Group 1: Market Overview - The non-ferrous metal sector experienced a significant rise, with major companies like Zijin Mining and Luoyang Molybdenum seeing substantial gains [1][4] - The oil and gas extraction sector also strengthened, with "three major oil companies" collectively rising, including China National Offshore Oil Corporation increasing over 7% [8] - The overall market sentiment towards resource stocks extended to other cyclical sectors such as chemicals, steel, and coal, all of which saw upward movement [1][11] Group 2: Specific Sector Performance - Precious metals led the gains in the non-ferrous metal sector, with stocks like Zhaojin Mining, Sichuan Gold, and Hunan Gold hitting the daily limit [5][7] - The chemical sector benefited from price increase themes, with specific products like epoxy propylene and glyphosate seeing price hikes [11][12] - The semiconductor sector was also active, with companies like Zhongwei Semiconductor rising over 14% after announcing price increases of 15%-50% for certain products due to supply chain pressures [14] Group 3: Economic Indicators - The US dollar index fell significantly, reaching a near four-year low, influenced by market speculation regarding potential currency interventions by the US and Japan [10] - Analysts predict that oil prices may see a bottoming out and potential recovery in mid-2026, driven by demand recovery and global inventory accumulation [10]

还值得注意的是，洛阳钼业1月25日公告称，公司曾于2025年12月15日披露收购金矿项目，通过控股子公司收购加拿大EquinoxGoldCorp.旗下Aurizona金 矿、RDM金矿、Bahia综合矿区100%权益。北京时间2026年1月23日，该收购完成交割。交易涉及金矿含黄金资源量501.3万盎司，平均品位1.88g/t；储量 387.3万盎司，平均品位1.45g/t。2026年黄金预计年化产量6~8吨，将增厚公司资源储备。 杰富瑞近日发表研报指，洛阳钼业去年12月宣布收购Equinox Gold公司在巴西的黄金资产组合，收购对价最高约为10亿美元。相关交易已经完成。该行的 资产净值分析显示，其隐含金价约为每盎司3320美元。公司在去年中期业务更新时表示，黄金将成为公司继铜以外的另一个业务支柱。管理层认为，以 是次收购约10亿美元的成本计算，预期将获得合理回报，并对黄金持建设性看法。该行预计巴西及厄瓜多尔项目在全面达产后，黄金产量每年将达20 吨。在不考虑进一步扩产或收购的情况下，估计黄金将占洛阳钼业2026年毛利的5%至6%，并于2030年提升至10%以上。管理层初步目标到2030年将黄金 产量翻倍， ...

Core Viewpoint - The report from Jefferies highlights that Luoyang Molybdenum (603993) has completed the acquisition of Equinox Gold's gold assets in Brazil for a maximum consideration of approximately $1 billion, with a positive outlook on gold as a new business pillar alongside copper [1] Group 1: Acquisition Details - The acquisition price for the gold assets is up to $1 billion, and the transaction has been completed [1] - The implied gold price from the asset net value analysis is approximately $3,320 per ounce, compared to the current spot gold price exceeding $5,000 [1] Group 2: Financial Projections - Jefferies sets a target price of HKD 25.9 for Luoyang Molybdenum's H-shares and CNY 26.7 for its A-shares, both with a "Buy" rating [1] - The company expects to achieve reasonable returns from the acquisition, with management expressing a constructive view on gold [1] Group 3: Operational Efficiency and Cost Reduction - Management aims to reduce operational costs of the acquired assets through synergies and efficiency improvements, leveraging competitive procurement and supply chain management [1] Group 4: Long-term Gold Production Goals - Jefferies estimates that gold production from the Brazil and Ecuador projects will reach 20 tons annually once fully operational [1] - Gold is projected to contribute 5% to 6% of Luoyang Molybdenum's gross profit by 2026, increasing to over 10% by 2030, with a goal to double gold production primarily through acquisitions [1]

Core Viewpoint - The report from Jefferies highlights that Luoyang Molybdenum (03993) has completed the acquisition of Equinox Gold's gold asset portfolio in Brazil for up to $1 billion, with an implied gold price of approximately $3,320 per ounce, significantly lower than the current spot gold price exceeding $5,000 per ounce [1] Group 1: Acquisition Details - The acquisition of Equinox Gold's assets has been finalized, with a maximum consideration of $1 billion [1] - The implied gold price from the asset valuation is around $3,320 per ounce, compared to the current market price of over $5,000 per ounce [1] Group 2: Company Strategy and Outlook - Management views gold as a new business pillar alongside copper, expecting reasonable returns from the acquisition [1] - The company aims to reduce operational costs of the acquired assets through synergies and efficiency improvements, leveraging competitive procurement and supply chain management [1] Group 3: Production and Financial Projections - Jefferies estimates that gold production from the Brazil and Ecuador projects will reach 20 tons annually once fully operational [1] - Gold is projected to contribute 5% to 6% of Luoyang Molybdenum's gross profit by 2026, increasing to over 10% by 2030, with a goal to double gold production primarily through acquisitions [1]

Group 1 - The small metal sector saw a rise on January 28, 2026, with the China Rare Metals Theme Index increasing by 0.23%, and notable stock performances included Dongfang Tantalum Industry up by 8.41%, Zhuhai Group up by 5.25%, and others [1] - Tungsten concentrate prices approached 550,000 RMB per ton, ammonium paratungstate prices exceeded 800,000 RMB, and tungsten powder prices surpassed 1,300,000 RMB [1] - Industrial-grade lithium carbonate prices reached 168,000 RMB per ton with a weekly increase of 9.80%, while lithium iron phosphate prices rose by 4.43% compared to January 4 [1] Group 2 - Longcheng Securities estimated that the static cost share of lithium carbonate, rare earths, and antimony in downstream applications is nearing historical highs, with a demand growth rate of over 10% expected in sensitive sectors like wind power in 2026 [1] - The auction price for lithium spodumene concentrate from Wodgina reached 16,852 RMB per dry ton, indicating a significant premium for overseas lithium resources [1] - The Congolese government submitted a shortlist of state-owned mineral assets to the U.S., highlighting ongoing geopolitical supply disruptions that reinforce the scarcity of strategic metals [1] Group 3 - As of December 31, 2025, the top ten weighted stocks in the China Rare Metals Theme Index included Luoyang Molybdenum, Northern Rare Earth, and others, accounting for 59.54% of the total index [2] - The Rare Metals ETF (562800) tracks the China Rare Metals Theme Index, providing a convenient tool for investing in the rare metals sector [3] - Investors can also explore investment opportunities in the rare metals sector through the Rare Metals ETF linked fund (014111) [4]

Group 1 - The core point of the article is that Luoyang Molybdenum has successfully exported cobalt products from the Democratic Republic of the Congo (DRC) [1] - The DRC is the largest cobalt producer globally, accounting for over 70% of the world's production [2] - In response to a surplus in the global cobalt market, the DRC's Strategic Mineral Market Regulatory Authority announced a four-month suspension of cobalt exports in February 2025, which was later extended for three months [2] - The DRC lifted the cobalt export ban in September 2025 and implemented a quota export system starting October 15 [2] - Luoyang Molybdenum received a cobalt export quota of 6,650 tons for the fourth quarter of 2025, as disclosed by the DRC [2] - The company is following the DRC government's procedures to implement various export arrangements [2]

要是你觉得它只是趁金价涨捞一笔就走，那可太小看它的算盘了。洛阳钼业早就盘算好了如何拿捏金矿 的话语权。早在去年五月，它就悄悄布下了另一枚大棋，拿下了厄瓜多尔的一座金矿，那边3年后投 产，每年又能多贡献11.5吨左右的黄金。 (文案 | 王晓潇、出镜 | 刘相君、剪辑 | 刘相君) 一手抓巴西的"当下收益"，稳赚眼前钱，一手赌厄瓜多尔的"未来潜力"，一布局好几年后，这牌打得既 有速度又有纵深。 金价又又又涨了！现货黄金一度冲破5100美元/盎司，涨得让人目瞪口呆，连高盛都连夜改稿，把预期 直接喊到了5400美元。 肯定有人要问了，洛阳钼业豪掷百亿买矿的底气哪来的？翻开它的家底就明白了，它的老本行——铜、 钴、钼这些金属，过去一年简直全面开挂。铜价涨幅近40%；钴的价格更夸张，从低位强势反弹，单单 去年四季度就飙涨四成多，势头猛得吓人。靠着这些主业的爆发，2025年归母净利润直接突破200亿大 关，同比增长50%，有这样的账本撑腰，买矿自然毫不手软。 你是不是一边刷着新闻心跳加速，一边纠结囤金条还是蹲回调？殊不知真正的狠人，已经直接对金矿下 手了。说的就是最近在大A很火的洛阳钼业。当普通人还在为金价震荡心跳加速时 ...

Core Viewpoint - Jefferies reports that Luoyang Molybdenum announced the acquisition of Equinox Gold's gold asset portfolio in Brazil for up to $1 billion, and the transaction has been completed [1] Group 1: Acquisition Details - The acquisition price is approximately $1 billion, with an implied gold price of about $3,320 per ounce, compared to the current gold price exceeding $5,000 and the year-to-date average price above $4,500 [1] - Management views gold as a new business pillar alongside copper, expecting reasonable returns from this acquisition [1] Group 2: Long-term Production Goals - Jefferies estimates that once fully operational, the gold production from the Brazil and Ecuador projects will reach 20 tons annually [1] - Without considering further expansions or acquisitions, gold is projected to account for 5% to 6% of Luoyang Molybdenum's gross profit by 2026, increasing to over 10% by 2030 [1] - The management's preliminary goal is to double gold production by 2030, primarily through mergers and acquisitions [1] Group 3: Stock Ratings - Jefferies sets a target price of HKD 25.9 for Luoyang Molybdenum's H-shares and CNY 26.7 for its A-shares, both with a "Buy" rating [1]

Core Viewpoint - The acquisition of Equinox Gold's gold asset portfolio in Brazil by Luoyang Molybdenum (3993.HK) for up to $1 billion is expected to enhance the company's business structure, positioning gold as a new pillar alongside copper [1] Group 1: Acquisition Details - The acquisition was announced in December last year and has been completed [1] - The implied gold price from the asset net value analysis is approximately $3,320 per ounce, compared to the current spot gold price exceeding $5,000, with an average price above $4,500 year-to-date [1] Group 2: Management's Perspective - Management anticipates reasonable returns from the $1 billion acquisition cost and holds a constructive view on gold [1] - There is an expectation to reduce operational costs of the acquired assets through synergies and efficiency improvements, as well as enhanced competitive procurement and supply chain management [1]

【洛阳钼业完成巴西金矿项目交割 涉黄金资源量逾500万盎司】#专家普遍看好黄金中长期走势##避险 情绪集中释放推升金价# 1月25日，洛阳钼业（603993.SH、03993.HK）宣布完成对此前披露的巴西金矿 项目收购的交割。 2025年6月，洛阳钼业完成对厄瓜多尔奥丁金矿的并购，正式布局黄金资源。巴西金矿资产是洛阳钼业 在黄金领域的又一重要布局，有利于推动其"铜+黄金"战略落地。 洛阳钼业方面表示持续看好黄金市场前景，目前正在积极寻找更多扩张机会。其于1月19日发行12亿美 元可转债，为后续并购提供更加充足的资金，未来将持续加强资源获取，推动黄金业务的长期稳健发 展。#银价狂飙的原因找到了##洛阳钼业 sh603993[股票]# 中经记者 李哲 北京报道 《中国经营报》记者获悉，洛阳钼业于2025年12月15日披露，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，该交易已于1月23日正式完成。 洛阳钼业方面表示，上述金矿资产包含黄金资源量501.3万盎司（约156吨），平均品位1.8 ...