Core Viewpoint - The Invesco ETF for non-ferrous metals (560290) opened with a decline of 1.01%, priced at 0.978 yuan, indicating a negative market sentiment towards the sector [1] Group 1: ETF Performance - The Invesco non-ferrous metals ETF (560290) has a performance benchmark of the CSI Non-ferrous Metals Mining Theme Index return [1] - Since its establishment on January 26, 2026, the fund has recorded a return of -1.40% [1] - Over the past month, the fund has achieved a return of 6.15% [1] Group 2: Major Holdings Performance - Major holdings in the ETF include: - Zijin Mining: down 3.15% - Luoyang Molybdenum: down 4.18% - Northern Rare Earth: down 2.21% - China Aluminum: up 2.36% - Huayou Cobalt: down 3.33% - Zhongjin Gold: down 3.20% - Shandong Gold: down 2.22% - Xingye Silver Tin: down 4.15% - Ganfeng Lithium: down 2.87% - Tongling Nonferrous Metals: down 2.95% [1]

Core Viewpoint - Luoyang Molybdenum's net profit attributable to shareholders is expected to exceed RMB 20 billion in 2025, driven by increased product prices and effective cost management [1] Production Guidance - Copper production is projected to be between 760,000 to 820,000 tons, an increase of 20,000 to 80,000 tons year-on-year [1] - Cobalt production is estimated at 100,000 to 120,000 tons, while molybdenum production is expected to be between 11,500 to 14,500 tons [1] - Tungsten production is forecasted at 6,500 to 7,500 tons, niobium at 10,000 to 11,000 tons, and phosphate fertilizer at 1,050,000 to 1,250,000 tons [1] - Physical trading volume has been adjusted down to 4,000,000 to 4,500,000 tons [1] Acquisition Activities - The company anticipates an additional gold production guidance of 6 to 8 tons in 2026, stemming from the acquisition of three gold assets in Brazil for USD 1.015 billion, completed within 40 days [1] - The acquisition of the Ecuador Odin gold mine was finalized in June 2025 [1] Investment Rating - The company maintains a "Buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the industry [7] Core Views - The geopolitical situation has intensified, leading to opportunities in precious metals during a stagflation cycle. The report emphasizes the importance of positioning in precious metals due to supply disruption risks and low employment data indicating potential economic stagnation [1] - For copper, demand remains resilient despite short-term geopolitical disturbances, with expectations of improved production in downstream markets. The report suggests a cautious outlook on inventory levels and pricing trends [2] - Aluminum prices have reached historical highs amid political unrest, with stable supply and increasing demand as production resumes post-holiday [3] - Nickel prices have declined due to geopolitical disturbances, but supply constraints provide some support. The report notes a sluggish demand recovery in stainless steel and a cautious outlook for battery-grade nickel [4] - Tin prices are expected to experience strong fluctuations due to supply tightness and cautious purchasing behavior from downstream enterprises [5] - Lithium prices have seen a downward trend due to geopolitical and import disturbances, but demand is expected to improve as production resumes in the battery sector [6] Summary by Sections Precious Metals - The report highlights the potential for precious metals as a hedge against geopolitical risks and economic stagnation, recommending companies such as Xinyi Silver and Zijin Mining [1] Industrial Metals - **Copper**: Demand is expected to recover as production ramps up, with a focus on companies like Zijin Mining and Western Mining [2] - **Aluminum**: The report notes stable supply and increasing demand, recommending companies such as China Hongqiao and Nanshan Aluminum [3] - **Nickel**: Supply constraints are noted, with a focus on companies like Huayou Cobalt and Greenmech [4] - **Tin**: The report suggests monitoring supply and demand dynamics, recommending companies like Yunnan Tin and Xinyi Silver [5] Energy Metals - **Lithium**: The report indicates a downward price trend but anticipates a recovery in demand, recommending companies such as Ganfeng Lithium and Tianqi Lithium [6] - **Cobalt**: The report notes stable supply and demand, with a focus on companies like Huayou Cobalt and Tianqi Lithium [10]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights that tungsten prices continue to reach historical highs, with expectations for a strong overall market for key metals [1][23] - Nickel prices are supported by tightening supply expectations due to Indonesia's reduced production quotas for 2026, which are set between 260 million to 270 million tons, significantly lower than the previous year's quota of 42 million wet tons [1][29] - Cobalt supply is expected to tighten further due to slow export progress from the Democratic Republic of Congo, with a forecasted increase in cobalt prices [2][5] - Antimony prices are anticipated to remain strong due to supply constraints, with a significant drop in production reported [6][18] - Lithium supply disruptions are expected to continue, with potential for lithium prices to reach new highs amid increasing demand [8][19] - The rare earth sector is facing supply shortages, particularly for praseodymium and neodymium, which may support prices [9][20] - Tin prices are supported by ongoing supply concerns from Myanmar and the Democratic Republic of Congo, with a notable decrease in tin imports [11][21] - Uranium supply is expected to remain tight, supporting high prices due to geopolitical factors and production delays [14][24] Summary by Sections Nickel and Cobalt Industry Insights - Indonesia's nickel production quota for 2026 is set to significantly reduce, impacting supply and supporting prices [1][29] - Cobalt exports from the Democratic Republic of Congo are hindered by complex local processes and logistical challenges, leading to tighter supply [2][5] Antimony Industry Insights - Antimony production has seen a sharp decline, which is expected to support prices in the near term [6][18] Lithium Industry Insights - Lithium prices are under pressure due to supply disruptions, but demand remains strong, potentially leading to price increases [8][19] Rare Earth Industry Insights - Supply shortages for praseodymium and neodymium are anticipated, which may bolster prices in the market [9][20] Tin Industry Insights - Ongoing supply issues from Myanmar and the Democratic Republic of Congo are expected to support tin prices [11][21] Uranium Industry Insights - The uranium market is facing supply constraints, which are likely to keep prices elevated due to geopolitical tensions and production delays [14][24]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [5][18]. Core Insights - The company is projected to achieve a net profit attributable to shareholders of RMB 20-20.8 billion in 2025, representing a year-on-year increase of 47.80%-53.71% due to rising product prices and effective cost management [2][5]. - The production forecast for 2025 includes copper output of 741,000 tons (up 14% year-on-year), cobalt at 117,500 tons, molybdenum at 13,900 tons, tungsten at 7,100 tons, niobium at 10,300 tons, and phosphate at 1.21 million tons [3][5]. - The average copper price for 2025 is expected to be around RMB 81,000 per ton, an increase of 8% year-on-year [3]. - For 2026, copper production is projected to reach between 760,000 to 820,000 tons, with the gold segment expected to contribute an additional 6-8 tons of production following recent acquisitions [4][5]. Financial Projections - Revenue is forecasted to grow from RMB 213.03 billion in 2024 to RMB 263.39 billion in 2027, with a compound annual growth rate (CAGR) of approximately 8.5% [6]. - Net profit is expected to increase significantly from RMB 13.53 billion in 2024 to RMB 40.43 billion in 2027, reflecting a strong growth trajectory [6]. - Earnings per share (EPS) is projected to rise from RMB 0.63 in 2024 to RMB 1.89 in 2027, indicating robust profitability [6]. Valuation Metrics - The price-to-earnings (P/E) ratio is expected to decrease from 57.1 in 2023 to 11.7 by 2027, suggesting improved valuation as earnings grow [6]. - The price-to-book (P/B) ratio is projected to decline from 7.9 in 2023 to 2.8 in 2027, indicating a more attractive valuation over time [6].

Investment Rating - Industry rating: Recommended [4] Core Views - The escalation of the Iran situation has led to increased oil prices, which in turn raises inflation expectations and suppresses precious metal prices. Gold prices on COMEX fell by 2.17% to $5,181.30 per ounce, while silver dropped by 10.27% to $84.70 per ounce [1] - The geopolitical tensions in the Middle East are expected to continue affecting oil prices, with WTI crude oil rising from $67.02 per barrel to $90.90 per barrel, a weekly increase of 35.6% [5][10] - The long-term bullish trend for gold is supported by the declining status of the US dollar, driven by both government policy preferences and global distrust in the dollar [6][28] Summary by Sections Precious Metals - Gold and silver prices have been under pressure due to rising inflation expectations linked to oil price increases. SPDR Gold ETF holdings decreased by 900,540.93 ounces, while SLV Silver ETF holdings fell by 7,419,587.30 ounces [1] - The gold-silver ratio increased by 9.02% to 61.18, indicating a shift in market dynamics [1] Base Metals - Copper prices have been affected by macroeconomic factors, with a decline of 3.21% to $12,869.00 per ton on the LME. The overall market sentiment remains cautious due to geopolitical tensions [8][10] - Aluminum prices increased by 9.22% to $3,431.00 per ton, driven by supply constraints and rising production costs due to higher energy prices [9][14] Small Metals - Molybdenum prices remain stable at 282,500 CNY per ton, supported by strong demand from the military sector and supply constraints [22][24] - Vanadium prices have seen an increase due to recovering demand from the steel industry and energy storage applications, with prices rising to 82,300 CNY per ton [25][26] Market Dynamics - The overall market is experiencing a tightening supply situation, particularly in copper and aluminum, due to geopolitical tensions and production disruptions in the Middle East [30][31] - The demand for precious metals is expected to remain strong in the long term, driven by ongoing inflation concerns and the potential for further monetary easing by the Federal Reserve [28][30]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. is a major player in the non-ferrous metal mining industry, focusing on the production of molybdenum, tungsten, cobalt, and other metals, with significant market positions globally [3][4]. Group 1: Company Overview - The company is one of the top five molybdenum producers and the largest tungsten producer globally, as well as the second-largest cobalt and niobium producer [3][4]. - Luoyang Molybdenum is also the second-largest producer of phosphate fertilizer in Brazil, with a complete phosphate industry chain [4]. - The company has a diversified revenue stream, with refined metal product trade contributing 48.56% and copper 27.14% to its total revenue [8]. Group 2: Production and Financial Performance - In 2022, the company's gold equity production was 16,000 ounces, with a guidance of 25,000 to 27,000 ounces for 2023, representing a year-on-year increase of 56% to 69% [3]. - For the period from January to September 2025, Luoyang Molybdenum achieved a revenue of 145.485 billion yuan, a decrease of 5.99% year-on-year, while net profit attributable to shareholders increased by 72.61% to 14.280 billion yuan [9]. - The company has distributed a total of 21.562 billion yuan in dividends since its A-share listing, with 10.576 billion yuan in the last three years [9]. Group 3: Market Activity - On March 6, the company's stock fell by 2.70%, with a trading volume of 4.874 billion yuan and a turnover rate of 1.27%, resulting in a total market capitalization of 471.103 billion yuan [1]. - The stock is currently ranked 46th in terms of popularity in the A-share market [2]. - Recent market activity shows a net outflow of 788 million yuan from main funds, indicating a trend of reduced investment in the stock [5][6].

Group 1 - The Hang Seng Index Company announced the results of the latest quarterly review of the Hang Seng Index series, with changes effective after market close on March 6, 2026, and effective from March 9, 2026 [2] - The Hang Seng Index will include three new stocks: CATL, Luoyang Molybdenum, and Laopuqin Gold, increasing the number of constituent stocks from 88 to 90 [2] - The Hang Seng China Enterprises Index will add Beike-W and Horizon Robotics-W, while removing China Resources Beer and Mengniu Dairy, maintaining a total of 50 constituent stocks [2] Group 2 - There are no changes to the constituent stocks of the Hang Seng Tech Index, which will remain at 30 stocks [2]

Core Viewpoint - The article discusses the performance of the Nonferrous ETF Taikang (159163), highlighting a decline in its opening price and the performance of its major holdings [1] Group 1: ETF Performance - The Nonferrous ETF Taikang (159163) opened down by 2.03%, priced at 0.915 yuan [1] - Since its establishment on January 27, 2026, the fund has recorded a return of -6.78%, while its return over the past month is 6.20% [1] Group 2: Major Holdings Performance - Major holdings in the Nonferrous ETF Taikang include: - Zijin Mining down by 1.75% - Luoyang Molybdenum down by 1.68% - Northern Rare Earth down by 1.41% - Huayou Cobalt down by 1.48% - China Aluminum down by 2.70% - Zhongjin Gold down by 2.66% - Shandong Gold down by 2.03% - Xingye Silver Tin down by 1.06% - Ganfeng Lithium down by 0.66% - Yun Aluminum down by 3.95% [1]

Group 1 - The core point of the article highlights the performance of the Huashan Nonferrous ETF (512940), which opened down by 1.94% at 1.010 yuan on March 6 [1] - Major holdings in the Huashan Nonferrous ETF experienced declines, including Zijin Mining down 1.75%, Luoyang Molybdenum down 1.68%, Northern Rare Earth down 1.41%, and China Aluminum down 2.70% [1] - The performance benchmark for the Huashan Nonferrous ETF is the CSI Nonferrous Metals Mining Theme Index return, managed by Huashan Fund Management Co., with a return of 3.01% since its establishment on February 4, 2026 [1] Group 2 - The article provides a detailed overview of the performance of various stocks within the nonferrous sector, indicating a general downward trend among major companies [1] - Specific stock performances include Ganfeng Lithium down 0.66%, and Xiamen Tungsten up 0.81%, showcasing mixed results within the sector [1] - The article emphasizes the importance of cautious investment in the current market environment, reflecting the inherent risks associated with the nonferrous metals sector [1]