Investment Rating - The report maintains a "Recommended" investment rating for the copper industry [9]. Core Insights - The report highlights that the production growth of overseas large copper mining companies is low, and there are frequent disruptions. The lack of new large copper mining projects in the coming years will continue to constrain copper supply [9]. Summary by Sections 1. Copper Production in Major Producing Countries - Chile's copper production from January to April 2025 reached 1.752 million metric tons, a year-on-year increase of 3.57% (+60,300 tons). The growth is primarily driven by the Escondida project due to higher mining intensity and improved ore grades. Peru's copper production during the same period was 892,000 metric tons, up 5.59% (+47,200 tons), with significant contributions from the Las Bambas and Toromocho mines [4][18]. 2. Overseas Copper Mining Companies' Production - The total copper production of 15 major copper mining companies in Q1 2025 was 3.012 million tons, a slight increase of 0.1% (+3,000 tons). However, excluding three Chinese companies, the production of 12 overseas companies fell by 3.79% (-96,100 tons) to 2.436 million tons. Notably, Freeport and Glencore experienced significant declines of 20% and 29.95%, respectively [5][9]. 3. Growth in Chinese Copper Mining Companies - Three Chinese companies reported substantial production increases in Q1 2025: Minmetals Resources (+76.1%), Zijin Mining (+9.5%), and Luoyang Molybdenum (+15.7%). The growth for Minmetals was largely attributed to the Las Bambas mine in Peru, which produced 95,700 tons, a year-on-year increase of 70.9% (+39,700 tons) [7]. 4. Future Project Developments - The report notes a scarcity of new or expanded copper mining projects. The Salvador project by Codelco is currently ramping up production, while First Quantum's Kansanshi expansion is expected to contribute additional capacity starting in H2 2025. Other long-term projects include Rio Tinto's Oyu Tolgoi and Antofagasta's Centinela Phase II, with expected production increases in the coming years [8]. 5. Production Summary of Major Companies - Codelco's Q1 2025 production was 324,000 tons, a slight increase of 1.6% year-on-year. BHP's total production was 513,200 tons, up 10.18%, primarily due to the Escondida mine. Freeport's production fell to 393,720 tons, down 20% year-on-year, while Glencore's production dropped to 167,900 tons, a decrease of 29.95% [47][54][60][69].

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [5] Core Views - The report highlights that copper prices are expected to remain volatile in the short term due to mixed economic indicators from the US, with a recent decline in copper prices following lower-than-expected CPI data [5] - Aluminum prices are supported by continuous inventory depletion and tight spot supply, while alumina prices have seen a slight decline [5] - Lithium prices are under pressure at the bottom, with a slight increase in carbonate lithium prices, but the market is awaiting further production cuts from mining sources [5] - Cobalt prices have seen a slight increase, with attention on potential policy changes in the Democratic Republic of Congo that could impact supply [5] Summary by Sections 1. Industry Overview 1.1 Important Information - US May CPI was reported at 2.4%, slightly below expectations, indicating potential economic impacts [9] - Recent geopolitical tensions, including Israeli airstrikes on Iran, may affect market stability [9] 1.2 Market Performance - The non-ferrous metals sector outperformed the Shanghai Composite Index, with a weekly increase of 3.79% [11] - The sector's performance was led by magnetic materials, gold, and cobalt, while copper, lithium, and aluminum lagged [11] 1.3 Valuation Changes - The PE_TTM for the non-ferrous metals sector is 19.13, with a slight increase of 0.59 [18] - The PB_LF for the sector is 2.21, reflecting a 0.07 increase [18] 2. Industrial Metals 2.1 Copper - Copper prices saw a decline of 1.44% in London and 1.17% in Shanghai, with significant inventory reductions [23] - The copper smelting profit margin has worsened, indicating financial pressures on producers [23] 2.2 Aluminum - Aluminum prices increased by 1.88% in London and 1.79% in Shanghai, supported by inventory depletion [34] - The profit margin for aluminum producers improved significantly due to rising prices [34] 2.3 Lead and Zinc - Lead prices increased slightly, while zinc prices saw a decline, with mining profits narrowing [48] 2.4 Tin and Nickel - Tin prices remained stable, while nickel prices experienced a slight decline, with profitability for domestic nickel enterprises shrinking [61] 3. Energy Metals 3.1 Lithium - Lithium carbonate prices increased by 0.75%, while lithium hydroxide prices decreased [72] - The profitability of lithium refining remains negative, indicating challenges in the sector [72] 3.2 Cobalt - Cobalt prices have seen a slight increase, with domestic refining margins improving [84]

Investment Rating - Industry rating: Recommended [4] Core Viewpoints - The geopolitical tensions and the decline of the US dollar index have led to a strong performance in gold prices, with COMEX gold rising 3.65% to $3,452.60 per ounce this week [23][25] - The market is increasingly pricing in the possibility of interest rate cuts by the Federal Reserve, with expectations of two cuts this year, the first likely in September [3][43] - The uncertainty in the Middle East, particularly regarding Iran and Israel, is contributing to a shift towards safe-haven assets like gold and silver [5][17] Summary by Sections Precious Metals - COMEX silver increased by 0.66% to $36.37 per ounce, while SHFE gold rose 1.42% to ¥794.36 per gram [23][25] - SPDR gold ETF holdings increased by 201,954.41 troy ounces, while SLV silver ETF holdings decreased by 1,090,806.40 ounces [25] - The gold-silver ratio rose by 2.97% to 94.93 this week [25] Base Metals - In the LME market, copper fell 0.24% to $9,647.50 per ton, while aluminum rose 2.10% to $2,503.00 per ton [49] - SHFE copper decreased by 1.17% to ¥78,010.00 per ton, and aluminum increased by 1.84% to ¥20,440.00 per ton [49] - The supply of copper is expected to tighten due to maintenance plans at domestic smelters and the ongoing geopolitical situation [7][8] Copper - The supply side is affected by a downward adjustment in the annual production forecast for the Kamoa-Kakula project and ongoing maintenance at the Cobre copper mine [7][44] - Domestic copper rod enterprises' weekly operating rate rose to 73.21%, but actual purchases are subdued due to high prices [7] - SHFE copper inventory decreased by 5.08% to 101,900 tons, while LME inventory fell by 13.54% to 114,500 tons [74] Aluminum - The aluminum industry operates at over 95% capacity, with minor maintenance plans causing limited supply disruptions [9][78] - Demand for aluminum products has softened, with a decrease in operating rates for various aluminum products [9][78] - SHFE aluminum inventory decreased by 6.91% to 110,000 tons, while LME inventory fell by 2.92% to 353,200 tons [11][78] Zinc - Zinc prices are under pressure due to weak demand, with domestic zinc ore processing fees rising [79] - SHFE zinc inventory decreased by 3.29% to 45,466 tons, while LME inventory fell by 4.36% to 131,000 tons [79]

Core Points - The company has elected Liu Jianfeng as the chairman of the board and legal representative during the third temporary meeting of the seventh board of directors held on May 30, 2025 [1] - The company has completed the necessary business registration changes and obtained a new business license from the Luoyang Market Supervision Administration, with the legal representative now being Liu Jianfeng [1] - The registered capital of the company is 4.299848124 billion RMB, and it was established on December 22, 1999 [1] Company Information - The company is named Luoyang Luanchuan Molybdenum Industry Group Co., Ltd. and operates as a joint-stock company with investments from Hong Kong, Macau, and Taiwan [1] - The company's business scope includes the mining, selection, smelting, and deep processing of tungsten and molybdenum series products, as well as the import and export of necessary raw materials and machinery [1]

洛阳栾川钼业集团股份有限公司（以下简称"公司"）于2025 年5月30日召开第七届董事会第三次临时会议，审议通过关于选举本 公司第七届董事会董事长的议案，同意选举刘建锋先生为公司第七 届董事会董事长，同时担任公司法定代表人。 近日，公司办理完成了相关工商变更登记手续，并取得了洛阳 市市场监督管理局换发的《营业执照》，法定代表人变更为刘建锋先 生，原营业执照其他登记事项未发生变更。 | 名称 | 洛阳栾川钼业集团股份有限公司 | | --- | --- | | 统一社会信用代码 | 91410000171080594J | | 注册资本 | 肆拾贰亿玖仟玖佰捌拾肆万捌仟壹佰贰拾肆人民币元整 | | 成立日期 | 1999年12月22日 | | 类型 | 股份有限公司（港澳台投资、上市） | | 法定代表人 | 刘建锋 | 变更后的营业执照主要登记信息如下： 股票代码：603993 股票简称：洛阳钼业 编号：2025—037 洛阳栾川钼业集团股份有限公司 关于变更法定代表人并换发营业执照的公告 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 ...

股票代码：603993 股票简称：洛阳钼业 编号：2025—036 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15亿元的担保。 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20.79%。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 ...

Core Viewpoint - The tungsten industry is characterized by a significant supply-demand gap, with expectations of a global shortage increasing from 13,000 tons in 2023 to 18,000 tons by 2027, indicating a systemic rise in tungsten prices due to its strategic importance and scarcity [2][3]. Industry Overview - Tungsten is a globally important strategic resource known for its high hardness, melting point, and resistance to high temperatures and corrosion, making it essential in various sectors including transportation, mining, industrial manufacturing, and military applications [7][9]. - The global tungsten reserves are concentrated, with China holding over 50% of the total tungsten resources and production, making it a key player in the tungsten market [14][19]. Driving Factors - The rarity of tungsten resources and continuous innovation in mining technology are crucial for the industry's growth, with global tungsten reserves increasing from approximately 3.3 million tons in 2018 to 4.4 million tons in 2023, reflecting a compound annual growth rate of 5.9% [14]. - Demand for tungsten from downstream industries is on the rise, particularly in aerospace, military, and photovoltaic sectors, with projections indicating that global tungsten consumption could reach approximately 151,100 tons by 2028 [15]. - Technological advancements in mining and smelting processes are enhancing the efficiency and cost-effectiveness of tungsten extraction, making the market more attractive to investors [16][17]. Supply-Demand Structure - The supply of tungsten remains rigid, with China accounting for 52.5% of global tungsten reserves and 82.3% of production in 2024, despite a gradual decline in the quality of tungsten ore due to extensive mining [19][21]. - The Chinese government implements strict controls on tungsten mining, with total mining quotas gradually increasing but remaining limited, which contributes to a tight supply situation [21][27]. - The production cost of tungsten concentrates is expected to rise significantly, with estimates indicating costs could exceed 130,000 yuan per ton by 2024 [27][29]. Price Outlook - The price of tungsten is supported by strong cost factors, with production costs currently ranging from 96,000 to 107,000 yuan per ton, and expected to maintain upward pressure due to increasing mining costs and regulatory constraints [27][29]. - The global tungsten market is anticipated to experience price increases driven by supply constraints and rising demand from various industrial applications [2][3]. Industry Development Trends - The tungsten industry is expected to see continued growth in hard alloy production, with domestic production increasing from 33,800 tons in 2018 to an estimated 58,000 tons in 2024, reflecting a compound annual growth rate of 9.4% [37]. - The demand for tungsten wire, particularly in the photovoltaic sector, is projected to grow rapidly as it replaces traditional carbon steel wire due to its superior properties [53][54].

Group 1 - The Hong Kong Stock Automotive ETF (520600) has seen a strong performance, rising 2.42% recently, with a cumulative rebound of nearly 24% since its low on April 10 [1] - The index tracking the automotive industry, the CSI Hong Kong Stock Connect Automotive Industry Theme Index (931239), has increased by 1.69%, with significant gains from major stocks like BYD (01211) and others [1][2] - The ETF's trading volume was active, with a turnover of 6.88 billion and a turnover rate of 108.56%, indicating strong market participation [1] Group 2 - The CSI Hong Kong Stock Connect Automotive Industry Theme Index includes 50 listed companies involved in the automotive industry, with the top ten stocks accounting for 77.55% of the index [2] - BYD and Li Auto (02015) are the largest weight stocks in the index, together making up over 34% [2] - Major automotive companies, including BYD and Dongfeng Motor, have committed to reducing supplier payment terms to within 60 days, responding to government initiatives to support small and medium enterprises [3] Group 3 - Analysts predict that the automotive sector will enter a phase of high sales growth and favorable events, supported by policies like trade-in incentives [3] - Long-term price declines are expected to stimulate downstream demand, leading to increased sales and encouraging automakers to seek differentiated competitive advantages [3] - The commercialization of intelligent driving is anticipated to benefit both major manufacturers and component companies, particularly those with strong growth potential [3]

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Shandong Gold, and Chifeng Jilong Gold [3][4]. Core Views - The combination of "tariff easing + employment slowdown" provides a premise for the Federal Reserve to lower interest rates, potentially leading to a rebound in metal prices. Optimistic expectations regarding tariff policies have heightened market sentiment, although gold has seen a decline due to reduced safe-haven demand [1][36]. - Industrial metals, particularly copper, are in a state of fluctuation due to macroeconomic uncertainties and rising inventories, while aluminum prices are supported by decreasing social inventories despite tariff policy fluctuations [1]. - Energy metals, such as lithium, are experiencing a weak supply-demand balance, with lithium prices showing signs of fluctuation. The demand for electric vehicles continues to grow, but the market remains cautious [1]. Summary by Sections Non-Ferrous Metals - The non-ferrous metals sector has seen a general increase in prices, with specific attention to gold and silver, which are influenced by macroeconomic factors and market sentiment [12][18]. - Copper prices are currently in a consolidation phase due to fluctuating macroeconomic conditions and rising inventories, with global copper stocks reported at 537,000 tons, an increase of 12,300 tons week-on-week [1][23]. - Aluminum prices are supported by a decrease in social inventories, with theoretical operating capacity in China's electrolytic aluminum industry reaching 43.87 million tons, a slight increase from the previous week [1][23]. Precious Metals - Gold prices are expected to rebound following a period of adjustment, driven by the anticipation of interest rate cuts by the Federal Reserve. The recent employment data has raised concerns about economic growth, but the overall employment market is still showing signs of slowdown [1][36]. - Silver remains strong due to industrial demand, while gold has faced downward pressure from reduced safe-haven buying [1][36]. Energy Metals - Lithium prices are currently fluctuating, with industrial-grade lithium carbonate priced at 59,000 yuan/ton, down 0.8% week-on-week. The supply side is seeing slight increases, but demand remains cautious due to market conditions [1][27]. - The demand for electric vehicles continues to rise, with cumulative sales of passenger and electric vehicles reaching 880.2 million and 438 million units respectively, showing year-on-year growth of 9% and 34% [1][27]. Company Announcements - Companies such as Chifeng Jilong Gold and Zhongse Co. have made significant announcements regarding resource verification and project investments, indicating ongoing developments in the sector [34].

沪指6月6日上涨0.04%，申万所属行业中，今日上涨的有13个，涨幅居前的行业为有色金属、通信，涨 幅分别为1.16%、1.00%。有色金属行业位居今日涨幅榜首位。跌幅居前的行业为美容护理、纺织服 饰，跌幅分别为1.70%、1.18%。 有色金属行业资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300748 | 金力永磁 | -2.58 | 4.75 | -15028.69 | | 600259 | 广晟有色 | -3.25 | 7.16 | -10604.44 | | 000807 | 云铝股份 | 0.00 | 0.76 | -7611.22 | | 000969 | 安泰科技 | -2.20 | 2.64 | -5690.63 | | 300328 | 宜安科技 | -1.94 | 5.08 | -5276.07 | | 000795 | 英洛华 | -1.94 | 2.00 | -4454.14 | | 300963 | 中洲特材 | 6.26 | 21.72 | -4366 ...