Group 1 - The Democratic Republic of Congo (DRC) is seeking to establish a cobalt pricing mechanism to promote domestic processing of cobalt, following a ban on cobalt exports [1][2] - The DRC accounts for approximately 75% of global cobalt supply, and the export ban was implemented after cobalt prices fell significantly and production increased [1][2] - Since the export ban, cobalt prices have risen nearly 60%, while the price of cobalt hydroxide has more than doubled [1] Group 2 - The DRC does not want cobalt prices to exceed $40 per pound, a level seen in 2018 and 2022, and aims to stabilize cobalt prices [2] - China’s imports of cobalt intermediate products dropped over 60% in June, marking a significant decline since the DRC's export ban [2] - The DRC and the U.S. are working to establish a strategic partnership to attract more American investment in its mineral resources, including copper, cobalt, lithium, and tantalum [2] Group 3 - Rising cobalt prices may lead to increased battery costs, forcing automakers to raise prices and delaying the affordability of electric vehicles [3] - Strict control measures and rising prices could push electric vehicle battery manufacturers to shift towards cobalt-free battery technologies [3] - Companies like BYD and CATL are expanding their lithium iron phosphate (LFP) production, with Tesla using LFP batteries for 50% of its global sales in 2023 [3]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has achieved significant growth, with a market capitalization exceeding 200 billion yuan and a revenue of 213.03 billion yuan in 2024, ranking 138th in the Fortune China 500 list. The company is focused on sustainable growth through resource acquisitions and project expansions [1][4]. Group 1: Financial Performance - In the first half of the year, the company expects a net profit attributable to shareholders between 8.2 billion and 9.1 billion yuan, representing a year-on-year increase of 51.37% to 67.98% [4]. - The average price of LME copper increased by only 2.5% in the first half, yet the company anticipates a 12.68% increase in copper production to approximately 360,000 tons [4][8]. - The cobalt price has rebounded significantly due to an export ban from the Democratic Republic of Congo, with the average price rising from $9.95 per pound to over $16 per pound [5][6]. Group 2: Project Development - The company maintains its production capacity targets for the TFM and KFM projects, with a goal of reaching 800,000 to 1,000,000 tons of copper capacity by 2028 [10][15]. - The Cangrejos gold mine in Ecuador is expected to start production before 2029, with an average annual gold output of approximately 370,000 ounces (11.5 tons) [11][15]. - The company has a strong cash flow, with operating cash inflow expected to reach 32.4 billion yuan in 2024, a 108.4% increase year-on-year [12]. Group 3: Acquisition Strategy - The company is focusing on acquisitions primarily in copper and gold, while also considering opportunities in other metals [13]. - The company does not prioritize short-term price fluctuations but evaluates acquisition opportunities based on a long-term perspective of 10 to 20 years [2][14]. - The company has identified multiple potential acquisition projects and is well-prepared for future resource acquisitions [13][15].

Core Viewpoint - The performance of various industries in the first half of the year has shown significant improvement, with 52.88% of the 938 listed companies reporting a year-on-year increase in net profit attributable to shareholders [1] Group 1: Non-ferrous Metals Industry - The non-ferrous metals sector has experienced substantial profit growth, driven by rising prices of raw materials such as copper and gold [2] - 20 companies in the non-ferrous metals industry reported a year-on-year profit increase of over 50%, with 6 companies achieving a profit doubling [2] - For instance, Jincheng Mining expects a net profit of 1.07 billion to 1.12 billion yuan, a year-on-year increase of 74.62% to 82.78%, attributed to increased sales volume and prices of mineral products [2] - Luoyang Molybdenum anticipates a net profit of 8.2 billion to 9.1 billion yuan, reflecting a growth of 51.37% to 67.98% due to rising copper and cobalt prices [2] - Huayou Cobalt's profit is expected to rise by 55.62% to 67.59%, with a projected net profit of 2.6 billion to 2.8 billion yuan, driven by increased cobalt prices [2] Group 2: Gold Industry - The gold sector has also reported strong performance, with companies like Western Gold expecting a net profit of 130 million to 160 million yuan, a year-on-year increase of 96.35% to 141.66% [3] - Shandong Gold anticipates a net profit of 2.55 billion to 3.05 billion yuan, reflecting an increase of 84.30% to 120.50% due to higher gold sales prices and increased sales volume [3] - Other gold companies, including Chifeng Gold and Zhongjin Gold, also expect net profit increases exceeding 50% [3] Group 3: Agricultural Chemicals Industry - The agricultural chemicals sector has seen significant profit growth, with 49 out of 89 companies reporting increases, representing 55.1% [4] - Xian Da Co. expects a net profit of 130 million to 150 million yuan, a staggering year-on-year increase of 2443.43% to 2834.73%, driven by rising market prices of its main product [4] - Su Li Co. anticipates a net profit of 72 million to 86 million yuan, reflecting a growth of 1008.39% to 1223.91% due to increased sales of pesticides [4] - Li Min Co. expects a net profit of 260 million to 280 million yuan, a year-on-year increase of 719.25% to 782.27% [4] Group 4: Fertilizer Industry - Fertilizer companies like Yara International and Dongfang Iron Tower are also forecasting over 50% profit growth due to increased product demand [5] - Yara International expects a net profit of 730 million to 930 million yuan, a year-on-year increase of 170% to 244%, driven by higher production and sales volumes [5] - Dongfang Iron Tower anticipates a net profit of 451 million to 495 million yuan, reflecting a growth of 63.80% to 79.78% [5] Group 5: Fluorochemical Industry - The fluorochemical sector has benefited from rising market prices, with companies like Sanmei Co. expecting a net profit of 948 million to 1.042 billion yuan, a year-on-year increase of 146.97% to 171.67% [6] - Juhua Co. anticipates a net profit of 1.97 billion to 2.13 billion yuan, reflecting a growth of 136% to 155% due to rising prices of fluorinated refrigerants [6] - Yonghe Co. expects a net profit of 255 million to 280 million yuan, a year-on-year increase of 126.30% to 148.49% [6]

Core Viewpoint - The construction of the Yarlung Zangbo River hydropower project is expected to significantly boost demand for copper and aluminum, leading to a surge in related sectors such as hydropower, cement, infrastructure, and steel [1][3][9] Group 1: Market Performance - The non-ferrous metal sector in the Hong Kong stock market saw a substantial increase, with a rise of 3.90% on July 21, 2023, and continued gains of 3.82% the following day [1][3] - Key stocks in the sector, such as China Aluminum and Jiangxi Copper, experienced notable price increases, with China Aluminum rising 6.33% to 6.05 HKD and Jiangxi Copper increasing 5.09% to 16.10 HKD [1] Group 2: Project Impact - The Yarlung Zangbo River hydropower project has a total investment of 1.2 trillion RMB and is expected to create significant demand for construction materials, particularly in the cement and steel industries during the construction phase [3][7] - The project will also drive demand for copper and aluminum due to the need for equipment and transmission cables, with an anticipated annual power generation exceeding 300 billion kWh [7][9] Group 3: Sector Outlook - The non-ferrous metal sector is projected to outperform the broader market, with a cumulative increase of 19.2% from early 2025 to June 30, 2025, compared to a 5.6% rise in the Shanghai Composite Index [4] - The demand for copper and aluminum is expected to be supported by the ongoing transition in the economy, with copper prices being influenced by macroeconomic conditions and the anticipated increase in demand from the renewable energy sector [5][6][7] Group 4: Investment Opportunities - Investors are advised to focus on companies directly benefiting from the hydropower project, such as those involved in cable and special copper material manufacturing [9] - Long-term investment opportunities may arise in regions with abundant hydropower resources, particularly in electrolytic aluminum and copper smelting projects, as well as in supporting electric grid companies [9]

Market Overview - The Hong Kong stock market showed volatility, with the Hang Seng Index closing at 25,130.03 points, up 0.54% or 135.89 points, with a total turnover of HKD 266.07 billion [1] - The Hang Seng China Enterprises Index rose 0.39% to 9,075.6 points, while the Hang Seng Tech Index increased by 0.38% to 5,606.83 points [1] Blue Chip Performance - BYD (01211) saw a significant increase of 5.09%, closing at HKD 134.2, contributing 37.78 points to the Hang Seng Index [2] - In the first half of 2023, BYD's domestic sales exceeded 2.113 million units, a year-on-year increase of 31.5%, while overseas sales reached 472,000 units, up 128.5% [2] - Other notable blue chips included Xinyi Glass (00868) up 7.23%, Zhongsheng Holdings (00881) up 6.15%, while New Oriental (09901) and Bank of China Hong Kong (02388) saw declines of 4.92% and 3.5% respectively [2] Sector Highlights - Coal stocks surged, with Mongolian Coking Coal (00975) up 11.55% and Yancoal Australia (01171) up 9.53%, driven by rumors of capacity control measures in the coal industry [3][4] - Infrastructure stocks performed strongly, with China Communications Construction (01800) rising 7.57% and China Railway Construction (01186) up 6.03% [4] - The launch of the Yarlung Tsangpo River downstream hydropower project, with an investment of approximately CNY 1.2 trillion, is expected to boost infrastructure investment [5] Commodity and Material Stocks - Non-ferrous metal stocks continued to rise, with Ganfeng Lithium (01772) up 8.94% and Luoyang Molybdenum (03993) up 7.12%, supported by upcoming policies aimed at stabilizing growth in key industries [6] - The photovoltaic sector was active, with Kaisa New Energy (01108) rising 8% and GCL-Poly Energy (03800) up 6.67%, as supply-side reforms are anticipated to improve industry conditions [7] Notable Stock Movements - China Longgong (03339) surged 15.83% after announcing a significant profit increase forecast for the first half of 2025 [8] - Fufeng Group (00546) rose 10.8% on expectations of a substantial profit increase due to higher sales and lower raw material costs [9] - Lijun Pharmaceutical (01513) reached a new high, up 9.37%, following positive clinical trial results for a new drug [10] - Harbin Electric (01133) climbed 8.14% after announcing a profit forecast that exceeded expectations [11] - Meizhong Jiahe (02453) faced pressure, down 6%, due to a planned share placement at a discount [12]

| 代码 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 800000 | 恒生指数 | 0 | 25130.03 | +135.89 | 0.54% | | 800100 | 国企指数 | | 9075.60 | +35.40 | 0.39% | | 800700 | 恒生科技指数 | | 5606.83 | +21.33 | 0.38% | 盘面上，大型科技股多数继续上涨行情，其中，快手涨近2%，百度涨1.38%，腾讯、小米、网易、阿里巴巴均上涨，美团、京东走低。 受相关传闻影响，煤炭股午后异动拉升上扬，蒙古焦煤涨11.55%，兖矿能源、南戈壁涨超9%，中煤能源、中国神华皆强势。 基建类股全天表现活跃，尤其是高铁基建股涨幅明显，中国交通建设涨7.57%领衔，中国铁建、中国中车、中国中铁齐涨。 汽车股、光伏股、半导体股、海运股、电力股、钢铁股、黄金股等有色金属股纷纷上涨。 今日，港股三大指数全天呈现窄幅震荡行情，盘中均刷新阶段新高，且都录得连涨行情，市场做多情绪稳步攀升。 截止收盘，恒生指数涨0.54%突破年内高点，创20 ...

金融界7月21日消息，上证指数高开高走，中证香港300上游指数 (H300上游，H30100)报2739.89点。 数据统计显示，中证香港300上游指数近一个月上涨3.08%，近三个月上涨17.66%，年至今上涨 12.89%。 据了解，中证香港300主题指数系列从中证香港300指数样本中根据中证行业分类选取符合相应主题的证 券作为指数样本，反映了在香港交易所上市各主题证券的整体表现。该指数以2004年12月31日为基日， 以1000.0点为基点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样本中剔除。样本公司发生收 购、合并、分拆等情形的处理，参照计算与维护细则处理。 本文源自：金融界 作者：行情君 从指数持仓来看，中证香港300上游指数十大权重分别为：中国海洋石油（28.06%）、中国石油股份 （13.23%）、紫金矿业（10.89%）、中国神华（9.44%）、中国石油化工股份（9.23%）、中国宏桥 （4.71%）、中煤能源（3.3%）、招金矿业（3.07%）、洛阳钼业（2.83%）、兖矿 ...

洛阳栾川钼业集团股份有限公司的主营业务是基本金属、稀有金属的采、选、冶等矿山采掘及加工业务 和矿产贸易业务。公司的主要产品是矿山采掘及加工、钼、钨、铜（不含NPM）、钴、铌、磷、铜金 （NPM）、矿产贸易、矿物金属贸易、精炼金属贸易。 从行业市盈率排名来看，公司所处的小金属行业市盈率平均64.24倍，行业中值55.44倍，洛阳钼业排名 第5位。 本文源自：金融界 截至2025年一季报，共有212家机构持仓洛阳钼业，其中基金212家，合计持股数42257.90万股，持股市 值35.58亿元。 作者：行情君 7月21日，洛阳钼业今日收盘8.63元，上涨5.12%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到11.98倍，创13天以来新低，总市值1846.33亿元。 最新一期业绩显示，2025年一季报，公司实现营业收入460.06亿元，同比-0.25%；净利润39.46亿元，同 比90.47%，销售毛利率22.33%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)1洛阳钼业11.9813.642.511846.33亿行业平均 64.2468.404.35221.77亿行业中值55.4457 ...

Group 1 - The CSI Hong Kong-Shanghai-Shenzhen Interconnection Small Comprehensive Materials Index reported a value of 4406.56 points, showing a monthly increase of 7.39%, a three-month increase of 14.25%, and a year-to-date increase of 15.75% [1] - The index is categorized into 11 industries based on the classification standards of the CSI Hong Kong-Shanghai-Shenzhen Index Series, which includes the CSI 500, CSI Hong Kong-Shanghai-Shenzhen Interconnection Small Comprehensive Index, and the CSI Hong Kong-Shanghai-Shenzhen Comprehensive Index [1] - The top ten weighted stocks in the index include Chifeng Jilong Gold Mining (1.53%), Zhaojin Mining Industry (1.28%), China Rare Earth (1.16%), and others, indicating a diverse representation of companies in the materials sector [1] Group 2 - The market share of the index's holdings shows that Shenzhen Stock Exchange accounts for 49.61%, Shanghai Stock Exchange for 38.62%, and Hong Kong Stock Exchange for 11.76% [2] - In terms of industry composition, non-ferrous metals represent 40.64%, chemicals 37.39%, non-metallic materials 9.51%, steel 8.03%, and paper and packaging 4.43% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December, ensuring that the weight factors are updated accordingly [2]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [5][10]. Core Viewpoints - The report highlights a "反内卷" (anti-involution) trend leading to a general increase in commodity prices, with specific catalysts such as policy expectations driving price movements in copper, aluminum, lithium, and cobalt [4][6][10]. Summary by Sections 1. Industry Overview - Important macroeconomic information includes the U.S. June core CPI being below expectations at 2.9%, and retail sales showing a month-on-month increase of 0.6% [10]. - The Ministry of Industry and Information Technology (MIIT) is set to release a growth stabilization plan for key industries including steel, non-ferrous metals, and petrochemicals [10]. 2. Industrial Metals 2.1 Copper - Copper prices are expected to rebound due to policy expectations, with LME copper prices increasing by 0.83% and SHFE copper prices slightly decreasing by 0.03% [6][25]. - Inventory levels have risen, with LME copper stocks increasing by 12.37% [22][25]. - Downstream demand is recovering, with copper rod operating rates at 74.2%, up by 7.2 percentage points [6]. 2.2 Aluminum - Aluminum prices are also expected to rise, with alumina prices increasing by 0.16% to 3165 CNY/ton [6][36]. - SHFE aluminum prices fell by 1.01% to 20500 CNY/ton, but are projected to recover due to strong policy support [6][36]. 2.3 Lead and Zinc - LME lead prices decreased by 1.38%, while SHFE lead prices fell by 1.70% [46]. - LME zinc prices increased by 1.24%, but SHFE zinc prices dropped by 0.45% [46]. 2.4 Tin and Nickel - LME tin prices fell by 0.73%, and SHFE tin prices decreased by 0.65% [60]. - LME nickel prices decreased by 0.33%, while SHFE nickel prices fell by 0.78% [60]. 3. Energy Metals 3.1 Lithium - Lithium prices are on the rise, with lithium carbonate increasing by 4.55% to 66650 CNY/ton, and lithium spodumene rising by 5.49% to 711 USD/ton [75]. - Supply issues are noted, with a slight increase in production but ongoing inventory accumulation [75]. 3.2 Cobalt - Cobalt prices are under pressure, with domestic cobalt prices down by 1.22% to 243000 CNY/ton [88]. - The Democratic Republic of Congo has extended its cobalt export ban by three months, which may lead to a price rebound in Q4 [88].