Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - Short-term lithium salt prices are under pressure for a phase adjustment, particularly due to limited acceptance of high prices by downstream sectors, while the long-term price center for lithium has significantly shifted upward [4] - Cobalt prices remain relatively stable due to tight supply of intermediate products and support from smelting costs, despite weak terminal demand [4] - The lithium and cobalt sectors are seen as having clear investment value, with recommendations for active positioning [9] Summary by Sections 1. Cycle Assessment: Emotional Catalysts for Price Fluctuations - Lithium carbonate prices experienced a peak and subsequent decline, with lithium concentrate prices rising to $1980 per ton, up $100 from the previous week [14] - The market for cobalt salts is subdued, with production pressures evident and smelting plant prices increasing [14] 2. Core Data on New Energy Materials: Mixed Production Changes and Price Increases - December lithium carbonate production increased by 4% month-on-month and 42% year-on-year, while hydroxide production rose by 2% month-on-month and 30% year-on-year [25][24] - Cobalt intermediate products saw a 21.20% decrease in inventory in December, while cobalt metal inventories showed no significant reduction [62][68] 3. Lithium Salt Import and Export Data - In November, lithium carbonate exports surged by 209% month-on-month and 249% year-on-year, while imports fell by 8% month-on-month but rose by 15% year-on-year [40][41] 4. Weekly Data on Lithium Salts: Slight Production Increase and Inventory Decrease - Weekly production of lithium carbonate rose by 0.31%, and inventory decreased by 0.24% [52][53] 5. Downstream Material Inventory: Decrease in Phosphate Iron Lithium and Ternary Material Inventory - Phosphate iron lithium inventory decreased by 0.21%, and ternary material inventory decreased by 0.95% [59][60] 6. Price Trends of New Energy Metal Materials: Most Prices Increased - The average price of battery-grade lithium carbonate rose by 20.11%, while industrial-grade lithium carbonate increased by 20.42% [71][72]

本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 以下為洛陽欒川鉬業集團股份有限公司（「本公司」）於上海證券交易所網站 (www.sse.com.cn)所發佈《洛陽鉬業關於對外擔保計劃的公告》。 承董事會命 洛陽欒川鉬業集團股份有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 CMOC Group Limited* （於中華人民共和國註冊成立的股份有限公司） （股份代號：03993） 海外監管公告 劉建鋒 董事長 中華人民共和國河南省洛陽市， 二零二六年一月十六日 於本公告日期，執行董事為劉建鋒先生、彭旭輝先生及闕朝陽先生（職工董事）； 非執行董事為林久新先生、蔣理先生及馬飛先生；及獨立非執行董事為王開國 先生、顧紅雨女士及程鈺先生。 * 僅供識別 股票代码：603993 股票简称：洛阳钼业 编号：2026—005 洛阳栾川钼业集团股份有限公司 关于对外担保计划的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 重要内容提示： 股票代码：603993 股票简称：洛阳钼业 编号：2026—005 洛阳栾川钼业集团股份有限公司 关于对外担保计划的公告 一、担保审批及授权情况 2025年5月30日，公司2024年年度股东大会审议通过《关于本公 被担保方：相关全资子公司 本次担保金额：洛阳栾川钼业集团股份有限公司（以下简称"公 司"）直接或通过全资子公司（含直接及间接全资子公司，下同） 为其他全资子公司合计提供总额预计不超过33亿元的担保。 本次担保不涉及反担保。 截至本公告披露日公司无逾期担保。 本次担保计划部分被担保方为资产负债率超过70%的全资子公司； 截至本公告披露日，公司对外担保总额占公司最近一期经审计净 资产的24.24%。敬请投资者注意相关风险。 司2025年度对外担保额度预计的议案》，同意授权董事会或董事会授 权人士（及该等授权人士的转授权人士）批准公司直接或通过全资子 公司（含直接及间接全资子公司，下同）或控股子公司（含直接及间 接控股子公司，下同）为其他全资子公司、控股子公 ...

Core Viewpoint - BlackRock has increased its long position in Luoyang Luanchuan Molybdenum Co., Ltd. - H shares from 7.97% to 8.08% as of January 12, 2026 [1] Company Summary - BlackRock's stake in Luoyang Luanchuan Molybdenum Co., Ltd. has seen a rise, indicating a growing confidence in the company's prospects [1]

智通财经APP获悉，大和发布研报称，洛阳钼业(03993)发盈喜，料2025年净利润同比升47.8%至 53.7%，达200亿至208亿元人民币(下同)，经常性净利润预期升55.5%至61.6%，达204亿至212亿元，胜 市场预期。该行现予其"买入"评级。 2025年第四季，洛阳钼业的铜产量为19.8万吨，同比增长13.6%; 钴产量为3万吨，同比微增0.4%; 去年所 有产品的实际产量均超过公司原先指引。公司同时指引2026全年铜产量目标为76万至82万吨，同比增长 3%至11%; 钴产量目标10万至12万吨，同比变动幅度为下降15%至增长2%。 该行估算，单计第四季，洛阳钼业净利润介乎57.2亿至65.2亿元，同比升9%至24%，按季升2%至16%。 而经常性净利润预测则为58.6亿至66.6亿元，同比升28至46%，按季升1%至15%。管理层将强劲业绩归 因于产量和价格上升，以及有效成本控制。 ...

2025年第四季，洛阳钼业的铜产量为19.8万吨，同比增长13.6%; 钴产量为3万吨，同比微增0.4%; 去年所 有产品的实际产量均超过公司原先指引。公司同时指引2026全年铜产量目标为76万至82万吨，同比增长 3%至11%; 钴产量目标10万至12万吨，同比变动幅度为下降15%至增长2%。 智通财经APP获悉，大和发布研报称，洛阳钼业(03993)发盈喜，料2025年净利润同比升47.8%至 53.7%，达200亿至208亿元人民币(下同)，经常性净利润预期升55.5%至61.6%，达204亿至212亿元，胜 市场预期。该行现予其"买入"评级。 该行估算，单计第四季，洛阳钼业净利润介乎57.2亿至65.2亿元，同比升9%至24%，按季升2%至16%。 而经常性净利润预测则为58.6亿至66.6亿元，同比升28至46%，按季升1%至15%。管理层将强劲业绩归 因于产量和价格上升，以及有效成本控制。 ...

Core Viewpoint - Morgan Stanley has set a target price of HKD 23.2 for Luoyang Molybdenum H-shares and CNY 22.5 for A-shares, both rated as "Overweight" [1] Financial Performance - Luoyang Molybdenum expects a net profit of CNY 20 billion to CNY 20.8 billion for 2025, representing a year-on-year growth of 48% to 54%, aligning with market expectations of CNY 20.2 billion [1] - The net profit for the fourth quarter of last year is projected to be between CNY 5.7 billion and CNY 6.5 billion, reflecting a quarter-on-quarter increase of 2% to 16% [1] - The company's strong performance is attributed to simultaneous increases in production and prices, along with effective cost control [1] Production Plans - The company plans to achieve copper production of 760,000 to 820,000 tons in 2026, indicating a year-on-year growth of 7% based on the median estimate [1] - Luoyang Molybdenum aims to produce 6 to 8 tons of gold annually from a newly acquired Brazilian gold mine, with the acquisition expected to be completed in the first quarter of this year [1]

摩根士丹利发布研报称，现予洛阳钼业（603993）H股(03993)目标价23.2港元，洛阳钼业A股 (603993.SH)目标价22.5元人民币，均予"增持"评级。 洛阳钼业发盈喜，料2025年净利润为200亿至208亿元人民币(下同)，同比增长48%至54%，符合市场预 期的202亿元。单计去年第四季净利润介乎57至65亿元，按季升2%至16%。管理层表示，业绩理想主要 受惠于产量及价格同步上升，加上成本控制得宜。 公司计划2026年铜产量为76万至82万吨，按中位数计算同比增长7%。并计划每年来自新收购巴西金矿 的黄金产量为6吨至8吨，目标今年第一季完成收购。 ...

Core Viewpoint - Luoyang Molybdenum Co., Ltd. is expected to achieve a net profit of 20 billion to 20.8 billion yuan in 2025, marking a year-on-year growth of 47.8% to 53.71%, driven by increased production and effective cost control [1] Group 1: Financial Performance - The company forecasts a non-recurring net profit of 20.4 billion to 21.2 billion yuan for 2025, with a year-on-year increase of 55.5% to 61.6% [1] - The total copper production for the year is projected to reach 741,100 tons, an increase of over 90,000 tons compared to the previous year, achieving 118% of the production guidance [1] - The company’s stock price has risen to 24.78 yuan per share, setting a new historical high, with a total market value exceeding 531.6 billion yuan [1] Group 2: Strategic Acquisitions - In 2025, Luoyang Molybdenum is focusing on "copper + gold" strategy, acquiring gold assets to enhance its portfolio [2] - The company acquired all shares of Canadian Lumina Gold for approximately 581 million Canadian dollars, targeting the Cangrejos gold mine project with 638 tons of gold resources [2] - A further acquisition involves a 1.015 billion USD deal for 100% interests in Brazilian gold mines, expected to add approximately 8 tons of annual gold production [2] Group 3: Production Guidance - For 2026, the company has set production targets for core products, including copper at 760,000 to 820,000 tons, and gold as a new category with a target of 60,000 to 80,000 kg [3] - Other production targets include cobalt at 100,000 to 120,000 tons, tungsten 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 [3] - The company’s revenue is projected to grow to 186.27 billion yuan in 2023 and 213.03 billion yuan in 2024, with net profits of 8.25 billion yuan and 13.53 billion yuan respectively [3]

公告同时披露了上年同期业绩基准数据：2024年度公司利润总额为251.24亿元，归属于上市公司股东的净利润为135.32亿元，归属于上市公司股东的扣除非 经常性损益的净利润为131.19亿元，基本每股收益0.63元。 预计实现归属于上市公司股东的扣除非经常性损益的净利润为204亿元至212亿元，同比增加72.81亿元至80.81亿元，同比增幅达55.5%至61.6%。 对于本次业绩大幅增长的核心原因，公告明确指出，主要得益于公司主要产品量价齐升，同时叠加运营成本的有效管控，双重因素共同推动公司经营业绩实 现跨越式提升。 1月15日，洛阳钼业发布2025年度业绩预增公告，预计实现归属于上市公司股东的净利润为200亿元至208亿元，同比增加64.68亿元至72.68亿元，同比增幅区 间为47.8%至53.71%。 ...