Core Viewpoint - The non-ferrous metal sector is experiencing a significant rally, driven by multiple factors that are reshaping the pricing logic of non-ferrous metals [1][3]. Group 1: Market Performance - The non-ferrous metal ETF, Huabao (159876), surged by 5.02%, reaching a new high since its listing, with a trading volume of 1.42 billion yuan within the first hour of trading [1]. - The ETF has seen a net subscription of 1.09 million units, accumulating a total of 569 million yuan over the past 10 days [1]. - Key stocks in the sector, such as Steel Titanium Co., Tongling Nonferrous Metals, and Silver Nonferrous Metals, have all reached their daily limit up, with significant increases in trading volumes [4]. Group 2: Driving Factors - The rising U.S. debt and deficit are causing global concerns about sustainability and the credibility of the dollar, leading central banks to diversify their reserves by reducing U.S. Treasury holdings and increasing gold reserves, which supports higher precious metal prices [3]. - The development of the AI industry and the acceleration of global energy transition are driving increased demand for industrial metals like copper and aluminum [3]. - The global supply chain is shifting focus from efficiency to security, prompting countries to increase reserves of critical minerals and energy, thereby boosting demand for bulk commodities [3]. - A long-term contraction in capital expenditure for major non-ferrous metals since 2011 has created a significant output gap, which continues to constrain supply and support prices [3]. Group 3: Industry Outlook - The current high profitability in the non-ferrous metal sector is expected to persist for an extended period, with new demand driving growth and leading to a potential revaluation of the sector [3]. - Domestic non-ferrous metal companies are valued lower compared to their overseas counterparts, despite having similar growth potential and core competitiveness [3]. - Continuous exploration and breakthroughs in core technologies such as exploration, mining, and metallurgy by domestic companies contribute significantly to global mining development [3].

确定铜金并行战略后，洛阳钼业在市场上一直秉持谨慎保守的作风，没有给出 明确或长期的目标。目前，我们已完成厄瓜多尔奥丁金矿和巴西金矿两次并购， 这两个项目将为公司贡献超过 20 吨的黄金产量。短期内，我们希望到 2030 年之前实现黄金产能翻倍增长。虽然我们对外发布的信息相对保守，但实际上 我们有很多潜力项目在积极推进，实际进展可能会更快。 洛阳钼业 20260125 摘要 洛阳钼业通过并购金矿和巴西金矿，计划到 2030 年实现黄金产能翻倍 增长，虽对外信息保守，但实际进展可能更快。公司看好金价，战略重 心在于优化金属品种组合，并认为并购时点仍处于相对低谷，同时考虑 企业和项目周期，以实现价值增值。 洛阳钼业新管理层上任后，加强内部经营管理，尤其在成本管控方面成 效显著。计划 2026 年继续优化刚果（金）等成熟矿山，并提升新收购 项目的经营管理水平，通过成本控制提高整体效益，确保公司稳健增长 和盈利能力。 洛阳钼业在巴西的项目优势在于已有的成熟运营团队和管理经验，通过 整合卖方巴西区域总部，实现矿山采购和人员后台支持的协同效应，并 借助中国供应链降低成本，提升管理效率。 巴西和厄瓜多尔均以矿业为主要产业，政 ...

Group 1 - The core viewpoint of the news is that the non-ferrous metal sector is experiencing significant gains, with major stocks like Zhongjin Gold rising over 9%, and other companies such as Luoyang Molybdenum and Shandong Gold increasing by more than 7% [1] - Non-ferrous and mining-related ETFs have also seen an approximate increase of 5% due to market influences [1] Group 2 - Recent reports indicate that not only precious metals like gold and silver have risen significantly, but also industrial metals such as copper and aluminum, as well as energy metals like cobalt and lithium, have shown good growth, with multiple metals reaching historical or near-historical highs [2] - The super cycle in non-ferrous metals is attributed to three main factors: the weakening trend of the dollar due to the Federal Reserve's interest rate cuts, supply-demand gaps caused by declining ore grades and rising marginal costs in major mines, and domestic policies aimed at optimizing excess capacity [2]

每经AI快讯，洛阳钼业(03993.HK)涨超4%，截至发稿涨4.67%，报22.4港元，成交1.13亿港元。 （文章来源：每日经济新闻） ...

洛阳钼业(03993)涨超4%，截至发稿，涨4.67%，报22.4港元，成交1.13亿港元。 消息面上，1月25日，洛阳钼业发布公告，公司通过控股子公司收购加拿大上市公司Equinox Gold Corp. 旗下Aurizona金矿、RDM金矿、Bahia综合矿区100%权益。鉴于协议中约定的先决条件已全部实现或豁 免，本次收购已于北京时间2026年1月23日完成交割。 公司巴西铌磷矿项目已顺利运营近十年，得益于此前积累的实操经验及协同优势，本次收购项目落地节 奏显著提升，快速完成交割。本次交易涉及的金矿资产合计包含黄金资源量501.3万盎司，平均品位为 1.88g/t；黄金储量387.3万盎司，平均品位为1.45g/t。 公司认为上述金矿资源量较大，基础设施完善，选矿工艺成熟，盈利能力较强，收购完成即可为公司贡 献产量和利润，预期投资回报期短，经济效益良好。2026年黄金预计年化产量6-8吨，将为公司实现黄 金产量规划目标发挥积极贡献，进一步培厚公司资源储备。 ...

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has shown significant stock price appreciation and strong financial performance, indicating potential investment opportunities in the company and the industrial metals sector [2][3]. Stock Performance - As of January 26, Luoyang Molybdenum's stock price increased by 5.40%, reaching 23.99 CNY per share, with a trading volume of 1.756 billion CNY and a turnover rate of 0.42% [1]. - Year-to-date, the stock price has risen by 19.95%, with a 2.92% increase over the last five trading days, 28.29% over the last 20 days, and 36.31% over the last 60 days [2]. Company Overview - Luoyang Molybdenum, established on December 22, 1999, and listed on October 9, 2012, is primarily engaged in the mining, selection, deep processing, trading, and research of precious metals such as molybdenum, tungsten, and gold [2]. - The company's revenue composition includes 48.56% from refined metal product trading, 38.31% from concentrate product trading, and smaller contributions from copper (27.14%), cobalt (6.04%), molybdenum (3.12%), and others [2]. Financial Performance - For the period from January to September 2025, Luoyang Molybdenum reported a revenue of 145.485 billion CNY, a year-on-year decrease of 5.99%, while the net profit attributable to shareholders increased by 72.61% to 14.280 billion CNY [2]. Dividend Distribution - Since its A-share listing, Luoyang Molybdenum has distributed a total of 21.562 billion CNY in dividends, with 10.576 billion CNY distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 304,200, reflecting a growth of 28.08% [2]. - Major shareholders include Hong Kong Central Clearing Limited, holding 669.5 million shares, and various ETFs with varying changes in holdings [3].

| 最高 | | | | | 22.920 | | 開市 | | | | | 22.220 | 成交量 | | | | 1304.23萬 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 最低 | | | | | 22.180 | | 前收 | | | | | 21.400 | 成交額 | | | | 2.94億 | | | | | | | 圈 ▲ | 5日 | 日K | 圆K | 月K | 季K | 年K | 1分 | ૩સ્ત્ર | 5分 | 10分 | 15分 | 30સ | 1小時 | 2小時 | 3小時 | 4小時 | 1月 | 3月 | 今年 | 1年 | 5年 | 全部 | | 22.898 | | | | | | | | | | | | | | | | | | | | | | | | 22.855 | | | | | | | | | | ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 图片来源：洛阳钼业官网 本次收购的金矿资产，包含黄金资源量501.3万盎司（约156吨），平均品位1.88克/吨；黄金储量387.3 万盎司（约120吨），平均品位1.45克/吨。该公司预计，该资产今年将实现6–8吨黄金的产量。 洛阳钼业董事长兼首席投资官刘建锋介绍称，本次交易从宣布到交割仅用时40天。下一步，公司将加快 管理整合，推动项目进一步释放产能并兑现价值。 2025年6月，洛阳钼业曾完成对厄瓜多尔奥丁金矿的并购，正式布局黄金资源。据其介绍，目前厄瓜多 尔奥丁金矿正在前期设计中，待投产后公司黄金年产量将突破20吨。 洛阳钼业（603993.SH）"闪电"完成巴西金矿项目收购交易。 1月25日，洛阳钼业发布消息称，公司于2025年12月15日宣布此项交易，计划以最高10.15 亿美元收购加 拿大Equinox Gold公司在巴西的Aurizona 金矿、RDM 金矿及Bahia综合体三项金矿资产（四座矿山）的 100%权益。随着协议约定的先决条件全部实现或豁免，该交易已于1月23日正式完成。 洛阳钼业表示，公司持续看好黄金市场前景 ...

图片来 源：洛阳钼业官网 洛阳钼业(603993.SH)"闪电"完成巴西金矿项目收购交易。 1月25日，洛阳钼业发布消息称，公司于2025年12月15日宣布此项交易，计划以最高10.15 亿美元收购加 拿大Equinox Gold公司在巴西的Aurizona 金矿、RDM 金矿及Bahia综合体三项金矿资产(四座矿山)的 100%权益。随着协议约定的先决条件全部实现或豁免，该交易已于1月23日正式完成。 本次收购的金矿资产，包含黄金资源量501.3万盎司(约156吨)，平均品位1.88克/吨；黄金储量387.3万盎 司(约120吨)，平均品位1.45克/吨。该公司预计，该资产今年将实现6–8吨黄金的产量。 洛阳钼业董事长兼首席投资官刘建锋介绍称，本次交易从宣布到交割仅用时40天。下一步，公司将加快 管理整合，推动项目进一步释放产能并兑现价值。 2025年6月，洛阳钼业曾完成对厄瓜多尔奥丁金矿的并购，正式布局黄金资源。据其介绍，目前厄瓜多 尔奥丁金矿正在前期设计中，待投产后公司黄金年产量将突破20吨。 洛阳钼业表示，公司持续看好黄金市场前景，目前正在积极寻找更多扩张机会。公司于1月19日发行12 亿美金可转债， ...

【重要事项】 洛阳钼业：完成巴西金矿项目交割，今年可产6-8吨黄金 招金黄金：预计2025年净利润1.22亿元-1.82亿元，同比扭亏为盈 湖南黄金：2025年净利同比预增50%-90%，金、锑、钨产品销售价格同比上涨 湖南黄金：拟购买黄金天岳、中南冶炼100%股权复牌，其主要从事部分金矿的采选及销售等 藏格矿业：参股公司巨龙铜业巨龙铜矿二期工程建成投产 紫金矿业：巨龙铜矿二期工程建成投产 蓝思科技：商业航天领域已实现批量供货，针对太空环境极端需求已研发出超薄光伏玻璃模组等 亿纬锂能：已与多家商业火箭、商业卫星领域的头部企业达成合作，为其提供航天电池产品及解决方案 中来股份：未来光伏产品应用从常规场景拓展至太空等多元化场景是行业趋势，已经在积极推进适配不 同场景产品自主研发 永杰新材：拟购买奥科宁克秦皇岛100%股权和奥科宁克昆山95%股权，预计构成重大资产重组 【投资经营】 精智达：签订13.11亿元半导体测试设备销售合同 合富中国：与明基医院签订采购总金额不低于6亿元的长期采购协议 华东重机：收到印度阿达尼集团中标通知书及签署国内智能化港口装卸设备项目合同 德力佳：拟50亿元投建10兆瓦以上风电用变速箱研 ...