Market Overview - The Hong Kong stock market indices collectively declined, with the Hang Seng Index stopping a three-day rise, closing down 0.48% at 23,792.54 points, with a total turnover of HKD 235.62 billion [1] - The Hang Seng China Enterprises Index fell 0.63% to 8,629.75 points, and the Hang Seng Tech Index also dropped 0.63% to 5,286.52 points [1] - For the week, the Hang Seng Index rose 2.16%, the China Enterprises Index increased by 2.34%, and the Tech Index gained 2.25% [1] Blue Chip Performance - Kuaishou-W (01024) continued its upward trend, rising 8.44% to HKD 59.1, contributing 22.8 points to the Hang Seng Index [2] - The annualized revenue run rate for Kuaishou's AI product exceeded USD 100 million as of March, with monthly payments surpassing RMB 100 million in April and May [2] - Other blue-chip stocks included CSPC Pharmaceutical Group (01093) up 12.72%, Hansoh Pharmaceutical (03692) up 2.84%, while SMIC (00981) fell 4.85% and Trip.com Group (09961) dropped 3.31% [2] Sector Highlights - Large tech stocks generally declined, with Xiaomi down over 2% and Alibaba down over 1%, while Kuaishou rose over 8% [3] - Precious metals saw gains, with China Silver Group rising 26% and silver prices reaching a 13-year high, driven by industrial demand [3] - The innovative drug sector saw gains, with CSPC Pharmaceutical up 12.72% and other biotech firms also performing well, indicating a positive outlook for the sector [4] Stablecoin Sector - The stablecoin sector experienced a pullback after Circle's successful NYSE listing, with China Everbright Holdings (00165) dropping 17.2% [5] - The Hong Kong government announced the implementation of the Stablecoin Regulation on August 1, 2025, which aims to reshape the regulatory framework for stablecoins [6] Automotive Sector - Automotive stocks declined, with XPeng Motors (09868) down 1.77% and Great Wall Motors (02333) down 1.76% [6] - Concerns over a price war in the automotive industry were raised, with profit margins for the sector declining [6] Notable Stocks - WanGuo Gold Group (03939) reached a new high, rising 11.73% to HKD 30, supported by positive mining contracts [7] - Xinyi Energy (03868) increased by 7.07% as it submitted listing materials for a solar power infrastructure REIT in China [8] - Juzhibio (02367) faced pressure, down 3.04%, amid ongoing controversies regarding its product composition [9]

Market Overview - The Hang Seng Index fell by 0.21%, down 49 points, closing at 23,857 points, while the Hang Seng Tech Index decreased by 0.59% [1] - The early trading volume in the Hong Kong stock market reached HKD 102.1 billion [1] Sector Performance - The non-ferrous metal sector showed strong performance, with institutions optimistic about sustained profitability; Luoyang Molybdenum Co. rose by 4% and Jiangxi Copper Co. increased by 3.11% [1] - The three major telecom operators in Hong Kong experienced gains, with China Unicom, China Mobile, and China Telecom all rising over 2% [1] Notable Stock Movements - China Silver Group surged over 23%, with spot silver prices reaching nearly USD 36, marking a 13-year high [1] - Longpan Technology saw a rise of 3.35% after signing a large order for 150,000 tons of lithium iron phosphate, indicating a boost in solid-state battery production [1] - Dongyue Group increased by 1.54% as prices for third-generation refrigerants continued to rise, positioning the company as a leader in R22 and R32 quotas [1] - Youjia Innovation rose by 7% after securing a key model for a new energy brand under Changan Automobile [1] - Shijiazhuang Pharmaceutical Group increased by 4.27% after obtaining production registration for calcium gluconate and sodium chloride injection [1] - Zhongxu Future surged over 11% as the issuance of domestic game licenses reached a new high, with multiple new titles planned for release within the year [1] Company-Specific Challenges - Dongfeng Group's stock fell over 3% amid clarification from its controlling shareholder that there are no current restructuring plans, with a reported 17.1% year-on-year decline in vehicle sales for the first five months [2] - Alibaba Health dropped by 3.46% as its profits for the fiscal year 2025 fell short of expectations, with UBS suggesting the company may struggle to maintain its current valuation [3] - The automotive sector faced renewed declines, with analysts predicting an unavoidable new round of price wars, leading to a trend of increased revenue without profit growth; XPeng Motors fell by 2.9% and Li Auto decreased by 1.46% [3]

A股磷化工板块震荡走强，罗平锌电涨超5%，洛阳钼业涨超3%，新农股份、国光股份、恒邦股份、云 图控股跟涨。 ...

Core Viewpoint - The Zhongzheng Nonferrous Metals Index has shown a mixed performance recently, with a slight decline on the trading day but positive growth over the past month, three months, and year-to-date [1][2]. Group 1: Index Performance - The Zhongzheng Nonferrous Metals Index decreased by 0.44% to 1750.31 points on the trading day, with a trading volume of 25.95 billion yuan [1]. - Over the past month, the index has increased by 3.77%, by 3.28% over the last three months, and by 9.26% year-to-date [2]. Group 2: Index Composition - The index includes companies involved in nonferrous metal mining, smelting, and processing, reflecting the overall performance of related listed companies [2]. - The top ten weighted companies in the index are: Zijin Mining (11.12%), Northern Rare Earth (5.05%), Shandong Gold (4.54%), China Aluminum (4.41%), Luoyang Molybdenum (4.29%), Huayou Cobalt (3.85%), Chifeng Jilong Gold (3.74%), Zhongjin Gold (3.41%), Ganfeng Lithium (2.94%), and Shandong Gold International (2.76%) [2]. Group 3: Market and Sector Breakdown - The index's holdings are primarily listed on the Shanghai Stock Exchange (62.55%) and Shenzhen Stock Exchange (37.45%) [2]. - In terms of industry composition, raw materials account for 98.63%, industrials for 1.01%, and consumer discretionary for 0.37% [2]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Various public funds track the Zhongzheng Nonferrous Metals Index, including multiple ETFs and enhanced index funds [3].

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Luoyang Molybdenum Co., Ltd., which closed at 7.38 yuan, up 2.07%, with a rolling PE ratio of 10.30 times and a total market value of 158.664 billion yuan [1][2] - The company ranks 8th in the food and beverage industry, which has an average PE ratio of 43.71 times and a median of 34.03 times [1][2] - As of the first quarter of 2025, 166 institutions held shares in Luoyang Molybdenum, including 160 funds, with a total holding of 1,218,899,280 shares valued at 92.636 billion yuan [1] Group 2 - The main business of Luoyang Molybdenum includes mining and processing of base and rare metals, as well as mineral trading, with key products being molybdenum, tungsten, copper, cobalt, niobium, phosphorus, and refined metal trading [1] - The latest financial results for the first quarter of 2025 show the company achieved an operating income of 46.006 billion yuan, a year-on-year decrease of 0.25%, and a net profit of 3.946 billion yuan, a year-on-year increase of 90.47%, with a gross profit margin of 22.33% [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年5月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 洛陽欒川鉬業集團股份有限公司 FF301 II. 已發行股份及/或庫存股份變動 呈交日期: 2025年6月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03993 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,933,468,000 | RMB | | 0.2 RMB | | 786,693,600 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 3,933,468,000 | RMB | | 0.2 RMB | | 786,693,600 ...

Investment Rating - The investment rating for the non-ferrous metals sector is "Positive" (maintained) [5] Core Viewpoints - Copper prices are fluctuating within a narrow range, awaiting further macroeconomic catalysts. The weekly changes in copper prices are -0.05% for London copper, -0.24% for Shanghai copper, and -3.35% for New York copper. Domestic copper inventory has increased by 7.2% to 106,000 tons [5][22] - Aluminum prices are stable with ongoing inventory depletion. The price of alumina has risen by 2.95% to 3,320 CNY/ton, while electrolytic aluminum prices have decreased by 0.40% to 20,100 CNY/ton [5][31] - Lithium prices continue to decline, with carbonate lithium down 3.73% to 60,700 CNY/ton. The supply side has not shown significant production cuts yet, which is a major factor suppressing lithium prices [5][72] - Cobalt prices remain under pressure due to weak demand, with potential policy changes in the Democratic Republic of Congo that could create rebound opportunities [5][84] Summary by Sections 1. Industry Overview - The non-ferrous metals sector has underperformed, with the Shenwan non-ferrous index down 2.40%, lagging behind the Shanghai Composite Index by 2.38 percentage points [11] - The sector's PE_TTM is 17.86, down 0.50 from the previous week, while the PB_LF is 2.05, down 0.06 [17][20] 2. Industrial Metals 2.1 Copper - London copper prices decreased by 0.05%, while Shanghai copper prices fell by 0.24%. London copper inventory dropped by 9.02%, while Shanghai inventory increased by 7.22% [22] 2.2 Aluminum - London aluminum prices increased by 0.02%, while Shanghai aluminum prices decreased by 0.40%. The inventory of both London and Shanghai aluminum has decreased [31] 2.3 Lead and Zinc - London lead prices fell by 1.29%, and Shanghai lead prices decreased by 0.92%. London zinc prices dropped by 0.67%, while Shanghai zinc prices fell by 0.07% [42] 2.4 Tin and Nickel - London tin prices decreased by 6.80%, and Shanghai tin prices fell by 4.45%. Nickel prices also saw a decline [57] 3. Energy Metals 3.1 Lithium - Lithium carbonate prices fell by 3.73% to 60,700 CNY/ton, with lithium demand currently in a seasonal downturn [72] 3.2 Cobalt - Domestic cobalt prices decreased by 1.68% to 234,000 CNY/ton, with potential for policy changes in the DRC to impact future prices [84]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. held its 2024 annual shareholders' meeting, where key personnel changes were announced, including the election of Liu Jianfeng as the chairman of the board, amidst discussions on cobalt exports from the Democratic Republic of Congo and the acquisition of Lumina Gold [1][6]. Personnel Changes - The company announced significant personnel changes, including the resignation of Chairman Yuan Honglin and Vice Chairman Li Zhaochun, with Qu Zhaoyang appointed as Executive Vice President and COO, and Liu Jianfeng as Chief Investment Officer [3][6]. - Liu Jianfeng and Qu Zhaoyang addressed shareholder questions during the meeting, emphasizing their commitment to enhancing operational efficiency and strategic acquisitions [4][6]. Cobalt Export Situation - The Democratic Republic of Congo announced a four-month suspension of cobalt exports, which is significant as the country accounts for 76% of global cobalt production. Luoyang Molybdenum is the world's largest cobalt producer, operating two major mines in the region [4][6]. - The company is closely monitoring the cobalt export situation and is in communication with relevant authorities, acknowledging the uncertainty surrounding potential extensions of the export suspension [4][6]. Acquisition of Lumina Gold - Luoyang Molybdenum plans to acquire all issued and unissued common shares of Lumina Gold for approximately CAD 581 million. Lumina Gold owns the Cangrejos gold project in Ecuador, which has significant resource potential [5][6]. - The Cangrejos project is considered a "greenfield project," marking a shift from the company's previous strategy of acquiring existing assets. The project is currently in the preliminary research stage [5][6]. Future Outlook - The new management team aims to enhance resource development and operational efficiency, with a focus on optimizing mining processes and reducing costs [4][6]. - The company is committed to expanding its resource reserves and coverage, with Liu Jianfeng highlighting the team's confidence in achieving long-term growth [7].

Group 1 - The company is named Luoyang Luanchuan Molybdenum Industry Group Co., Ltd., and it was established as a joint-stock company in accordance with the Company Law and Securities Law of the People's Republic of China [2][3] - The company was founded on August 25, 2006, and registered with the Market Supervision Administration of Luoyang City, obtaining a business license [2][3] - The company issued H-shares to the public for the first time on March 8, 2007, with a total of 1,191,960,000 shares, and issued RMB ordinary shares on July 13, 2012, totaling 200,000,000 shares [2][3] Group 2 - The company's registered capital is RMB 4,278,862,035.2 [2] - The company is a permanent joint-stock company, and its legal representative is appointed from the board of directors or management [3] - The company’s assets are divided into equal shares, and shareholders are liable for the company's debts only to the extent of their subscribed shares [3] Group 3 - The company's business purpose is to maximize shareholder interests while providing quality service and adhering to the principles of a socialist market economy [5] - The company's business scope includes the mining, smelting, and deep processing of tungsten and molybdenum products, as well as the export of related chemical products [5] Group 4 - The company’s shares are issued in the form of stocks, with each share having a par value of RMB 0.2 [6][7] - The total number of shares issued by the company is 21,394,310,176, with A-shares accounting for 81.61% of the total [7][8] - The company can issue shares to both domestic and foreign investors, with domestic shares referred to as "internal shares" and foreign shares as "external shares" [6][7] Group 5 - The company can increase its capital through various means, including issuing convertible bonds and employee stock ownership plans [9][12] - The company is allowed to repurchase its shares under specific circumstances, such as reducing registered capital or merging with other companies [10][12] Group 6 - Shareholders have the right to sue the company based on the company’s articles of association, and the company can also sue shareholders and management [4][5] - The company’s articles of association serve as a legally binding document for the company, shareholders, and management [3][5]

Core Viewpoint - Luoyang Molybdenum Group Co., Ltd. plans to cancel repurchased shares and reduce registered capital, following the approval of relevant board meetings [1][2]. Group 1: Share Cancellation and Capital Reduction - The company will cancel 104,930,443 shares from its repurchase account, reducing total share capital from 21,499,240,619 shares to 21,394,310,176 shares [1]. - Registered capital will decrease from 4,299,848,123.8 yuan to 4,278,862,035.2 yuan as a result of the share cancellation [1]. Group 2: Notification to Creditors - The company notifies creditors that they have 30 days from receiving the notice, or 45 days from the announcement date if no notice is received, to claim debts or request guarantees [2]. - Creditors must provide valid debt documents and related evidence to the company to exercise their rights [2].