Core Viewpoint - Daiwa has reassessed its A+H share valuation premium strategy, which involves selecting A+H shares with a minimum premium of 10% to construct a monthly A-share investment portfolio, indicating that this strategy typically yields strong returns when the overall A+H premium narrows rapidly [1] Group 1: Investment Strategy Performance - The latest results show that even when the valuation gap widens or the A-share market outperforms the H-share market, the investment strategy has performed well, with cumulative relative returns increasing from approximately 90% to 107.5% over the past two months [1] - The primary drivers of this performance are attributed to the rise in global metal prices and the recent renewal cycle in China's construction machinery sector, benefiting companies such as Luoyang Molybdenum (603993), Zijin Mining (601899), Sany Heavy Industry (600031), and Weichai Power (000338) [1] Group 2: Foreign Investment Trends - There is a sustained interest from overseas investors in Chinese technology companies; however, due to geopolitical concerns, investors generally prefer holding H-shares [1] - It is anticipated that the repatriation of foreign capital will drive the market capitalization of H-shares, which are significantly lower than their A-share counterparts, including Contemporary Amperex Technology (300750), leading to a potential rapid increase in stock prices post dual listing, which may create re-rating opportunities for their A-shares [1]

Group 1 - Spot gold has surpassed the $4,700 mark, reaching a new historical high [1] - The performance of the non-ferrous mining sector is strong, with several companies reporting impressive earnings forecasts for 2025 [3] - North Rare Earth expects a net profit attributable to shareholders of 2.176 billion to 2.356 billion yuan in 2025, representing a year-on-year growth of 116.67% to 134.60% [3] - Luoyang Molybdenum anticipates a net profit of 20 billion to 20.8 billion yuan in 2025, with a year-on-year increase of 47.80% to 53.71% [3] Group 2 - The non-ferrous mining ETF is seen as a strategic asset under the restructuring of the international order, with long-term value and structural opportunities highlighted [4] - The ETF tracks the non-ferrous metal mining index, focusing on upstream resources, with key metals like gold, copper, and aluminum making up nearly 60% of its weight [4] - The index tracked by the ETF has seen a one-year increase of 119.65% and a ten-year cumulative increase of 206.51%, outperforming mainstream non-ferrous indices [4]

Core Viewpoint - The issuance of zero-coupon convertible bonds by Luoyang Molybdenum Co., Ltd. is a strategic move to optimize capital structure and enhance financing channels amid a recovering Hong Kong stock market [1] Group 1: Convertible Bond Issuance - Luoyang Molybdenum successfully issued a total of $1.2 billion in one-year zero-coupon convertible bonds, which is a significant step in the capital market [1] - The initial conversion price is set at HKD 28.03 per share, representing a premium of approximately 28.7% over the closing price on the signing date and 26.17% over the average closing price of the last five trading days [1] - If all bonds are converted at the initial price, it will result in the issuance of 334 million new shares, accounting for about 1.54% of the expanded total share capital [1] - The net proceeds from the bond issuance, estimated at approximately $1.1875 billion after deducting expenses, will be used for overseas resource project expansions and general corporate purposes [1] Group 2: Resource Expansion and Production - Luoyang Molybdenum has been expanding its resource reserves, including the acquisition of the Ecuador KGHM gold mine for $1.015 billion, which includes cash payments and contingent payments based on sales [2] - The acquired assets contain a total gold resource of 5.013 million ounces with an average grade of 1.88 g/t, and gold reserves of 3.873 million ounces with an average grade of 1.45 g/t [2] - Following the completion of the acquisition, the company's annual gold production is expected to exceed 20 tons, with an additional 8 tons from the Brazilian assets acquired [2][3] Group 3: Financial Performance - Luoyang Molybdenum forecasts a net profit attributable to shareholders of between 20 billion and 20.8 billion yuan for 2025, an increase of 6.468 billion to 7.268 billion yuan year-on-year, representing a growth of 47.8% to 53.71% [3] - The company also expects a non-GAAP net profit of 20.4 billion to 21.2 billion yuan, reflecting an increase of 7.281 billion to 8.081 billion yuan year-on-year, or a growth of 55.5% to 61.6% [3] - In 2025, copper production reached 741,100 tons, exceeding the target by 18%, with the fourth quarter production nearing 200,000 tons [3][4] Group 4: Other Product Performance - Other product outputs also exceeded expectations, with cobalt production at 117,500 tons (107% completion), molybdenum at 13,900 tons (103%), tungsten at 7,114 tons (102%), niobium at 10,300 tons (103%), and phosphate fertilizer at 1.21 million tons (105%) [4] - The physical trade volume reached 4.774 million tons, achieving 112% of the target [4] - The chairman of Luoyang Molybdenum stated that the bond issuance will enhance operational capital flexibility and lower financing costs, providing strong support for the company's overall strategy [4]

Core Viewpoint - Rare metal concept stocks experienced a significant decline in early trading, with notable drops in companies such as Western Superconducting, which fell over 5%, and Northern Rare Earth, Luoyang Molybdenum, and Shenghe Resources, which all dropped over 4% [1] Group 1: Market Performance - The rare metal ETF declined by more than 3% [1] - Specific ETF prices include: - Rare Metal ETF at 1.013, down 3.43% - Rare Metal ETF Fund at 1.081, down 3.40% - Another Rare Metal ETF Fund at 1.420, down 3.27% - Additional Rare Metal ETF at 1.165, down 3.24% [2] Group 2: Industry Insights - Analysts indicate that strategic minor metals have limited reserves, high extraction difficulty, and insufficient supply elasticity, while downstream demand from sectors like new energy, semiconductors, and military is rapidly increasing, exacerbating supply-demand conflicts [2] - Given the ongoing scarcity of resources, upgrading demand structure, and policy adjustments, rare metal prices are expected to continue an upward trend, benefiting companies with resource reserve advantages, technical barriers, and compliant export channels [2]

Group 1 - The core viewpoint of the news highlights a collective decline in Hong Kong's non-ferrous metal stocks, with significant drops observed in companies such as China Nonferrous Mining, China Aluminum, and China Hongqiao, among others [1] - The report mentions a strategy proposed by Bank of America, suggesting investment in non-AI tech stocks that benefit from the AI boom, focusing on sectors like electrification, infrastructure, and metals [1] - Bank of America identifies metals such as copper, silver, lithium, aluminum, and nickel as key beneficiaries of the growing demand driven by the restructuring of energy infrastructure across economies [1] Group 2 - Specific stock performance data shows China Nonferrous Mining down 7.26%, China Aluminum down 4.62%, and China Hongqiao down 4.60%, among others, indicating a broader trend of declines in the sector [2] - Other notable declines include Luoyang Molybdenum down 4.59%, Lingbao Gold down 4.29%, and Chifeng Jilong Gold down 4.09%, reflecting a significant downturn in the non-ferrous metal market [2] - The overall trend indicates that multiple companies in the non-ferrous metal sector, including Jiangxi Copper and Zijin Mining, experienced declines of over 3%, suggesting a challenging market environment [2]

洛阳钼业发布公告，宣布总额为12亿美元的1年期零息可转换债券完成发行。洛阳钼业本次发行的可转 债初始转换价格为每股普通股28.03港元，较签署交易日（1月19日）最后收市价每股H股21.78港元溢价 约28.70%，较最近连续五个交易日平均收市价22.22港元溢价约26.17%。如全部债券均以初始转换价格 转股，预计将转换为333,739,565股普通股，占公司扩股后总股本的约1.54%。本次可转换债券的到期日 为2027年1月24日。所得款项将用于支持公司境外资源项目的扩产、优化及持续性资本开支，增强公司 营运资金灵活性及一般公司用途。洛阳钼业称，本次可转换债券发行实现了近10倍超额认购，为有史以 来港股1年期可转债转股溢价最高，近5年来1年期可转债发行规模最大。 ...

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 of the company [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]

Core Viewpoint - Company plans to issue USD 1.2 billion convertible bonds through its indirect subsidiary CMOC Capital, with a conversion price of HKD 28.03 per share, potentially increasing its H-share capital by approximately 8.48% [1][2] Group 1: Bond Issuance Details - The company intends to issue guaranteed convertible bonds that can be converted into H-shares at an initial conversion price of HKD 28.03 per share [1] - If fully converted, the bonds will result in approximately 334 million new H-shares, representing about 8.48% of the existing H-shares and 1.56% of the total issued shares [1] - The conversion will increase the total issued H-shares by approximately 7.82% and the total issued shares by about 1.54% post-conversion [1] Group 2: Use of Proceeds - The net proceeds from the bond issuance, estimated at approximately USD 1.188 billion after deducting commissions and other expenses, will be used to support the expansion, optimization, and ongoing capital expenditures of the company's overseas resource projects [2] - The funds will also enhance the company's operational flexibility and be allocated for general corporate purposes [2]

（记者 王晓波） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经AI快讯，洛阳钼业1月20日早间发布公告称，公司第七届第十次董事会临时会议于2026年1月18日 以传阅方式召开，审议通过关于子公司发行可转换为公司H股的公司债券的议案。 每经头条（nbdtoutiao）——"一周干完一年的活"，一款AI编程工具让硅谷程序员集体"上瘾"！科技公 司CEO：一辈子钻研的技能被它一次性解决，让人兴奋又恐惧 ...

Core Viewpoint - Luoyang Molybdenum (603993.SH) plans to issue $1.2 billion of guaranteed convertible bonds through its indirect subsidiary CMOC Capital Limited, with an initial conversion price of HKD 28.03 per share for H-shares [1] Group 1 - The company will provide guarantees for the convertible bonds issued by CMOC Capital [1] - If fully converted at the initial conversion price, the bonds will convert into approximately 334 million H-shares, representing about 8.48% of the existing issued H-shares and approximately 1.56% of the total issued shares as of the announcement date [1] - The conversion will increase the total issued H-shares by approximately 7.82% and the total issued shares by about 1.54% after full conversion [1] Group 2 - After deducting commissions and estimated expenses, the net proceeds from the bond issuance are expected to be approximately $1.188 billion [2] - The company intends to use the proceeds to support the expansion, optimization, and ongoing capital expenditures of its overseas resource projects, enhance operational flexibility, and for general corporate purposes [2]