, a 12.68% year-on-year increase, also a historical high for the same period, supported by the TFM and KFM projects [2] - Luoyang Molybdenum completed the acquisition of the Ecuadorian Cangrejos gold mine, further diversifying its product matrix [2] Market Dynamics - The silicon carbide price increased by 5.7% this week, reaching a three-month high, while high-purity gallium prices rose by 1.1%, indicating a recovery in demand for high-end electronic materials [2] - The lithium concentrate price at China's ports rose by 3.71%, and the price of praseodymium-neodymium oxide remains at a 19-month high, suggesting that some rare metal raw materials are still in a favorable market condition [2] ETF Performance - As of September 25, 2025, the CSI Rare Metals Theme Index rose by 1.44%, with the Rare Metals ETF (159608) increasing by 1.53%, peaking over 2% during trading [3] - The top ten weighted stocks account for 57.58% of the index, with Luoyang Molybdenum rising by 7.29% and hitting the daily limit [3] - The Rare Metals ETF has seen a significant growth of 17.1 million yuan in the past month, with net inflows on 10 out of the last 18 trading days, totaling 14.5 million yuan [3]

Group 1 - The non-ferrous sector experienced a strong rally on the 25th, with significant gains in copper and cobalt stocks, including a limit-up for Jingyi Co., Northern Copper, and over 7% increase for Luoyang Molybdenum [1] - Freeport McMoRan's Grasberg mine in Indonesia faced a fatal landslide, leading to a substantial rise in global copper prices and supply chain concerns, with production expected to be halted until at least 2027 [1] - The Grasberg mine accounts for 50% of Freeport's proven reserves and approximately 70% of its expected production before 2029, indicating a long-term impact on global copper supply [1] Group 2 - The cobalt export quota system implemented by the Democratic Republic of Congo (DRC) reflects the government's commitment to controlling global cobalt prices, with expected supply shortages from 2025 to 2027 [2] - The DRC's export quota policy is projected to result in a significant reduction in global cobalt supply, with shortages of 122,000 tons, 88,000 tons, and 97,000 tons respectively for those years, likely leading to a strong increase in cobalt prices [2] - Companies involved in cobalt smelting in Indonesia and those with mines in the DRC are expected to benefit significantly from the anticipated rise in cobalt prices [2]