Core Viewpoint - Bank of America Securities has reiterated a "Buy" rating for Luoyang Molybdenum Co., with a target price of HKD 8.5 for its H-shares, following the company's positive earnings forecast for the first half of the year, indicating significant year-on-year profit growth [1][2] Group 1: Production Costs and Profit Forecast - Management expects production costs to remain stable quarter-on-quarter in Q2 2025 but decrease year-on-year, with TFM copper mine costs projected between USD 5,500 and 6,000 per ton, and KFM copper mine costs between USD 3,000 and 3,500 per ton [1] - The company anticipates net profit for the first half of the year to reach between RMB 8.2 billion and 9.1 billion, representing a year-on-year increase of 51% to 68%, aligning with Bank of America's predictions and exceeding market consensus [1] Group 2: Factors Driving Profit Growth - Profit growth is primarily driven by rising copper and cobalt prices, with Q2 2025 copper prices expected at USD 9,538 per ton, a 2% year-on-year decline but a 2% quarter-on-quarter increase; cobalt hydroxide prices increased by 61% quarter-on-quarter to RMB 188,000 per ton [2] - Increased production and sales volumes contributed to profit growth, with copper metal output for the first half of the year at 354,000 tons, a 13% year-on-year increase, and cobalt metal output at 61,000 tons, also a 13% year-on-year increase [2] - Q2 copper production is projected at 183,000 tons, reflecting a 10% year-on-year increase and a 7% quarter-on-quarter increase, with annualized production exceeding 700,000 tons, surpassing the company's guidance of 600,000 to 660,000 tons for the year [2]

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Views - The report highlights a weakening in industrial metal commodities due to reduced interest rate expectations and the U.S. imposing a 50% tax on copper, which raises concerns about demand in non-U.S. regions [2] - The strategic value of rare earths is emphasized, with the government reinforcing control over resources and smelting, while overseas efforts to build rare earth supply chains are accelerating [2][8] - Precious metals are expected to perform well, with silver prices reaching a 13-year high driven by increased risk aversion and a potential interest rate cut by the Federal Reserve [6] Summary by Sections Precious Metals - Gold prices stabilized while silver prices hit a new high, driven by heightened risk aversion and expectations of interest rate cuts [6] - The report suggests focusing on silver stocks due to their potential for significant price increases, given the current low silver-to-gold ratio [6] Industrial Metals - Industrial metals experienced volatility, with LME copper down 1.9% and SHFE copper down 1.6%, primarily due to weakened interest rate expectations and the U.S. tax on copper [7] - Copper and aluminum inventories increased, with copper up 8.65% week-on-week and down 21.7% year-on-year, while aluminum increased by 3.06% week-on-week and decreased by 51.8% year-on-year [7] Strategic and Energy Metals - The report indicates a revaluation of strategic metals like rare earths and tungsten, with the government focusing on enhancing control over these resources [8] - The price of rare earths is expected to rise, with significant improvements in the performance of companies in this sector [8] - Cobalt prices are anticipated to rise due to an extension of export bans from the Democratic Republic of Congo, while nickel prices are expected to stabilize [8]

Core Viewpoint - Luoyang Molybdenum's significant profit growth in the first half of 2025 is attributed to rising prices of key products such as copper and cobalt, alongside increased production and sales volumes [2] Group 1: Financial Performance - The company expects a net profit attributable to shareholders of between 8.2 billion to 9.1 billion yuan, representing a year-on-year increase of 51.37% to 67.98% [2] - The non-recurring net profit is projected to be between 8.3 billion to 9.2 billion yuan, reflecting a growth of 47.55% to 63.55% year-on-year [2] Group 2: Production and Sales - The production of cobalt metal reached 61,100 tons, marking a year-on-year increase of approximately 13.05% [2] - Copper metal production was 353,600 tons, showing a year-on-year growth of about 12.68% [2] - The completion rate for the 2025 production guidance is 56% [2] Group 3: Strategic Developments - The company has successfully acquired 100% ownership of the Cangrejos Project in Ecuador, which has a resource reserve of 1.376 billion tons and an average gold grade of 0.46 g/t, containing 638 tons of gold [5] - The project is expected to commence production in 2028, with an anticipated annual output of 11.5 tons of gold [5] - The company aims to enhance its organizational structure and management to achieve its annual operational goals and foster significant growth [5] Group 4: Market Conditions - The Congolese government has extended a ban on cobalt raw material exports, but the company believes this will not have a significant impact on its operations [3][4]

Core Viewpoint - Luoyang Molybdenum Industry (603993) expects a significant increase in net profit for the first half of 2025, driven by rising copper and cobalt prices, alongside increased production and sales of copper products [2][3]. Financial Performance - The company anticipates a net profit attributable to shareholders between 8.2 billion to 9.1 billion yuan, representing a year-on-year increase of 27.83 billion to 36.83 billion yuan, or a growth of 51.37% to 67.98% [2]. - The expected net profit excluding non-recurring items is projected to be between 8.3 billion to 9.2 billion yuan, an increase of 26.75 billion to 35.75 billion yuan, translating to a growth of 47.55% to 63.55% year-on-year [2]. Production and Sales - For the first half of 2025, copper production is expected to reach 353,600 tons, a year-on-year increase of approximately 12.68%, while cobalt production is projected at 61,100 tons, up about 13.05% [2][3]. - The completion rate for copper production based on the mid-point of the 2025 production guidance is 56% [3]. Market Trends - Copper prices have shown an upward trend in the first half of the year, with global exchanges reporting price increases between 5% to 20% [2]. - Cobalt prices have also surged, with a reported increase of approximately 50% from January 2 to June 30 [2]. Strategic Acquisitions - The company completed the acquisition of Lumina Gold for 581 million Canadian dollars, gaining 100% ownership of the Cangrejos Project in Ecuador, which adds significant gold resources to its portfolio [4]. - The Cangrejos Project has an estimated resource of 1.376 billion tons with an average gold grade of 0.46 g/t, containing 638 tons of gold, and is expected to have a service life of 26 years [4]. Future Outlook - The Cangrejos Project is planned to commence production in 2028, with an expected annual gold output of 11.5 tons [4]. - The company aims to leverage its experience in South America to enhance operational synergies and utilize advanced mining technologies for the new gold project [4].

2025 年半年度业绩预增公告 本公司董事会及全体董事保证本公告内容不存在任何 虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、 准确性和完整性承担个别及连带责任。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 重要内容提示： 1、预计 2025 年上半年实现归属于上市公司股东的净利润为 82 亿元到 91 亿元,与上年同期（法定披露数据，下同）相比增加 27.83 亿元到 36.83 亿元，同比增加 51.37%到 67.98%。 股票代码：603993 股票简称：洛阳钼业 编号：2025—040 洛阳栾川钼业集团股份有限公司 2、预计 2025 年上半年实现归属于上市公司股东的扣除非经常性 损益的净利润 83 亿元到 92 亿元，与上年同期相比增加 26.75 亿元到 35.75 亿元，同比增加 47.55%到 63.55%。 一、本期业绩预告情况 （一）业绩预告期间：2025年1月1日至2025年6月30日。 （二）业绩预告情况 1 1、预计 2025 年上半年实现归属于上市公司股东的净利润为 82 亿元到 9 ...

智通财经7月14日电，洛阳钼业(603993.SH)发布2025年半年度业绩预告，预计归属于上市公司股东的净 利润为82亿元到91亿元，同比增加51.37%到67.98%。主要原因是主要产品铜钴价格同比上升，叠加铜 产品产销量增长，带动业绩提升。公司主要产品产量实现增长，其中铜金属产量同比增长约12.68%， 钴金属产量同比增长约13.05%。 洛阳钼业：上半年净利同比预增51.37%-67.98% ...

洛阳钼业 20250709 摘要 美国对铜加征 25%关税超出市场预期，生效时间提前，可能影响全球铜 物流，但对需求和供应影响有限。若智利获得豁免或分批加征关税，铜 价可能出现反弹，每次下跌或为买入机会。 洛阳钼业已成为全球最大的钴生产商，2024 年钴产量占全球 38%，占 刚果金 50%，市场龙头地位稳固。钨库存销售完毕后，三季度利润或受 影响，但上半年利润已基本抵去年全年。 洛阳钼业铜矿产量增速在全球铜矿企业中领先，未来五年预计年均复合 增速约 9%，主要增长来自 TFM 矿的扩张和 KFM 项目的贡献，目标是 2028 年实现 80-100 万吨产能。 KFM 项目表现超预期，年产能已提升至 20 万吨以上，品位和产量均超 出预期，且该项目距离 TFM 仅 30 公里，可共享基础设施，人员和设备。 公司收购厄瓜多尔金矿，黄金储量 638 吨，品位较低，但体量大、埋藏 浅、剥采比低，预计 2028 年投产，年产 11.6 吨黄金，设计寿命超过 20 年。 洛阳钼业未来五年计划以 9%的年化增长率扩展铜矿年产能，主要依赖 现有项目扩张，确定性高、风险小。 铜价每上涨 5,000 元人民币/吨，公司利润增加 ...

股票代码：603993 股票简称：洛阳钼业 编号：2025—039 洛阳栾川钼业集团股份有限公司 关于对外担保计划的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 重要内容提示： 一、担保审批及授权情况 2025年5月30日，公司2024年年度股东大会审议通过《关于本公 被担保方：相关全资子公司 本次担保金额：洛阳栾川钼业集团股份有限公司（以下简称"公 司"）直接或通过全资子公司（含直接及间接全资子公司，下同） 为其他全资子公司合计提供总额预计不超过19亿元的担保。 本次担保不涉及反担保。 截至本公告披露日公司无逾期担保。 本次担保计划部分被担保方为资产负债率超过70%的全资子公司； 截至本公告披露日，公司对外担保总额占公司最近一期经审计净 资产的21.62%。敬请投资者注意相关风险。 司2025年度对外担保额度预计的议案》，同意授权董事会或董事会授 权人士（及该等授权人士的转授权人士）批准公司直接或通过全资子 公司（含直接及间接全资子公司，下同）或控股子公司（含直接及间 接控股子公司，下同）为其他全资子公司、控股子公 ...

Group 1 - The core viewpoint of the article highlights the performance of the China Hong Kong 300 Resource Index, which has shown a 2.39% increase over the past month, a 22.23% increase over the past three months, and a 9.29% increase year-to-date [1] - The index is composed of securities from various industry themes such as banking, transportation, resources, infrastructure, logistics, and leisure, reflecting the overall performance of different thematic listed companies in the Hong Kong market [1] - The index's top ten holdings include China National Offshore Oil (29.27%), PetroChina (13.19%), Zijin Mining (10.84%), China Shenhua Energy (9.38%), Sinopec (9.08%), China Hongqiao Group (4.51%), China Coal Energy (3.47%), Zhaojin Mining (3.08%), Luoyang Molybdenum (2.86%), and Yanzhou Coal Mining (2.39%) [1] Group 2 - The industry composition of the index shows that oil and gas account for 51.92%, precious metals for 15.97%, coal for 15.72%, industrial metals for 14.86%, rare metals for 0.91%, and other non-ferrous metals and alloys for 0.62% [2] - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2]

Investment Rating - The industry investment rating is "Positive" and maintained [10]. Core Viewpoints - Copper prices have been leading the industrial metals market, with LME copper expected to surpass $11,000 per ton in May 2024, marking a new high since 2006. From 2000 to July 3, 2025, copper prices have increased by 431%, compared to 58% for aluminum, 319% for lead, and 124% for zinc [2][4][16]. Summary by Sections Long-term Perspective: Metal Prices - Supply and Demand Analysis Framework - The ideal scenario for commodity prices is when demand grows while supply is constrained. Demand determines the industry's ceiling, while supply influences profitability. If demand continues to grow, weak supply responses lead to stronger price performance. Copper is characterized by growing demand and constrained supply [5][20][42]. - Demand is assessed through three dimensions: volume, growth rate, and structure. Volume indicates the industry's ceiling, growth rate reflects industry potential, and structure indicates demand stability. A more diversified demand structure leads to greater stability [5][42]. - Supply is evaluated based on reserves, grade, and mine dispersion. Reserves indicate resource scarcity, grade reflects extraction difficulty, and mine dispersion affects the slope of the cost curve. Generally, lower reserves and grades lead to higher price levels due to increased development costs [5][42][43]. Copper: Growing Demand, Constrained Supply - Copper exhibits the most stable upward demand trend among industrial metals. It is primarily used as a conductor, with over 70% of copper products serving this role. The global electrification trend supports copper demand, aligning closely with global electricity consumption and GDP growth rates [6][21][28]. - On the supply side, copper resources are relatively scarce, with reserves only about one-tenth of iron ore and bauxite. The average grade of copper is lower than that of aluminum, and the industry has the highest mine dispersion, leading to a steep cost curve. New copper mines take over five years to develop, making supply responses to demand changes slow [7][29][31]. Investment Strategy: Focus on Quality Copper Companies - Given the long-term upward trend in copper prices, despite short-term uncertainties in the U.S. economy, it is recommended to invest in copper companies with resource advantages and strong growth expectations. Companies such as Zijin Mining, Luoyang Molybdenum, and Cangge Mining are highlighted as potential investment targets [8][47].