Group 1 - The core viewpoint of the articles highlights the performance and valuation of Luoyang Molybdenum Co., Ltd., which closed at 7.38 yuan, up 2.07%, with a rolling PE ratio of 10.30 times and a total market value of 158.664 billion yuan [1][2] - The company ranks 8th in the food and beverage industry, which has an average PE ratio of 43.71 times and a median of 34.03 times [1][2] - As of the first quarter of 2025, 166 institutions held shares in Luoyang Molybdenum, including 160 funds, with a total holding of 1,218,899,280 shares valued at 92.636 billion yuan [1] Group 2 - The main business of Luoyang Molybdenum includes mining and processing of base and rare metals, as well as mineral trading, with key products being molybdenum, tungsten, copper, cobalt, niobium, phosphorus, and refined metal trading [1] - The latest financial results for the first quarter of 2025 show the company achieved an operating income of 46.006 billion yuan, a year-on-year decrease of 0.25%, and a net profit of 3.946 billion yuan, a year-on-year increase of 90.47%, with a gross profit margin of 22.33% [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年5月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 洛陽欒川鉬業集團股份有限公司 FF301 II. 已發行股份及/或庫存股份變動 呈交日期: 2025年6月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03993 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,933,468,000 | RMB | | 0.2 RMB | | 786,693,600 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 3,933,468,000 | RMB | | 0.2 RMB | | 786,693,600 ...

丨证券研究报告丨 行业研究丨行业周报丨金属、非金属与采矿 [Table_Title] 钨价再启上行，黄金维持增配 报告要点 [Table_Summary] 短期风险偏好反复致使金价震荡，中期顺延衰退降息路径延续牛市判断，叠加黄金股估值仍处 大周期底部，维持逢回调增配黄金股判断。美元反弹叠加经济疲弱，工业金属走弱。1）金融属 性，美元前期走弱后的反弹，对大宗商品有所压制；2）商品属性，国内 4 月工业企业利润偏弱 以及长期存在的地产、关税担忧，也对大宗商品产生压制，黑色商品因此跌幅最大即为印证。 分析师及联系人 [Table_Author] SFC：BQT626 SFC：BUT918 %% %% research.95579.com 1 金属、非金属与采矿 cjzqdt11111 王鹤涛 肖勇 叶如祯 王筱茜 肖百桓 SAC：S0490512070002 SAC：S0490516080003 SAC：S0490517070008 SAC：S0490519080004 SAC：S0490522080001 请阅读最后评级说明和重要声明 %% %% [Table_Title2] 钨价再启上行，黄金维持增配 [Tab ...

有色金属 证券研究报告 hyzqdatemark 2025 年 06 月 02 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 行业定期报告 请务必仔细阅读正文之后的评级说明和重要声明 铜：铜价窄幅震荡，静待后续宏观催化。本周伦铜/沪铜/美铜涨跌幅分别为 -0.05%/-0.24%/-3.35%，本周伦铜和沪铜价格维持窄幅震荡，美铜在上周关税催化 大涨后回落。海外铜库存转移仍在继续，伦铜/纽铜库存分别为 15.0 万吨/18.1 万短 吨，环比变动-9.0%/+2.9%。国内铜库存回升，沪铜库存 10.6 万吨，环比+7.2%。 供给端，刚果（金）卡莫阿-卡库拉铜矿受矿震影响暂停部分井下采矿，关注后续实 际产量影响。本周铜下游需求回升 ...

Investment Rating - The industry is rated as "Recommended" [5] Core Views - The report highlights the impact of recent changes in US tariff policies on precious metals, leading to a decline in gold and silver prices [1][4] - The overall sentiment in the basic metals market is cautious, with fluctuations in prices due to macroeconomic uncertainties and supply chain issues [8][11] - The report emphasizes the potential for long-term price increases in copper and aluminum due to ongoing supply constraints and supportive macro policies [10][18] Summary by Sections Precious Metals - COMEX gold price decreased by 1.33% to $3,313.10 per ounce, while COMEX silver fell by 1.68% to $33.08 per ounce [1][28] - SPDR gold ETF holdings increased by 248,838.84 troy ounces, indicating a rise in investor interest [1][28] - The US International Trade Court's ruling has temporarily halted certain tariffs, affecting market dynamics for gold and silver [4][48] Basic Metals - LME copper price dropped by 1.22% to $9,497.00 per ton, and aluminum fell by 0.71% to $2,448.50 per ton [8][57] - SHFE copper price decreased by 0.24% to ¥77,600.00 per ton, while aluminum fell by 0.42% to ¥20,070.00 per ton [8][57] - The report notes a significant decline in copper imports, with April figures showing a 19.06% decrease month-on-month [9][83] Copper - China's electrolytic copper production in April was 1,125,700 tons, a month-on-month increase of 0.36% [9][83] - The report mentions a tightening supply situation, with Antofagasta proposing negative processing fees in negotiations with Chinese smelters [10][19] - The anticipated long-term demand from infrastructure and electric vehicle sectors is expected to support copper prices [10][19] Aluminum - The report indicates that aluminum prices are under pressure due to macroeconomic uncertainties, with a slight decrease in production rates [11][12] - The inventory levels for aluminum have decreased, suggesting a tightening supply [11][12] - Future demand from sectors like electric vehicles and power generation is expected to stabilize aluminum prices [11][12] Zinc and Lead - Zinc prices are facing downward pressure due to tariff uncertainties, although inventory reductions provide slight support [13][14] - Lead consumption is currently in a seasonal downturn, with concerns over raw material supply for recycled lead [14][14] Small Metals - Magnesium prices have retreated as downstream demand remains cautious [15] - Molybdenum prices have increased due to tight raw material supplies, while vanadium prices are under pressure from weak demand [16][17]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. held its 2024 annual shareholders' meeting, where key personnel changes were announced, including the election of Liu Jianfeng as the chairman of the board, amidst discussions on cobalt exports from the Democratic Republic of Congo and the acquisition of Lumina Gold [1][6]. Personnel Changes - The company announced significant personnel changes, including the resignation of Chairman Yuan Honglin and Vice Chairman Li Zhaochun, with Qu Zhaoyang appointed as Executive Vice President and COO, and Liu Jianfeng as Chief Investment Officer [3][6]. - Liu Jianfeng and Qu Zhaoyang addressed shareholder questions during the meeting, emphasizing their commitment to enhancing operational efficiency and strategic acquisitions [4][6]. Cobalt Export Situation - The Democratic Republic of Congo announced a four-month suspension of cobalt exports, which is significant as the country accounts for 76% of global cobalt production. Luoyang Molybdenum is the world's largest cobalt producer, operating two major mines in the region [4][6]. - The company is closely monitoring the cobalt export situation and is in communication with relevant authorities, acknowledging the uncertainty surrounding potential extensions of the export suspension [4][6]. Acquisition of Lumina Gold - Luoyang Molybdenum plans to acquire all issued and unissued common shares of Lumina Gold for approximately CAD 581 million. Lumina Gold owns the Cangrejos gold project in Ecuador, which has significant resource potential [5][6]. - The Cangrejos project is considered a "greenfield project," marking a shift from the company's previous strategy of acquiring existing assets. The project is currently in the preliminary research stage [5][6]. Future Outlook - The new management team aims to enhance resource development and operational efficiency, with a focus on optimizing mining processes and reducing costs [4][6]. - The company is committed to expanding its resource reserves and coverage, with Liu Jianfeng highlighting the team's confidence in achieving long-term growth [7].

Group 1 - The company is named Luoyang Luanchuan Molybdenum Industry Group Co., Ltd., and it was established as a joint-stock company in accordance with the Company Law and Securities Law of the People's Republic of China [2][3] - The company was founded on August 25, 2006, and registered with the Market Supervision Administration of Luoyang City, obtaining a business license [2][3] - The company issued H-shares to the public for the first time on March 8, 2007, with a total of 1,191,960,000 shares, and issued RMB ordinary shares on July 13, 2012, totaling 200,000,000 shares [2][3] Group 2 - The company's registered capital is RMB 4,278,862,035.2 [2] - The company is a permanent joint-stock company, and its legal representative is appointed from the board of directors or management [3] - The company’s assets are divided into equal shares, and shareholders are liable for the company's debts only to the extent of their subscribed shares [3] Group 3 - The company's business purpose is to maximize shareholder interests while providing quality service and adhering to the principles of a socialist market economy [5] - The company's business scope includes the mining, smelting, and deep processing of tungsten and molybdenum products, as well as the export of related chemical products [5] Group 4 - The company’s shares are issued in the form of stocks, with each share having a par value of RMB 0.2 [6][7] - The total number of shares issued by the company is 21,394,310,176, with A-shares accounting for 81.61% of the total [7][8] - The company can issue shares to both domestic and foreign investors, with domestic shares referred to as "internal shares" and foreign shares as "external shares" [6][7] Group 5 - The company can increase its capital through various means, including issuing convertible bonds and employee stock ownership plans [9][12] - The company is allowed to repurchase its shares under specific circumstances, such as reducing registered capital or merging with other companies [10][12] Group 6 - Shareholders have the right to sue the company based on the company’s articles of association, and the company can also sue shareholders and management [4][5] - The company’s articles of association serve as a legally binding document for the company, shareholders, and management [3][5]

Core Viewpoint - The company has appointed Mr. Chen Xingyao as the Vice President and Chief Financial Officer, effective until the date of this announcement, with no prior shareholding in the company and meeting all legal qualifications for senior management [1]. Group 1: Appointment Announcement - The board of directors held meetings to approve the appointment of senior management personnel [1]. - Mr. Chen Xingyao's appointment is welcomed by the board [1]. Group 2: Executive Profile - Mr. Chen Xingyao holds a master's degree in materials science from Beihang University, an MBA from Tsinghua University, and an EMBA from CEIBS, along with being a certified public accountant [1]. - His previous roles include positions at New Hope Investment Co., Ltd., Shandong New Hope Liuhe Group Co., Ltd., and he is currently an independent director at JD Health [1]. - He has extensive experience in financial system construction, overseas fund planning, and resource integration across industry sectors [1].

Core Viewpoint - Luoyang Molybdenum Group Co., Ltd. plans to cancel repurchased shares and reduce registered capital, following the approval of relevant board meetings [1][2]. Group 1: Share Cancellation and Capital Reduction - The company will cancel 104,930,443 shares from its repurchase account, reducing total share capital from 21,499,240,619 shares to 21,394,310,176 shares [1]. - Registered capital will decrease from 4,299,848,123.8 yuan to 4,278,862,035.2 yuan as a result of the share cancellation [1]. Group 2: Notification to Creditors - The company notifies creditors that they have 30 days from receiving the notice, or 45 days from the announcement date if no notice is received, to claim debts or request guarantees [2]. - Creditors must provide valid debt documents and related evidence to the company to exercise their rights [2].

Group 1 - The legal opinion letter is issued by Shanghai Tongli Law Firm regarding the amendment proposal of the Articles of Association of Luoyang Luanchuan Molybdenum Industry Group Co., Ltd. [2][4] - The proposal involves changes to the company's registered capital and the Articles of Association, which have been approved by the company's board and various shareholder meetings [3][4] - The registered capital is revised from RMB 4,299,848,123.8 to RMB 4,278,862,035.2, and the total number of shares is adjusted from 21,499,240,619 to 21,394,310,176 [3][4] Group 2 - The proportion of A-shares is reduced from 81.70% to 81.61%, while the proportion of H-shares increases from 18.30% to 18.39% [3] - The legal opinion confirms that the amendment proposal complies with the relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [4]