Core Insights - The "original brand" is a competitive industry in Henan, with mining, non-ferrous metals, chemicals, and building materials evolving to achieve high-end industrial development and green practices [2] Group 1: Industry Developments - The industry is witnessing a transformation where traditional resources are creatively converted, enhancing the resilience of the industrial chain [2] - The shift from traditional industries to high-end manufacturing and energy transition is exemplified by companies like Luoyang Molybdenum, which has become a key resource provider globally [2] Group 2: Company Highlights - Yuelian Group's products include aluminum materials for beverage cans, battery foils, and high-performance automotive sheets, with a global market share of 10% in beverage can body materials and leading domestic market position in aluminum alloy strips [3] - Luoyang Molybdenum has surpassed Glencore to become the world's largest cobalt producer in 2023 and is expected to rank among the top ten copper producers in 2024 [3] - Zhongyuan Dahua has successfully completed pilot testing of China's first thousand-ton biomass ethylene glycol facility, producing 99.9% pure polyester-grade ethylene glycol, with technology at an international leading level [3]

Core Viewpoint - Several listed companies in the non-ferrous metals industry have released optimistic performance forecasts for 2025, driven by product price increases and production growth, reflecting a positive outlook for the sector [1][2][4]. Group 1: Company Performance Forecasts - Zijin Mining Group expects a net profit of 51 billion to 52 billion yuan for 2025, a year-on-year increase of 59% to 62%, supported by increased production and sales prices of gold, copper, and silver [1]. - Chifeng Jilong Gold Mining anticipates a net profit of 3 billion to 3.2 billion yuan for 2025, representing a growth of 70% to 81%, with gold production expected to be approximately 14.4 tons and sales prices rising by about 49% [2]. - Northern Rare Earth forecasts a net profit of 2.176 billion to 2.356 billion yuan for 2025, a significant increase of 116.67% to 134.60%, driven by new technologies and products [2]. - Jinchuan Magnetics expects a net profit of 660 million to 760 million yuan for 2025, with a year-on-year growth of 127% to 161%, attributed to record high product sales in various applications [2]. - Xianglu Tungsten Industry predicts a net profit of 125 million to 180 million yuan for 2025, marking a turnaround from losses, supported by rising tungsten prices and increased sales orders [3]. - Huayou Cobalt anticipates a net profit of 5.85 billion to 6.45 billion yuan for 2025, a growth of 40.80% to 55.24%, benefiting from improved production and cost management [3]. - Luoyang Molybdenum expects a net profit of 20 billion to 20.8 billion yuan for 2025, with a growth of 47.80% to 53.71%, driven by increased production and effective cost control [4]. Group 2: Industry Insights - The positive performance forecasts are attributed to multiple factors, including government policy support, improved supply-demand dynamics, and strategic upgrades by companies [4]. - Emerging sectors such as new energy vehicles, power batteries, energy storage, and artificial intelligence are expected to drive sustained demand for non-ferrous metals, particularly lithium, nickel, rare earths, and tungsten [4].

1月20日上榜港股通成交活跃榜个股中，洛阳钼业为近一个月首次上榜。 （文章来源：证券时报网） 洛阳钼业为近一个月首次上榜，当日港股通成交额为5.27亿港元，成交净卖出0.98亿港元，该股当日收 盘下跌1.01%。（数据宝） 1月20日港股通成交活跃股榜单 证券时报·数据宝统计显示，1月20日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交 318.29亿港元，占当日港股通成交金额的32.72%，净买入金额8.08亿港元。 上榜的成交活跃股中，腾讯控股成交额为63.88亿港元，成交金额居首；其次是阿里巴巴-W、小米集团- W，成交金额分别为48.94亿港元、46.53亿港元。 以上榜次数统计，1月20日上榜个股中，近一个月上榜次数最多的是阿里巴巴-W、腾讯控股等，近一个 月均上榜18次，最受港股通资金关注。 | 证券 | 证券简称 | 成交金额（亿 | 净买入金额（亿 | 近一个月上榜 | 最新收盘价 | 日涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 代码 | | 港元） | 港元） | 次数 | （港元） | （%） | | 00700 | 腾 ...

Core Viewpoint - On January 20, the Hang Seng Index fell by 0.29%, closing at 26,487.51 points, while southbound funds through the Stock Connect recorded a net buy of HKD 36.63 billion [1]. Group 1: Market Activity - The total trading volume for the Stock Connect on January 20 was HKD 972.83 billion, with a net buy of HKD 36.63 billion [1]. - The Shanghai Stock Connect accounted for HKD 594.79 billion in trading volume with a net buy of HKD 34.44 billion, while the Shenzhen Stock Connect had a trading volume of HKD 378.04 billion and a net buy of HKD 2.18 billion [1]. Group 2: Active Stocks - In the Shanghai Stock Connect, Tencent Holdings was the most actively traded stock with a transaction amount of HKD 37.26 billion, followed by Xiaomi Group-W and Alibaba-W with transaction amounts of HKD 30.51 billion and HKD 23.91 billion, respectively [1]. - Tencent Holdings had a net buy of HKD 5.03 billion, despite its closing price dropping by 1.48% [1]. - China Mobile recorded the highest net sell amount of HKD 6.37 billion, closing flat [1]. Group 3: Shenzhen Stock Connect Activity - In the Shenzhen Stock Connect, Tencent Holdings also led with a transaction amount of HKD 26.62 billion, followed by Alibaba-W and SMIC with transaction amounts of HKD 25.02 billion and HKD 19.36 billion, respectively [2]. - Meituan-W had the highest net buy amount of HKD 2.54 billion, although it closed down by 1.17% [2]. - SMIC experienced the largest net sell amount of HKD 5.42 billion, closing down by 3.25% [2].

Group 1 - The core transaction on January 20 involved a block trade of 490,000 shares of Luoyang Molybdenum Co., Ltd., with a transaction value of 11.3043 million yuan and a price of 23.07 yuan per share [1][2] - Over the past three months, Luoyang Molybdenum has recorded a total of 17 block trades, amounting to a cumulative transaction value of 401 million yuan [1] - The closing price of Luoyang Molybdenum on the day of the transaction was 23.07 yuan, reflecting a decrease of 1.03%, with a daily turnover rate of 1.78% and a total trading volume of 7.1 billion yuan [1] Group 2 - The latest margin financing balance for Luoyang Molybdenum is 4.246 billion yuan, which has increased by 314 million yuan over the past five days, representing a growth rate of 7.98% [2] - Luoyang Molybdenum was established on December 22, 1999, with a registered capital of 4.2788620352 billion yuan [2]

Group 1 - The company plans to issue $1.2 billion of zero-coupon convertible bonds due in 2027 through its indirect subsidiary CMOC Capital Limited, with the company providing guarantees for the issuance [1] - The initial conversion price is set at HKD 28.03 per H share, representing a premium of approximately 28.70% over the last closing price of HKD 21.78 on January 19, 2026, and a premium of about 26.17% over the average closing price of HKD 22.22 for the five trading days prior to the announcement [1] - If fully converted at the initial conversion price, the bonds will convert into approximately 333,739,565 H shares, accounting for about 8.48% of the existing issued H shares and approximately 1.56% of the total issued shares [2] Group 2 - The net proceeds from the bond issuance, estimated to be around $1,187.5 million after deducting commissions and other estimated expenses, will be used to support the expansion, optimization, and ongoing capital expenditures of the company's overseas resource projects, enhance operational flexibility, and for general corporate purposes [2] - The converted shares will rank equally with the existing H shares as of the relevant record date [2]

Core Insights - On January 20, 2026, Tencent Holdings (00700), Xiaomi Group-W (01810), and Alibaba-W (09988) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 3.726 billion, 3.051 billion, and 2.391 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Tencent Holdings (00700), Alibaba-W (09988), and SMIC (00981) led the trading volume, with amounts of 2.662 billion, 2.502 billion, and 1.936 billion respectively [1] Southbound Stock Connect Trading Activity - The top active companies in the Southbound Stock Connect included: - Tencent Holdings (00700) with a trading amount of 3.726 billion and a net buying amount of +0.503 billion [2] - Xiaomi Group-W (01810) with a trading amount of 3.051 billion and a net buying amount of +0.287 billion [2] - Alibaba-W (09988) with a trading amount of 2.391 billion and a net selling amount of -5.778 million [2] - Other notable companies included Pop Mart (09992) and SMIC (00981) with trading amounts of 2.178 billion and 2.123 billion respectively [2] Shenzhen-Hong Kong Stock Connect Trading Activity - The top active companies in the Shenzhen-Hong Kong Stock Connect included: - Tencent Holdings (00700) with a trading amount of 2.662 billion and a net buying amount of +0.160 billion [2] - Alibaba-W (09988) with a trading amount of 2.502 billion and a net buying amount of +7.257 million [2] - SMIC (00981) with a trading amount of 1.936 billion and a net selling amount of -5.420 billion [2] - Other notable companies included Xiaomi Group-W (01810) with a trading amount of 1.603 billion and a net buying amount of +0.108 billion [2]

Group 1 - The company, Luoyang Molybdenum Co., Ltd., announced the issuance of $1.2 billion convertible bonds through its overseas subsidiary CMOC Capital Limited, which will be guaranteed by the company [1] - The bond issuance is a significant financing measure aimed at expanding the company's financing channels, particularly in the context of a recovering Hong Kong stock market [1] - The initial conversion price for the bonds is set at HKD 28.03 per share, representing a premium of approximately 28.7% over the last closing price on January 19 and about 26.17% over the average closing price of the last five trading days [1] Group 2 - The maturity date for the convertible bonds is January 24, 2027, and the proceeds will be used to support the expansion of overseas resource projects, optimize capital expenditures, and enhance operational flexibility [1] - The chairman of the company, Liu Jianfeng, stated that the issuance will enhance operational capital flexibility, reduce financing costs, and provide strong support for the company's overall strategy [2] - The bond issuance achieved nearly 10 times oversubscription, marking the highest conversion premium for a one-year convertible bond in Hong Kong history and the largest issuance scale in the past five years [2]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. successfully issued a total of $1.2 billion in zero-coupon convertible bonds, which will primarily support the expansion and optimization of overseas resource projects and ongoing capital expenditures [1] Group 1: Bond Issuance Details - The convertible bonds have a maturity of one year and an initial conversion price set at HKD 28.03 per share, representing a premium of approximately 28.7% over the closing price of HKD 21.78 on January 19 [1] - The premium is also 26.17% higher than the average closing price over the previous five trading days [1] Group 2: Fund Utilization - After deducting issuance costs, the net proceeds from this fundraising are approximately $1.188 billion [1] - The funds will be primarily used to support the expansion and optimization of Luoyang Molybdenum's overseas resource projects, as well as for ongoing capital expenditures [1]

Core Viewpoint - Luoyang Molybdenum (603993.SH, 03993.HK) successfully completed the issuance of a one-year zero-coupon convertible bond totaling $1.2 billion, aimed at supporting the expansion and optimization of its overseas resource projects and ongoing capital expenditures [1] Group 1: Bond Issuance Details - The initial conversion price for the issued convertible bonds is set at HKD 28.03 per share, representing a premium of approximately 28.7% over the closing price of HKD 21.78 on January 19 [1] - The premium is also 26.17% higher than the average closing price over the previous five trading days [1] Group 2: Fund Utilization - After deducting issuance costs, the net proceeds from this fundraising are approximately $1.188 billion [1] - The funds will primarily be used to support the expansion and optimization of Luoyang Molybdenum's overseas resource projects, as well as for ongoing capital expenditures [1]