Core Viewpoint - Luoyang Molybdenum Co., Ltd. is a major player in the non-ferrous metals mining industry, focusing on the production of molybdenum, tungsten, cobalt, and gold, with significant growth in precious metals business contributing to revenue and profit [2][7]. Company Overview - Luoyang Molybdenum is the second-largest cobalt producer globally, with cobalt products sold in international markets [2]. - The company operates a comprehensive integrated industrial chain in the non-ferrous metals mining sector, ranking among the top five molybdenum producers and the largest tungsten producer, as well as being a leading copper producer [2]. - The company has a diversified revenue structure, with refined metal product trade accounting for 48.56%, followed by concentrate product trade at 38.31%, and other metals including copper, cobalt, and molybdenum contributing smaller percentages [7]. Recent Developments - In 2023, the company reported a gold equity production guidance of 25,000 to 27,000 ounces, representing a year-on-year increase of 56% to 69% [3]. - The company has successfully completed the acquisition of Odin Mining in Ecuador, aiming for production before 2029 [3]. - As of September 30, 2025, the company achieved a revenue of 145.49 billion yuan, a decrease of 5.99% year-on-year, while net profit attributable to shareholders increased by 72.61% to 14.28 billion yuan [8]. Market Activity - On January 12, the company's stock price decreased by 0.40%, with a trading volume of 6.773 billion yuan and a turnover rate of 1.72% [1]. - The stock's average trading cost is reported at 15.44 yuan, with a current price near a resistance level of 23.33 yuan, indicating potential for upward movement if this level is surpassed [6]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 304,200, reflecting a growth of 28.08% [8]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable changes in holdings among the top shareholders [9].

Group 1 - On January 9, Luoyang Molybdenum Co., Ltd. saw a stock price increase of 5.07% with a trading volume of 5.808 billion yuan. The financing buy amount was 488 million yuan, while the financing repayment was 490 million yuan, resulting in a net financing outflow of 1.2631 million yuan. The total financing and securities lending balance reached 3.702 billion yuan as of January 9 [1] - The financing balance of Luoyang Molybdenum on January 9 was 3.674 billion yuan, accounting for 0.92% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing [1] - In terms of securities lending, on January 9, Luoyang Molybdenum repaid 9,400 shares and sold 96,600 shares, with a selling amount of 2.2005 million yuan based on the closing price. The remaining securities lending volume was 1.2203 million shares, with a balance of 27.7984 million yuan, also exceeding the 90th percentile level over the past year [1] Group 2 - Luoyang Molybdenum Co., Ltd. was established on December 22, 1999, and listed on October 9, 2012. The company primarily engages in the mining, selection, deep processing, trading, and research of rare metals such as molybdenum, tungsten, and gold [2] - The 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%) [2] - As of September 30, 2025, Luoyang Molybdenum achieved an operating income of 145.485 billion yuan, a year-on-year decrease of 5.99%, while the net profit attributable to shareholders increased by 72.61% to 14.280 billion yuan [2] Group 3 - Luoyang Molybdenum has distributed a total of 21.562 billion yuan in dividends since its A-share listing, with cumulative distributions of 10.576 billion yuan over the past three years [3] - As of September 30, 2025, among the top ten circulating shareholders of Luoyang Molybdenum, Hong Kong Central Clearing Limited held 669.5 million shares, an increase of 47.472 million shares compared to the previous period. Meanwhile, Huaxia SSE 50 ETF and Huatai-PB CSI 300 ETF saw reductions in their holdings [3]

Group 1: Copper Market Dynamics - Major tech companies like Microsoft, Google, Amazon, and Meta are significantly increasing their investments in AI data centers, which heavily rely on copper for power transmission, AI computing clusters, and high-performance networking equipment, creating a new demand engine for the copper market [1] - Goldman Sachs has revised its short-term copper price forecast for the first half of 2026 from $11,525 per ton to $12,750 per ton, citing a "scarcity premium" and market revaluation due to insufficient inventory outside the US [1] - Despite the upward revision, Goldman Sachs maintains a cautious outlook, stating that prices above $13,000 per ton are unlikely to be sustainable in the long term, keeping its fourth-quarter 2026 LME copper price forecast at $11,200 per ton [1] Group 2: Investment Insights and Company Performance - CITIC Securities analysts believe that the copper market is driven by the transition of global order, suggesting that copper will continue to rise, with $13,000 not being the peak, and they are optimistic about the odds for copper prices in 2026 [2] - The copper market is currently experiencing a technical correction after reaching historical highs, but structural demand is expected to provide strong support for prices [2] - Companies in the copper mining sector, such as Luoyang Molybdenum (03993), Zijin Mining (02899), Jiangxi Copper (00358), and Minmetals Resources (01208), are highlighted as key players in the market [2] Group 3: Company Announcements - China Nonferrous Mining (01258) announced that the Qianbixi Southeast mine will complete its repair work by December 2025 and is set to resume production on January 1, 2026, with an expected total copper output of approximately 484,000 tons in 2026 [3] - The company anticipates producing about 134,000 tons of cathode copper and 350,000 tons of crude/anode copper, although production may decline due to planned maintenance at its smelting facilities [3] - The company projects to produce approximately 155,000 tons of copper from its own mines, along with 900,000 tons of sulfuric acid, 100,000 tons of liquid sulfur dioxide, and 600 tons of cobalt hydroxide containing cobalt [3]

Group 1: Copper Market Dynamics - Copper prices surged to $13,387.5 per ton in early 2024, marking a 65% increase from last year's low, fundamentally altering perceptions of the commodity market [1] - The global demand for copper is projected to increase by 40% by 2040, driven by the growth of new industries such as electric vehicles and data centers, while supply chain disruptions have heightened concerns about availability [3] - The dual drivers of rising copper prices are a weak dollar environment and significant copper stockpiling by the U.S., exacerbated by the Federal Reserve's interest rate cuts [3] Group 2: Company Performance and Valuation - Luoyang Molybdenum Co. has seen its market capitalization reach a historical high of 378.6 billion yuan, with its stock price increasing by 243%, reflecting a market reassessment of its value [1] - The company’s copper production is expected to grow by 55% year-on-year in 2024, positioning it among the top ten copper producers globally, with further capacity expansion anticipated [5] - Despite a market cap exceeding 370 billion yuan and a profit surge of 72% in the first three quarters of 2025, the company's valuation remains below half of its historical average, indicating potential for continued growth [5] Group 3: Industry Challenges and Future Outlook - Geopolitical instability, particularly in Venezuela, poses risks to copper prices and could lead to volatility in the market, impacting both suppliers and buyers [7] - The evolving U.S. tax policies on copper imports introduce uncertainty that may pressure Chinese companies' exports, complicating the market landscape [7] - The strategic importance of copper is increasingly recognized, with the industry experiencing a significant transformation, suggesting that only companies with robust resources and capabilities will thrive [9]

Market Overview - A-shares showed strong performance with the Shanghai Composite Index breaking through 4100 points, closing at 4120.43 points, and trading volume exceeding 31,523 billion yuan, marking the sixth occurrence in history of trading volume surpassing 30 trillion yuan [1] - Hong Kong stocks lagged behind, with a slight increase of 0.32% [1] International Developments - The U.S. government is considering a cash incentive for Greenland residents to encourage their potential inclusion in the U.S., with discussions around distributing between 10,000 to 100,000 USD per person, totaling nearly 6 billion USD [1] - A joint military exercise named "Peace Intent-2026" involving China, Russia, and South Africa will take place in mid-January, highlighting a new security cooperation model among BRICS nations [1] Commodity and Metal Market - The U.S. dollar index surpassed 99, and the LMEX index for major base metals is expected to record its fourth consecutive week of gains, with copper and aluminum prices rising over 1% [2] - Companies like Luoyang Molybdenum (03993) and China Aluminum (02600) reached historical highs [2] AI and Technology Sector - MiniMax (00100) made a significant debut on the Hong Kong Stock Exchange, opening at 235.4 HKD, a 42.67% increase from its issue price of 165 HKD [2] - AI applications are thriving, with companies like Zhizhu (02513) seeing over a 20% increase in stock price, reaching a market cap of 720 billion HKD [2] Healthcare Innovations - OpenAI launched ChatGPT Health, a dedicated space for health-related conversations, which can integrate with electronic medical records [3] - Companies like iFlytek Medical Technology (02506) reported a significant increase in stock price, with their medical deep reasoning model achieving a 94% accuracy rate in diagnostic assistance [3] Aerospace and Automotive Sector - JunDa Co. (02865) and Goldwind Technology (02208) experienced initial surges in stock prices, while CIMC Anrui (03899) continues to perform well, with over 100 million RMB in revenue from aerospace-related business [4] - Black Sesame Intelligence (02533) secured a strategic investment of 500 million RMB, boosting its stock price by nearly 5% [4] Market Trends and Stock Movements - The price of crab-eating macaques has surged to 140,000 yuan each, leading to a 7% increase in shares of Zhaoyan New Drug (06127) due to market expectations [5] - Youjia Innovation (02431) repurchased 3,004,800 shares for approximately 44.88 million HKD, indicating confidence from cornerstone investors [5] Employment Data and Legal Decisions - The U.S. Labor Department is set to release December employment data, which is anticipated to be more reliable following the longest government shutdown in history [6] - The U.S. Supreme Court will make a final decision on the legality of tariffs imposed by former President Trump, which may have limited impact on the market [6] Mining Sector Developments - Rio Tinto and Glencore are in preliminary discussions regarding a potential merger, which could create the largest mining company with a market value exceeding 200 billion USD [7] - If the merger occurs, it may lead to increased concentration in the global resources sector, impacting companies like Luoyang Molybdenum (03993) and China Aluminum (02600) [7] Company Performance and Projections - Sanhua Intelligent Control (02050) expects a net profit of 3.87 to 4.65 billion yuan for 2025, representing a year-on-year increase of 25% to 50% [8] - The company is benefiting from growing demand for cooling components in data centers and is set to produce humanoid robots, with significant revenue contributions expected starting in 2026 [9]

Core Viewpoint - The non-ferrous metal sector in the Shanghai and Shenzhen markets is experiencing active performance, with several companies showing significant stock price increases today. Group 1: Company Highlights - Antai Technology: Latest stock price is 25.19 yuan with a daily increase of +10.00%. It is a leader in refractory metals and semiconductor equipment materials, holding a leading global market share in tungsten alloy multi-leaf gratings [1]. - Xiamen Tungsten: Latest stock price is 48.19 yuan with a daily increase of +10.00%. It possesses a complete tungsten industry chain and is the first in China to develop and produce tungsten components for nuclear fusion devices [2]. - Zhangyuan Tungsten: Latest stock price is 16.96 yuan with a daily increase of +8.44%. It is a domestic producer with a complete tungsten industry chain and has its own tungsten mine resources with nearly 95,000 tons of tungsten reserves [3]. - Tin Industry Co.: Latest stock price is 33.82 yuan with a daily increase of +7.81%. It operates as a full industry chain enterprise in non-ferrous metals [4]. - Zhong Rare Earth: Latest stock price is 64.22 yuan with a daily increase of +6.41%. It is a core platform of China Rare Earth Group, spanning industries including rare earth, copper, and tungsten [5]. - Zhong Tung High-tech: Latest stock price is 32.89 yuan with a daily increase of +6.03%. It is a tungsten industry platform under China Minmetals, operating the entire industry chain, with significantly increased tungsten metal reserves after acquisitions [6]. - Luoyang Molybdenum: Latest stock price is 22.78 yuan with a daily increase of +5.07%. It is a global diversified mineral giant, operating molybdenum-tungsten mines that are associated with tungsten resources [7]. - Zhongjin Lingnan: Latest stock price is 6.51 yuan with a daily increase of +4.83%. It is a comprehensive non-ferrous metal enterprise [9].

Core Viewpoint - The non-ferrous metal sector is experiencing a significant surge, with the Huabao Non-Ferrous ETF (159876) reaching a historical high and attracting substantial capital inflows [1] Group 1: Market Performance - On January 9, the Huabao Non-Ferrous ETF saw an intraday price increase of over 3.5%, setting a new historical high [1] - The ETF has received a net subscription of 55.8 million units, with a total capital inflow of 194 million yuan over the past five days, and 279 million yuan over the last ten days [1] - The top-performing stocks within the ETF include Hai Liang Co. (10.02% increase), Xiamen Tungsten (10.00% increase), and Yunnan Pig Industry (10.01% increase) [2] Group 2: Commodity Price Trends - Recent price increases have been noted in various minor metal products, particularly tungsten, with black tungsten concentrate (≥65%) priced at 485,000 yuan/ton, a 5.4% increase week-on-week, and tungsten powder at 1,130 yuan/kg, a 6.5% increase week-on-week [2] - Analysts indicate that the tungsten market is supported by supply constraints due to lower ore grades, controlled mining volumes, and sellers' reluctance to sell, alongside global demand for strategic resources [3] Group 3: Economic Outlook - Current market conditions are characterized by a "slump phase" in the fifth Kondratiev wave cycle, with expectations that commodities will benefit as the previous technology cycle peaks and a new one is still developing [3] - The U.S. economy faces recession pressures, which may lead to a reevaluation of commodities like gold and copper as global assets, potentially increasing their valuations [3] - In a context of loose liquidity and frequent supply disruptions, copper, aluminum, gold, and strategic metals are expected to maintain upward trends through 2026 [3] Group 4: Investment Opportunities - The Huabao Non-Ferrous ETF and its linked funds cover a wide range of sectors including copper, aluminum, gold, rare earths, and lithium, allowing investors to capture the overall sector's beta performance [4] - Notable stocks in the commercial aerospace sector, such as Hai Liang Co., Yunnan Zhiye, and Xiamen Tungsten, have shown significant gains, with some reaching their daily limit [5]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has seen its stock price increase by over 5%, reaching a new historical high [1] Group 1 - The company's stock performance indicates strong market confidence and potential growth opportunities [1]

Group 1 - The core point of the article is that Luoyang Molybdenum Co., Ltd. has seen its stock price increase by over 5%, reaching a new historical high on January 9 [2] Group 2 - The news is sourced from the Daily Economic News, indicating a positive market sentiment towards the company [2]

Market Overview - On January 9, the A-share market experienced a rebound, with the Shanghai Composite Index rising by 0.55%, marking a return to the 4100-point level after ten years [1] - The Nonferrous 50 ETF (159652) saw a significant increase of over 2%, recovering from previous losses, with continuous capital inflow totaling over 370 million yuan on the day [1] - The Nonferrous 50 ETF has attracted over 500 million yuan in total over six consecutive days, bringing its latest scale to over 4.8 billion yuan, with financing balance reaching a new high since its inclusion in margin trading [1] Performance of Component Stocks - Most component stocks of the Nonferrous 50 ETF saw gains, with Luoyang Molybdenum rising over 4% and Shandong Gold nearly 4% [3] - Other notable performers included Zijin Mining, China Gold, and Yun Aluminum, which all increased by over 2% [3] Earnings Forecasts - As of January 9, three listed companies in the nonferrous sector have released earnings forecasts, all indicating over 10% growth in net profits [5] - Zijin Mining is expected to report a net profit between 5.1 billion to 5.2 billion yuan, reflecting a year-on-year increase of 59% to 62% [6] Macro and Fundamental Analysis - The nonferrous sector is benefiting from a combination of macroeconomic factors and supply-demand dynamics, with gold, silver, and copper prices trending upward [7] - Global geopolitical tensions are driving demand for strategic metals, with countries increasing their reserves of key materials to ensure military supply [8] - Supply disruptions in copper production, particularly in Chile and Ecuador, are expected to maintain upward pressure on copper prices [8] Investment Opportunities - The Nonferrous 50 ETF (159652) is positioned to benefit from a super cycle in nonferrous metals, covering a wide range of metals including gold, copper, aluminum, lithium, and rare earths [8] - The ETF has a high concentration of strategic metals, with the top five component stocks accounting for 38% of its total weight, indicating a strong focus on key commodities [10] Performance Metrics - The Nonferrous 50 ETF has shown superior cumulative returns since 2022, with a maximum drawdown lower than its peers, indicating a better investment experience [12] - The index's price-to-earnings (PE) ratio stands at 26.27, a 52% decrease compared to five years ago, suggesting a favorable valuation relative to its earnings growth [14]