Market Overview - The A-share market opened lower on September 25, with the Shanghai Composite Index slightly up by 0.16% and the ChiNext Index rising by 2.22%, reaching a three-year high [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 1.54 trillion yuan, an increase of 134.8 billion yuan compared to the previous trading day [1] Key Stocks - Contemporary Amperex Technology Co., Limited (CATL) saw a rise of approximately 5%, surpassing Kweichow Moutai in total market capitalization. A brokerage report indicated that CATL's battery production capacity could reach 1000 GWh by 2026, a 43% increase from 2025, exceeding market expectations [1] - Morgan Stanley raised its profit forecast for CATL by about 10% for 2025-2026 due to higher-than-expected demand for energy storage batteries, leading to supply tightness and price increases [1] Sector Performance - AI hardware and applications sectors experienced significant gains, with Inspur Information hitting a historical high and Huqin Technology reaching its limit up [1] - The controllable nuclear fusion concept stocks also saw a surge, with Hezhong Intelligent Technology achieving two consecutive limit-ups in four days [1] - The non-ferrous metals sector was active, with stocks like Northern Copper and Luoyang Molybdenum hitting their limit-ups [1] - Conversely, the port shipping sector faced collective declines, with Nanjing Port dropping over 8%, and the real estate sector also saw a downturn, with Dalong Real Estate hitting its limit down [1][3] Institutional Insights - China Galaxy Securities noted that the upcoming overseas promotional season could boost panel procurement, which is a leading indicator of TV demand. The global TV panel shipment volume reached 22.3 million units in August 2025, a year-on-year increase of 7.6% [4] - CITIC Securities expressed optimism regarding the long video industry, anticipating substantial benefits from new regulations aimed at enriching TV content, which could enhance the performance of long video platforms and quality content production companies [4] - Huatai Securities highlighted that electronic cloth is a key material in the PCB-CCL industry chain, with AI trends driving upgrades in high-end PCBs and related materials. They predict a supply shortage for various special electronic cloth products until 2026 [5] Global Steel Production - The World Steel Association reported that global crude steel production in August reached 145.3 million tons, a year-on-year increase of 0.3%. Notably, production in the Middle East rose by 21.5% [6] Corporate Developments - Changjiang Storage's parent company, Changcun Group, completed its share reform, indicating a comprehensive upgrade in corporate governance structure [7] - JD.com's CEO Xu Ran announced plans for continued investment in artificial intelligence over the next three years, aiming to create a trillion-yuan AI ecosystem [8]

Group 1 - The Hang Seng Index rose by 0.43%, gaining 115 points to reach 26,633 points, while the Hang Seng Tech Index increased by 1.91% with a morning trading volume of HKD 175.8 billion [1] - Contemporary Amperex Technology Co., Limited (CATL) saw its stock price increase by over 5%, reaching a new high since its listing, with Credit Lyonnais raising its target price to HKD 670 [1] - JD Group's stock rose by over 6%, with plans to invest continuously over the next three years to develop a trillion-scale artificial intelligence ecosystem [1] Group 2 - Luoyang Molybdenum Co., Ltd. experienced a 13% increase, reaching a new high, amid supply disruptions in cobalt and copper, and announced a HKD 5 billion equity incentive plan [2] - Zijin Mining Group Co., Ltd. rose by over 6%, benefiting significantly from rising gold and copper prices, with its subsidiary expected to be the second-largest IPO globally this year [2] - Semiconductor stocks continued their upward trend, with Alibaba announcing an expansion in AI capital expenditure, and Goldman Sachs optimistic about long-term demand growth for Chinese AI chips; Hua Hong Semiconductor rose by over 6%, while SMIC increased by nearly 2% [2] Group 3 - China Everbright Holdings Co., Ltd. surged by over 21%, with a cumulative increase of 110% in stock price this year, focusing on key industries including artificial intelligence and semiconductors [3] Group 4 - Jinli Permanent Magnet Co., Ltd. rose by over 6%, with the robotics industry expected to see multiple catalysts, as the company has made early investments in the robotics sector [4] Group 5 - Shanghai Electric Group Co., Ltd. increased by over 6%, with new breakthroughs in the nuclear fusion sector and continued advancements in emerging industries [5] Group 6 - Chery Automobile Co., Ltd. saw its stock price rise by over 8% on its first day of listing [6] Group 7 - Changfei Optical Fiber and Cable Co., Ltd. fell by over 2%, as its former largest shareholder liquidated 23.73% of its shares within six months [7]

来源：新浪港股 洛阳钼业（03993）AH股早盘均创历史新高，A股涨停，H股盘中大涨15%，创新高；截至发稿，股价 上涨13.65%，现报14.24港元，成交额14.19亿港元。 9月23日晚，洛阳钼业发布一项重磅股权激励计划，拟建立H股受限制股票计划，在计划有效期之内向 激励对象授予不超过3.93亿股H股股份用于股权激励，上限约占已发行港股总数的10%。以当日收盘价 每股12.760港元计算，此次激励的总计划金额达50亿港元，约占公司港股总市值的1.8%。据悉，这是港 股近几年规模最大的股权激励计划之一。 ...

Group 1 - A-shares saw 43 stocks hitting the daily limit up and 6 stocks hitting the limit down on September 25 [1] - The non-ferrous metal sector was particularly active, with Jingyi Co. achieving a two-day limit up, and Luoyang Molybdenum and Northern Copper also hitting the limit up [1] - Notable continuous limit up stocks include *ST Yatai with 13 limit ups in 14 days, Huasoft Technology with 5 consecutive limit ups, and Lanfeng Biochemical with 4 consecutive limit ups [1] Group 2 - *ST Gaohong experienced a continuous limit down for 10 days, while ST Fuhua faced a 3-day limit down [1] - Other stocks facing limit down include *ST Gaosi and Taimushi with 2 consecutive limit downs, and Fulongma and Dazhong Public Utilities hitting the limit down [1]

主力资金早间净流入计算机、电力设备、机械设备等板块，净流出交通运输、房地产、银行等板块。具 体到个股来看，浪潮信息、华工科技、洛阳钼业获净流入37.84亿元、28.91亿元、23.15亿元。净流出方 面，和而泰、立讯精密、胜宏科技遭抛售18.10亿元、9.07亿元、7.21亿元。 ...

智通财经APP获悉，洛阳钼业(03993)AH股早盘均创历史新高，截至发稿，A股涨停，H股涨14.53%，报 14.35港元，成交额13.62亿港元。 值得注意的是，9月23日晚，洛阳钼业发布一项重磅股权激励计划，拟建立H股受限制股票计划，在计 划有效期之内向激励对象授予不超过3.93亿股H股股份用于股权激励，上限约占已发行港股总数的 10%。以当日收盘价每股12.760港元计算，此次激励的总计划金额达50亿港元，约占公司港股总市值的 1.8%。据悉，这是港股近几年规模最大的股权激励计划之一。 消息面上，刚果金钴出口政策于9月21日正式落地，包括延长钴出口禁令至2025年10月15日，随后将实 施出口配额，2026至2027年配额将为正常产量的40%。此外，Freeport公司表示，由于发生致命泥流事 故，印度尼西亚格拉斯伯格铜矿的采矿作业自9月8日起已暂时停止，该矿山可能要到2027年才能恢复到 事故前的运营水平。 ...

据天眼查APP显示，洛阳栾川钼业集团股份有限公司成立于1999年12月22日。注册资本427886.20352万 人民币。（数据宝）注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （原标题：洛阳钼业成交额创2022年6月23日以来新高） 数据宝统计，截至11:00，洛阳钼业成交额68.53亿元，创2022年6月23日以来新高。最新股价上涨 9.98%，换手率2.85%。上一交易日该股全天成交额为18.63亿元。 ...

消息面上，刚果金钴出口政策于9月21日正式落地，包括延长钴出口禁令至2025年10月15日，随后将实 施出口配额，2026至2027年配额将为正常产量的40%。此外，Freeport公司表示，由于发生致命泥流事 故，印度尼西亚格拉斯伯格铜矿的采矿作业自9月8日起已暂时停止，该矿山可能要到2027年才能恢复到 事故前的运营水平。 值得注意的是，9月23日晚，洛阳钼业发布一项重磅股权激励计划，拟建立H股受限制股票计划，在计 划有效期之内向激励对象授予不超过3.93亿股H股股份用于股权激励，上限约占已发行港股总数的 10%。以当日收盘价每股12.760港元计算，此次激励的总计划金额达50亿港元，约占公司港股总市值的 1.8%。据悉，这是港股近几年规模最大的股权激励计划之一。 洛阳钼业（603993）(03993)AH股早盘均创历史新高，截至发稿，A股涨停，H股涨14.53%，报14.35港 元，成交额13.62亿港元。 ...

Group 1 - The niobium concept sector has seen a significant increase, with Luoyang Molybdenum Co., Ltd. reaching its daily limit up [1]

Industry Overview - The non-ferrous metals sector is experiencing favorable policies and supply-demand dynamics, with tight copper supply supporting prices and "anti-involution" policies expected to improve the smelting and processing landscape [1] - Domestic growth stabilization policies and the U.S. entering a rate-cutting cycle are anticipated to enhance demand, leading to a potentially strong copper price trend [1] - China holds a leading advantage in rare earth resources, smelting, and downstream magnetic materials, with developments in humanoid robots and new energy sectors providing new demand momentum [1] Company Performance - Luoyang Molybdenum Co. reported impressive performance in the first half of 2025, achieving a net profit of 8.671 billion yuan, a year-on-year increase of 60.07%, marking a historical high for the period [2] - The company produced 353,600 tons of copper, a 12.68% year-on-year increase, also a historical high for the same period, supported by the TFM and KFM projects [2] - Luoyang Molybdenum completed the acquisition of the Ecuadorian Cangrejos gold mine, further diversifying its product matrix [2] Market Dynamics - The silicon carbide price increased by 5.7% this week, reaching a three-month high, while high-purity gallium prices rose by 1.1%, indicating a recovery in demand for high-end electronic materials [2] - The lithium concentrate price at China's ports rose by 3.71%, and the price of praseodymium-neodymium oxide remains at a 19-month high, suggesting that some rare metal raw materials are still in a favorable market condition [2] ETF Performance - As of September 25, 2025, the CSI Rare Metals Theme Index rose by 1.44%, with the Rare Metals ETF (159608) increasing by 1.53%, peaking over 2% during trading [3] - The top ten weighted stocks account for 57.58% of the index, with Luoyang Molybdenum rising by 7.29% and hitting the daily limit [3] - The Rare Metals ETF has seen a significant growth of 17.1 million yuan in the past month, with net inflows on 10 out of the last 18 trading days, totaling 14.5 million yuan [3]