香港联交所最新资料显示，9月25日，摩根大通增持洛阳钼业（603993）(03993)1106.7433万股，每股均 价13.9622港元，总金额约为1.55亿港元。增持后最新持股数目约为2.39亿股，最新持股比例为6.06%。 ...

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 公司名稱: 洛陽欒川鉬業集團股份有限公司 呈交日期: 2025年10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 | ...

Group 1 - The core viewpoint is that the non-ferrous metal sector is experiencing a sustained increase due to rising gold prices, expectations of interest rate cuts, and heightened demand for safe-haven assets [1] - The Non-Ferrous Metal ETF (512400) has risen by 3.51% today, over 11% in the past five days, and more than 71% year-to-date, making it the only ETF tracking the China Securities Index for non-ferrous metals [1] - The ETF has seen a net inflow of 2.94 billion yuan in the last 20 days, with a current scale of 13.315 billion yuan, making it the only non-ferrous industry ETF exceeding 10 billion yuan in size [1] Group 2 - Eight departments have issued the "Non-Ferrous Metal Industry Stabilization and Growth Work Plan (2025-2026)", targeting an average annual growth of around 5% in the industry's added value and a 1.5% annual growth in the production of ten non-ferrous metals [2] - Zijin Mining International has officially listed on the Hong Kong Stock Exchange with an issue price of 71.59 HKD, raising 3.49 billion shares, and saw its stock price surge by 64% on the first trading day [2] Group 3 - Spot gold has surpassed 3,850 USD, and with the Federal Reserve's interest rate cuts, frequent supply disruptions in commodities, and the seasonal demand in China, industrial metal prices are expected to continue rising [3]

Core Viewpoint - The article discusses the rising cobalt prices driven by government intervention in the Democratic Republic of Congo (DRC), which is expected to benefit the DRC government and impact the global electric vehicle (EV) market significantly. Group 1: Cobalt Market Dynamics - Cobalt prices have experienced two significant cycles of volatility since 2016 due to supply-demand mismatches [2] - From May 2022 to early 2025, cobalt prices entered a downward phase due to slowing demand for EVs and increased competition from lithium iron phosphate (LFP) batteries [4] - The DRC government has intervened in the cobalt market since 2025, controlling supply to create an upward price cycle [5][6] Group 2: Government Intervention - The DRC, as the largest cobalt supplier, accounted for over 75% of global cobalt supply in 2024, with reserves of 6 million tons [6] - The DRC government imposed temporary export bans on cobalt in 2025, leading to a price rebound of over 100% from its lowest point [7] - The DRC has extended the export ban and introduced a quota system, limiting exports to 9.66 million tons in 2026 and 2027, significantly below its production capacity [8] Group 3: Price Projections - Analysts predict that cobalt prices could reach between 400,000 to 500,000 yuan per ton due to the supply constraints imposed by the DRC government [8] - The global demand for cobalt is expected to grow, with projected requirements of 248,000 tons in 2025 and 329,000 tons in 2027, indicating a widening supply-demand gap [8] Group 4: Impact on Battery Technology - The rising cobalt prices are likely to negatively impact the nickel-cobalt-manganese (NCM) battery route while benefiting LFP battery manufacturers [18] - The cost increase in cobalt could lead to a rise of over 10,000 yuan in battery costs for each EV, affecting automaker profit margins and consumer choices [18] - Companies are exploring alternative battery technologies to reduce cobalt dependency, such as high-nickel low-cobalt batteries [19][20] Group 5: Recycling and Market Opportunities - Cobalt recycling companies are expected to benefit from rising prices, with companies like Greeenme's cobalt recycling business showing improved profitability [21] - The current cobalt price crisis serves as a catalyst for industry upgrades and a lesson for the Chinese EV sector [22] Group 6: Investment Opportunities - The DRC government's intervention in the cobalt market suggests a sustained upward price trend, making cobalt price tracking crucial for investors [23] - Historical performance of cobalt producers like Huayou Cobalt during previous price cycles may provide insights for current investment strategies [23]

Core Viewpoint - The phosphoric chemical sector continues to strengthen, with significant stock price increases observed in several companies, indicating a bullish trend in the industry [1] Company Performance - HeBang Bio has reached the daily limit increase in stock price [1] - Other companies such as Luoyang Molybdenum, Chuanheng Co., Zhongwei Co., Hubei Yihua, Xinhua Co., and Chuanfa Longmang have also experienced stock price increases [1]

市场行情回顾：截止到9月26日周五收市：本周上证指数+0.21%，报3828.11点；沪深 300指数+1.07%，报4550.05点；SW有色金属行业指数+3.52%，报6752.28点。分子行业来 看，本周有色金属行业5个二级子行业中，工业金属、贵金属、小金属、能源金属、金属新 材料较上周变动幅度分别为+5.15%、+5.55%、-0.91%、+3.20%、-1.06%。 中国银河近日发布有色金属行业周报：截止到9月26日周五收市：本周上证指数 +0.21%，报3828.11点；沪深300指数+1.07%，报4550.05点；SW有色金属行业指数+3.52%， 报6752.28点。分子行业来看，本周有色金属行业5个二级子行业中，工业金属、贵金属、小 金属、能源金属、金属新材料较上周变动幅度分别为+5.15%、+5.55%、-0.91%、 +3.20%、-1.06%。 以下为研究报告摘要： 核心观点 降出口钴9.66万吨，其中9600吨为"战略配额"。2024年刚果（金）钴产量22万，占全球总产 量的近76%；出口量20万吨。在刚果（金）施行出口配额政策后，2026年刚果（金）钴最大 可出口量或将仅为202 ...

Group 1 - Recent global copper production has faced significant disruptions due to natural disasters, with Freeport's Grasberg mine in Indonesia expected to see a 35% drop in copper output by 2026, translating to a reduction of 270,000 tons from previous plans [1] - The Kamoa-Kakula mine in the Democratic Republic of Congo has reduced output by 150,000 tons due to seismic activity, while Chile's El Teniente mine has halted production due to a collapse [1] - Following these disruptions, U.S. copper stocks saw gains, with Hudbay Minerals rising nearly 8%, and copper futures on COMEX increased by 2.94% to $4.9120 per pound [1] Group 2 - Bank of America forecasts that operational issues at major copper mines will lead to lower actual production in the next two years, with a supply gap of 270,000 tons expected next year due to the Grasberg mine's shutdown [2] - European demand is recovering, and Chinese demand is stabilizing, putting pressure on copper supply, prompting an upward revision of copper price forecasts to $11,313 per ton for next year and $13,500 per ton for 2027 [2] Group 3 - Goldman Sachs indicates that upgrades in electrical grids and AI demand will drive copper prices higher [3] - Huatai Securities notes that while supply disruptions have been frequent since 2025, the most significant impacts are from the Kamoa-Kakula and Grasberg mines, with a potential combined supply reduction of 400,000 tons by 2026, which could significantly improve the copper supply-demand balance [3] - The expectation of increased copper demand due to AI infrastructure, along with ongoing supply disruptions and a favorable monetary environment, suggests a potential bullish trend for copper prices [3] Group 4 - Related companies in the copper mining sector include Luoyang Molybdenum (03993), Zijin Mining (02899), China Nonferrous Mining (01258), Minmetals Resources (01208), Jiangxi Copper (00358), and China Railway (00390) [4]

Core Viewpoint - The article highlights the release of the "Mechanical Industry Stabilization and Growth Work Plan (2025-2026)" by six government departments, aiming to promote high-quality development in the manufacturing sector, particularly in key areas such as industrial mother machines, agricultural machinery, and robotics [1][3][6]. Group 1: Policy Initiatives - The plan aims for the mechanical industry to maintain a stable and positive trend, targeting an average annual revenue growth rate of approximately 3.5%, with total revenue exceeding 10 trillion yuan by 2025-2026 [3]. - Specific measures include enhancing major technological renovations and large-scale equipment updates, focusing on replacing outdated equipment with more efficient and environmentally friendly alternatives [3][4]. - The plan emphasizes the promotion of intelligent manufacturing and the integration of new technologies such as artificial intelligence and quantum technology into equipment development [6][7]. Group 2: Market Response - Following the announcement, the robotics sector saw significant activity in the stock market, with nearly 20 related stocks hitting the daily limit or rising over 10% [2][8]. - The non-ferrous metals sector also experienced a collective surge, with an overall increase of more than 3.7% on the same day, driven by supportive policies in various industries [2]. Group 3: Industry Development Focus - The plan outlines the need to cultivate competitive small and medium-sized enterprises and industry clusters with international competitiveness, particularly in high-tech fields [3][7]. - It encourages the development of new economic models such as the "first economy," "ice and snow economy," and "smart tourism," expanding the application of specialized robots and smart equipment [5][6]. - The initiative aims to enhance the integration of artificial intelligence in healthcare, promoting the use of smart medical equipment and robotics in various healthcare scenarios [5][6].

Market Performance - The Hong Kong stock market experienced a significant rise, with the Hang Seng Index closing up 1.89% at 26,622.88 points and a total trading volume of HKD 309.1 billion [1] - The Hang Seng Tech Index increased by 2.08%, closing at 6,324.25 points, while the Hang Seng China Enterprises Index rose by 1.62% to 9,454.12 points [1] Blue-Chip Stocks - Alibaba (09988) saw a notable increase of 4.14%, closing at HKD 173.4, contributing 104.49 points to the Hang Seng Index [2] - Morgan Stanley raised its forecast for Alibaba's capital expenditure for FY2026-2028 from RMB 100-108 billion to RMB 130-135 billion, citing growth in Alibaba Cloud [2] - Other blue-chip stocks like New Oriental (09901) and Zijin Mining (02899) also performed well, with increases of 7.86% and 5.86% respectively [2] Sector Performance - Large technology stocks generally rose, with Kuaishou and Alibaba both up over 4%, while Xiaomi saw a decline of 2.01% [3] - The financial sector showed strong performance, with Huatai Securities (06886) up 12.55% and other major brokerages also experiencing significant gains [3] - The metals sector performed well, with stocks like Zhaojin Mining (01818) and Ganfeng Lithium (01772) rising by 6.68% and 6.55% respectively [4][5] Policy and Economic Outlook - The central bank emphasized the need for a moderately loose monetary policy to boost credit and investment in the financial sector [4] - The A-share margin trading balance reached a historical high, indicating increased trading activity and potential for growth in brokerage earnings [4] Emerging Trends - The demand for energy storage is strong, with leading battery companies operating at full capacity and orders extending into next year [7] - The new energy storage installation target for 2027 is set at 180 million kilowatts, which is expected to drive an investment of approximately RMB 250 billion [7] - The gaming and tourism sectors are anticipated to benefit from the upcoming National Day holiday, with hotel occupancy rates nearing 90% [8] Notable Stock Movements - Ubiquitous Robotics (09880) reported a significant contract worth RMB 30 million for its humanoid robots, indicating strong demand in the robotics sector [6] - Lai Kai Pharmaceutical (02105) saw an increase of 11.16% after positive results from its obesity treatment trials [10] - Xiaomi (01810) faced a decline of 2.01% due to a downward revision in expected shipments for its 17 series smartphones [11]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has shown a significant increase in stock price, reflecting positive market sentiment and investor interest in the company’s operations in rare metals [1] Company Overview - Luoyang Molybdenum Co., Ltd. was established on December 22, 1999, and listed on October 9, 2012. The company is primarily engaged in the mining, selection, deep processing, trading, and research of rare metals such as molybdenum, tungsten, and gold [1] - The company’s main business revenue composition includes: refined metal product trading (48.56%), concentrate product trading (38.31%), copper (27.14%), cobalt (6.04%), molybdenum (3.12%), phosphorus (2.23%), niobium (1.88%), tungsten (1.17%), and others (0.11%) [1] Fund Holdings - According to data, one fund under Jianxin Fund has a significant holding in Luoyang Molybdenum. Jianxin Health and Livelihood Mixed A (000547) held 1,084,100 shares in the second quarter, accounting for 2.2% of the fund's net value, making it the eighth largest holding [2] - The fund has achieved a year-to-date return of 28.9% and a one-year return of 37.76%, ranking 3,524 out of 8,080 in its category [2] Fund Manager Performance - The fund manager of Jianxin Health and Livelihood Mixed A is Ma Muqing, who has been in the position for 3 years and 277 days. The total asset size of the fund is 1.342 billion yuan, with the best return during the tenure being 57.31% and the worst being -1.24% [3]