Core Viewpoint - Luoyang Molybdenum (603993) (03993) has seen a stock price increase of over 3%, currently trading at 12.85 HKD with a transaction volume of 574 million HKD, driven by strong resource assets and positive market outlook [1] Group 1: Company Assets and Resources - The company possesses globally scarce high-quality copper and cobalt mining assets, with significant resource reserves and development prospects [1] - The two core mining areas in the Democratic Republic of Congo (DRC), TFM and KFM, have a combined copper resource of 34.44 million tons and cobalt resource of 5.4 million tons [1] - The acquisition of the Ecuador Cangrejos gold mine, with a gold resource of 638 tons, is expected to expand the company's resource portfolio and is projected to start production before 2029, with an annual gold output of 11.5 tons [1] Group 2: Market Outlook and Analyst Ratings - Morgan Stanley has issued a report indicating that Luoyang Molybdenum's stock price is expected to rise in the next 30 days, maintaining a buy rating with a target price of 11.7 HKD [1] - The DRC has extended its cobalt export ban until October 15, with subsequent implementation of quotas, which could significantly impact global cobalt supply, as the DRC accounts for 70% of the world's cobalt supply [1] - If Luoyang Molybdenum receives a proportional quota, potential sales for Q4 2025 could be approximately 8,600 tons, and around 43,600 tons for 2026-2027 [1]

Core Viewpoint - Luoyang Molybdenum (03993) has seen a stock price increase of over 3%, attributed to its ownership of high-quality copper and cobalt mining assets, with expectations for further price appreciation in the next 30 days according to Morgan Stanley [1] Group 1: Company Assets - The company possesses globally scarce high-quality copper and cobalt mining assets, with significant resource reserves and development prospects [1] - The two core mining areas in the Democratic Republic of Congo (DRC), TFM and KFM, have a combined copper resource of 34.44 million tons and cobalt resource of 5.4 million tons [1] - The company is diversifying its portfolio with assets in Brazil (niobium and phosphate) and China (molybdenum and tungsten), creating a counter-cyclical resource combination [1] Group 2: Future Growth Potential - The acquisition of the Ecuador KGH gold mine, with a gold resource of 638 tons, is expected to expand the company's resource base, with production anticipated to start before 2029, yielding an annual output of 11.5 tons of gold [1] - Morgan Stanley's report indicates that the DRC's cobalt export ban has been extended to October 15, with subsequent implementation of quotas, which could significantly impact global cobalt supply [1] - If Luoyang Molybdenum receives a proportional quota, potential sales for Q4 2025 could reach approximately 8,600 tons, and around 43,600 tons for 2026-2027 [1]

该行指，刚果民主共和国宣布将钴出口禁令延长至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%。大摩表示，假设洛阳钼业能获得与国家层面相似的配额比例，其潜在销售量可能 在2025年第四季为约8,600吨，在2026至2027年为约4.36万吨，预期钴供应将受到重大影响，因为刚果民 主共和国占全球供应的70%。 智通财经APP获悉，摩根士丹利发布研报称，相信洛阳钼业(03993)未来30日内股价将绝对上涨，估计此 情境有约70%至80%(或非常可能)的概率，维持"增持"评级及目标价11.7港元，此按现金流折现率作估 值。 ...

摩根士丹利发布研报称，相信洛阳钼业（603993）(03993)未来30日内股价将绝对上涨，估计此情境有 约70%至80%(或非常可能)的概率，维持"增持"评级及目标价11.7港元，此按现金流折现率作估值。 该行指，刚果民主共和国宣布将钴出口禁令延长至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%。大摩表示，假设洛阳钼业能获得与国家层面相似的配额比例，其潜在销售量可能 在2025年第四季为约8,600吨，在2026至2027年为约4.36万吨，预期钴供应将受到重大影响，因为刚果民 主共和国占全球供应的70%。 ...

大摩：相信洛阳钼业未来30日内股价将上涨，目标价11.7港元。 ...

Group 1 - Morgan Stanley believes that the stock price of Luoyang Molybdenum will rise in the next 30 days, estimating a probability of about 70% to 80% for this scenario [1] - The firm maintains an "overweight" rating and a target price of HKD 11.7, based on discounted cash flow valuation [1] - The Democratic Republic of Congo has extended its cobalt export ban until October 15, followed by the implementation of export quotas, with quotas for 2026 to 2027 set at 40% of normal production [1] Group 2 - Assuming Luoyang Molybdenum can obtain a quota ratio similar to the national level, potential sales volume could be approximately 8,600 tons in Q4 2025 and about 43,600 tons in 2026 to 2027 [1] - The expected cobalt supply will be significantly impacted, as the Democratic Republic of Congo accounts for 70% of global supply [1]

Core Viewpoint - The article discusses the performance of the Nonferrous ETF Fund (159880) and its major holdings, highlighting the fund's recent gains and overall returns since its inception [1]. Fund Performance - The Nonferrous ETF Fund (159880) opened with a gain of 0.79%, priced at 1.522 yuan [1]. - Since its establishment on March 8, 2021, the fund has achieved a return of 50.99% [1]. - Over the past month, the fund's return has been 12.17% [1]. Major Holdings - Key stocks in the Nonferrous ETF Fund include: - Zijin Mining: up 1.92% - Luoyang Molybdenum: up 3.76% - Northern Rare Earth: down 0.53% - China Aluminum: up 0.52% - Shandong Gold: up 3.84% - Huayou Cobalt: up 4.69% - Zhongjin Gold: up 3.50% - Ganfeng Lithium: up 0.34% - Chifeng Jilong Gold: up 2.90% - Yun Aluminum: unchanged [1]. Management Information - The fund is managed by Penghua Fund Management Co., Ltd., with Yan Dong as the fund manager [1].

刚果战略矿产监管机构周日表示，该国将于10月16日解除钴出口禁令，并实施年度出口配额。 钴是关键电池原材料，对电动汽车产业至关重要。 根据公告，矿企将在2025年剩余时间内被允许出口至多18,125吨钴，2026年和2027年的年度上限则为 96,600吨。 配额制政策下，行业或将紧平衡甚至短缺。刚果金再度延长出口禁令，挺价态度坚决，未来刚果金大概 率实行配额制，供给收缩幅度大概率朝行业紧平衡甚至短缺演绎，机构看好钴价长期中枢上移。 钴业相关港股： 洛阳钼业（03993）：洛阳钼业是全球头部"矿业+贸易"公司，其钨、钴、铌、钼产量居前，亦是重要的 铜和磷肥生产商，基本金属贸易全球前三。公司当前持股80%的TFM是全球范储量最大、品位最高的在 产铜钴矿之一；持股71.25%的KFM是世界级绿地铜钴矿。 刚果去年占全球钴产量约70%，该国自2月起因钴价跌至九年低点而暂停出口，并在6月延长禁令。 智通财经APP获悉，刚果钴出口禁令已进入倒计时，记者与业内多位人士沟通了解到，多数钴中间品主 要生产商已暂停报价，部分厂商因为原料紧缺等因素已停产。 若刚果钴出口禁令延长，预计短期钴价或将迎来大幅上涨。记者采访了解到，洛阳 ...

Group 1 - The Democratic Republic of Congo (DRC) will lift its cobalt export ban on October 16, implementing annual export quotas [1][3] - Cobalt is a critical raw material for batteries and essential for the electric vehicle industry [1] - DRC accounted for approximately 70% of global cobalt production last year, with the export ban initially imposed due to a significant drop in cobalt prices [2][3] Group 2 - The DRC government has stated that illegal mining is fueling violence from the M23 rebel group, and 10% of the export volume will be reserved for national strategic projects [3] - Major cobalt intermediate producers have suspended pricing, and some manufacturers have halted production due to raw material shortages [3] - The demand for cobalt is expected to increase as domestic consumption rises, particularly with the release of new consumer electronics and the end of the overseas summer break [3] Group 3 - Under the quota system, the cobalt industry may face tight balance or even shortages, with expectations of a long-term increase in cobalt prices [3] - Luoyang Molybdenum (603993) plans to optimize resource release in line with local policies to maximize cobalt value, while Hanrui Cobalt (300618) is controlling order intake to manage sales rhythm [3] - Domestic cobalt raw material inventories are expected to last until the end of the year [3] Group 4 - Luoyang Molybdenum is a leading "mining + trading" company with significant production in tungsten, cobalt, niobium, and molybdenum, and is also a major producer of copper and phosphate fertilizers [4] - The company holds an 80% stake in TFM, one of the largest and highest-grade copper-cobalt mines globally, and a 71.25% stake in KFM, a world-class greenfield copper-cobalt mine [4]

Group 1 - The cobalt export ban from the Democratic Republic of Congo has led to significant impacts on the global cobalt market, with major producers suspending quotes and some halting production due to raw material shortages [1] - If the cobalt export ban is extended, a substantial increase in cobalt prices is expected in the short term [1] - Companies like Luoyang Molybdenum and Hanrui Cobalt are adopting strategies to manage market changes, focusing on resource release and controlling order intake [1] Group 2 - Xiwanda's wholly-owned subsidiary, Qianhai Hongsheng, plans to establish a private equity fund in collaboration with several investment institutions, with a total subscription amount of 30 million yuan, focusing on commercial energy storage projects in China [2] - This investment reflects the company's strategic positioning in the new energy sector, potentially providing new growth opportunities and investment returns [2] Group 3 - Fengshan Group has signed a technology development contract with Tsinghua University, but the development is highly uncertain and unlikely to significantly impact the company's main business or 2025 performance [3] - The company is currently focused on traditional business areas while cautiously exploring the new energy sector, facing intense competition in the market [3]