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 呈交日期: 2025年11月3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 | 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10月31日 狀態: 新提交 | 2. 股份分類 | 普通股 | 股份 ...

Group 1 - The non-ferrous metal sector stocks experienced a decline in early trading, with Northern Rare Earth and Luoyang Molybdenum falling over 5%, and Zijin Mining and Huayou Cobalt dropping over 4% [1] - The related ETFs for non-ferrous metals dropped nearly 4% due to adjustments in heavy-weight stocks [1] - Specific ETF performance includes: Non-ferrous Metal ETF at 1.701 (-3.95%), Non-ferrous 60 ETF at 1.629 (-3.89%), and Non-ferrous Leaders ETF at 0.872 (-3.75%) [2] Group 2 - Brokerages indicate that the non-ferrous metal sector will face high market volatility risks in 2025, influenced by uncertainties from both demand and supply sides [2] - Emerging demand in the downstream structure of copper and aluminum has shifted from quantitative to qualitative changes, which is expected to support a long-term upward adjustment in the price center of non-ferrous metals [2]

Core Points - Luoyang Molybdenum Co., Ltd. experienced a 5.16% decline in stock price, trading at 16.16 CNY per share with a total market capitalization of 345.73 billion CNY as of November 3 [1] - The company, established on December 22, 1999, and listed on October 9, 2012, primarily engages in the mining, selection, deep processing, trading, and research of rare metals such as molybdenum, tungsten, and gold [1] - The revenue composition of the company includes refined metal product trading (48.56%), concentrate product trading (38.31%), copper (27.14%), cobalt (6.04%), molybdenum (3.12%), phosphorus (2.23%), niobium (1.88%), tungsten (1.17%), and others (0.11%) [1] Fund Holdings - Zhonggeng Fund holds a significant position in Luoyang Molybdenum, with its "Zhonggeng Value Dynamic Flexible Allocation Mixed Fund" (007497) owning 3.924 million shares, accounting for 5.47% of the fund's net value, making it the fourth-largest holding [2] - The fund has reported a year-to-date return of 36.98% and a one-year return of 31.58%, ranking 2188 out of 8223 and 2610 out of 8115 respectively [2] - The fund manager, Wu Chenggen, has been in position for 5 years and 155 days, with the fund's total assets amounting to 1.127 billion CNY and a best return of 130.96% during his tenure [2]

Core Insights - The foreign public funds have achieved significant excess returns due to proactive industry positioning and stable investment strategies, with some funds reporting returns exceeding 50% year-to-date [1][2] Group 1: Fund Performance - BlackRock Advanced Manufacturing Fund has a year-to-date return of 66.44%, with a heavy concentration in the manufacturing sector, accounting for 92.52% of its stock investments [2] - The top ten holdings of the BlackRock fund include companies like CATL and Hikvision, with notable stock price increases such as 176.76% for Zhongji Xuchuang [2] - The Robeco Resource Select Fund has achieved a year-to-date return of 79.00%, diversifying its investments across materials, mining, and energy sectors [2] Group 2: Market Outlook - Fund managers maintain a positive outlook for the fourth quarter, expecting low interest rates and ample liquidity to support the A-share market's medium to long-term performance [1][3] - Concerns about geopolitical factors and overseas policy rhythms may cause short-term disruptions, but the overall sentiment remains optimistic for quality technology and resource assets [3][5] - The managers of the BlackRock fund believe that the current low-growth macro environment will anchor a low-interest-rate scenario, pushing investors towards riskier assets with positive cash flows [4] Group 3: Strategic Adjustments - The funds have maintained relatively high positions while making flexible adjustments based on market changes, focusing on sectors like electronics and power equipment [3] - The Allianz China Select Fund has a year-to-date return of 54.48%, with significant holdings in manufacturing and healthcare, reflecting confidence in China's technological innovation [3] - The Robeco fund has strategically included upstream industries related to the current technology innovation cycle, aiming for future gains [5][6]

Core Insights - The article highlights the net inflow and outflow of funds for various companies in the Hong Kong stock market, indicating significant movements in investor sentiment and market dynamics [1][2][3] Net Inflow Summary - The top three companies with the highest net inflow of funds are Huahong Semiconductor (华虹半导体) with 388 million, Pop Mart (泡泡玛特) with 320 million, and Qingdao Beer (青岛啤酒股份) with 305 million [1][2] - The net inflow percentages for these companies are 8.15%, 7.92%, and 58.54% respectively, indicating strong investor interest, particularly in Qingdao Beer [2][3] Net Outflow Summary - The companies with the highest net outflow of funds include Alibaba-W (阿里巴巴-W) with -523 million, Southern Hang Seng Technology (南方恒生科技) with -429 million, and Tencent Holdings (腾讯控股) with -355 million [1][2] - The net outflow percentages for these companies are -3.89%, -4.86%, and -3.36% respectively, reflecting a negative sentiment among investors towards these stocks [2][3] Net Inflow Ratio Summary - The companies with the highest net inflow ratios are Shenzhen Expressway (深圳高速公路股份) at 68.48%, Anhui Wanshan Expressway (安徽皖通高速公路) at 64.22%, and Legend Holdings (联想控股) at 59.98% [1][3] - These ratios suggest a strong demand for shares in these companies relative to their trading volume [3] Net Outflow Ratio Summary - The companies with the highest net outflow ratios are Huadian International Power (华电国际电力股份) at -62.31%, CIMC Enric (中集安瑞科) at -54.98%, and Connoisseur-B (康诺亚-B) at -52.78% [1][3] - These figures indicate significant selling pressure and a lack of confidence among investors in these stocks [3]

Core Viewpoint - The A-share market showed a mixed performance in October, with the Shanghai Composite Index rising by 1.85%, while the Shenzhen Component Index and the ChiNext Index fell by 1.1% and 1.56% respectively. The focus is on identifying investment opportunities for November as multiple brokerages have released their monthly investment portfolios across various sectors [1]. Group 1: Recommended Stocks - A total of 11 stocks, including Huadian Technology, Industrial Fulian, and Yun Aluminum, received recommendations from two brokerages each [4]. - Among the recommended stocks, Zhongji Xuchuang had the highest increase in October, rising over 17% to a closing price of 473.01 yuan, while Top Group experienced the largest decline, falling over 8.9% to a closing price of 73.78 yuan [4]. Group 2: Industry Preferences - Several brokerages suggest focusing on sectors such as non-ferrous metals, brokerage firms, and pharmaceuticals, indicating a potential increase in market volatility [6]. - Guosheng Securities recommends a balanced asset allocation to navigate short-term fluctuations, emphasizing the importance of verifying economic conditions, particularly in sectors like non-ferrous metals, lithium batteries, and storage [6]. - Zhongyuan Securities anticipates a continuation of structural oscillation in the market, advising investors to consider low-volatility assets as a fundamental allocation [6]. Group 3: Investment Strategies - Donghai Securities highlights three main investment lines, including a focus on technology, particularly in artificial intelligence, and investment opportunities related to the "14th Five-Year Plan" strategic emerging industries [7]. - The expectation of increased investment in the fourth quarter is also noted, particularly regarding its impact on upstream resource demand [7].

Core Insights - The report highlights the performance of brokerage firms' "golden stocks" for October, with West Securities leading with a 4.05% return, followed by Ping An Securities and Great Wall Securities [3][4] - The best-performing individual stock was GuoDun Quantum, recommended by Dongfang Caifu Securities, which surged by 65.19% in October [5][6] - Looking ahead to November, nearly 20 brokerage firms have released their latest "golden stock" lists, with a focus on high-end manufacturing, energy, and non-ferrous metals sectors [3][8] Brokerage Performance - West Securities achieved the highest monthly return of 4.05% for its golden stock portfolio in October [4] - Other notable performances include Ping An Securities at 3.16% and Great Wall Securities at 2.09% [4] - Several brokerages reported negative returns, with Guoyuan Securities at -0.70% and Guoxin Securities at -1.84% [4] Top Individual Stocks - GuoDun Quantum led the individual stock performance with a 65.19% increase, followed by Rongxin Culture at 64.86% and Jiangbolong at 46.78% [5][6] - Other significant performers included Jinyinhe at 37.64% and Okoyi at 33.01% [6] November Stock Recommendations - Tencent Holdings emerged as the most popular stock for November, recommended by multiple brokerages including Guoxin Securities and Galaxy Securities [7] - The non-ferrous metals sector remains strong, with stocks like Zijin Mining and Yun Aluminum receiving multiple recommendations [7] - The report emphasizes the importance of policy support and external environment improvements for the A-share market's upward trend in November [8] Investment Focus - The investment focus for November includes sectors such as AI-driven technology, resource commodities (copper, aluminum, oil, lithium), and domestic consumption recovery in coal, food and beverage, and aviation [8] - The "14th Five-Year Plan" is expected to guide investment directions, emphasizing technological self-reliance and modern industrial system construction [8]

Group 1 - The core viewpoint of the article highlights the performance of brokerage firms' "golden stocks" in October, with West Securities leading with a 4.05% return, followed by Ping An Securities and Great Wall Securities [2][4] - The best-performing individual stock was GuoDun Quantum, recommended by Dongfang Caifu Securities, which surged by 65.19% in October [3][6] - Nearly 20 brokerage firms have released their latest "golden stock" lists for November, with analysts expecting the A-share market to show a fluctuating upward trend supported by policy drivers and improved external conditions [2][8] Group 2 - In October, five brokerage firms reported positive returns from their "golden stock" combinations, with West Securities achieving the highest return [4][5] - The stocks with the highest monthly gains included GuoDun Quantum (65.19%), Rongxin Culture (64.86%), and Jiangbolong (46.78%) [6] - The article notes that the non-ferrous metal sector remains popular, with stocks like Zijin Mining and Yun Aluminum being favored in the November recommendations [8][9] Group 3 - Looking ahead to November, the A-share market is expected to be supported by policy initiatives and external environment improvements, with a focus on high-end manufacturing, energy, and non-ferrous metals [8][10] - Analysts suggest that investment opportunities will arise from the new round of technological changes led by artificial intelligence, emphasizing long-term investments in foundational research and infrastructure [10] - Recommendations for investment include focusing on upstream resources and sectors benefiting from domestic demand recovery, such as coal and food and beverage [10]

Core Viewpoint - Luoyang Molybdenum's Q3 2025 financial report shows record revenue and net profit, indicating strong growth momentum despite management changes and market challenges [2][4][9]. Financial Performance - The company achieved a revenue of 145.485 billion yuan and a net profit of 14.28 billion yuan in Q3 2025, marking a year-on-year profit increase of 72.61% [2][4]. - Year-to-date, the company's A-share price has risen by 166.25%, while its Hong Kong stock has increased by over 230% [4]. - Despite a 5.99% year-on-year decline in revenue, net profit increased significantly, with Q3 net profit reaching 5.608 billion yuan, a 96.40% year-on-year growth [4][5]. Operational Highlights - Copper remains the main revenue driver, with production reaching 543,400 tons, a 14.14% increase year-on-year [5]. - The company reported a gross profit margin of 54.07% for its copper business, reflecting a 1.73 percentage point increase year-on-year [5]. - The cobalt segment, despite a 36% drop in sales volume, saw a significant increase in gross margin to 63.46%, up 26.97 percentage points year-on-year [5]. Management Changes - Luoyang Molybdenum appointed Peng Xuhui as the new President and CEO, following the resignation of former President Sun Ruiwen [2][11]. - The new management team includes executives with extensive experience in mining and international acquisitions, indicating a strategic shift towards global expansion [10][11]. Strategic Initiatives - The company is pursuing a strategic transformation, including a recent acquisition of Lumina Gold for approximately 3.07 billion yuan, marking a return to the gold sector [2][4]. - A planned investment of 1.084 billion USD for the KFM Phase II project aims to add 100,000 tons of copper capacity annually [8][12]. Market Challenges - The recent changes in Congo's export policies, including a shift to annual export quotas, may impact Luoyang Molybdenum's overall shipment pace and revenue [13][14]. - The company faces challenges in cash flow efficiency, with a net cash ratio dropping to 0.96, indicating potential issues in converting profits into cash [6][8].

Core Insights - The company reported a net profit attributable to shareholders of 5.6 billion yuan in Q3 2025, marking a 96.40% year-on-year increase, with Q1-Q3 net profit reaching 14.3 billion yuan, up 72.61% year-on-year [1] - The company achieved a total revenue of 145.5 billion yuan for the first three quarters, a decrease of 5.99% year-on-year, while Q3 revenue was 50.7 billion yuan, down 2.36% year-on-year [1] - The KFM Phase II construction proposal was approved, which aims to add 100,000 tons of copper capacity with an investment of 1.084 billion USD, expected to be completed by 2027 [1] Production Performance - The company reported good performance in production, with Q3 copper production exceeding 180,000 tons [1] - For Q1-Q3 2025, the production figures for various minerals were as follows: copper at 543,000 tons, cobalt at 88,000 tons, molybdenum at 10,600 tons, tungsten at 6,000 tons, niobium at 7,800 tons, and phosphate fertilizer at 912,800 tons, with increases in all except molybdenum and tungsten [1] Profit Forecast - The company is expected to see steady growth in copper production from 2025 to 2027, with a rapid increase anticipated post KFM Phase II completion [2] - Projected net profits for 2025, 2026, and 2027 are 20.2 billion yuan, 25.7 billion yuan, and 31.6 billion yuan respectively, with year-on-year growth rates of 49%, 27%, and 23% [2] - Corresponding price-to-earnings ratios are forecasted to be 18.62, 14.67, and 11.90 for the respective years [2]