黄金概念+金属铜+金属镍+小金属概念+磷化工 1、2023年10月23日互动易：公司位于澳洲的NPM铜金矿生产黄金，公司拥有80%权益，2022年黄金权 益产量为1.6万盎司，2023年黄金权益产量指引为2.5至2.7万盎司，同比增长56%至69%。 2、本公司属于有色金属采矿业，主要从事铜、钼、钨、钴、铌、磷等矿业的采选、冶炼、深加工等业 务，拥有较为完整的一体化产业链条，是全球前五大钼生产商及最大钨生产商、全球第二大钴、铌生产 商和全球领先的铜生产商，同时也是巴西境内第二大磷肥生产商。 3、2025年半年报，本集团全资子公司洛钼控股与NewstrideLimited 签订股权转让协议，约定以 1,125.87 美元的对价受让沃源控股有限公司 ( 沃源控股 )100% 股份，从而间接取得沃源控股持有的华越镍钴 21% 股份。 2020 年 7 月 25 日，洛钼控股通过沃源控股认购华越镍钴新增注册资本的方式将对 华越镍 钴持有的股权增持至 30% 。沃源控股向华越镍钴派驻一名董事及一名监事，因具有重大影响，故作为 联营企业核算。 来源：新浪证券-红岸工作室 9月23日，洛阳钼业跌1.49%，成交额24.93 ...

在全球钴库存临近见底的情况下，持续了7个月的钴出口禁令将于10月15日结束，配额制度将成为新规则。作为全球钴资源核心供应国，刚果（金）的政 策变动势必影响钴资源的供需再平衡。 9月22日，A股钴资源概念股普遍走高，9月23日盘初继续走强。业内人士判断，配额制度的推出符合预期，但未来两年的配额规模并不足以满足下游需 求，钴资源供应趋紧。 目前，我国企业正加速开拓海外钴资源开发、钴资源回收等多元化供给渠道，以应对全球钴产业链重构的挑战。 配额制正式推出 9月21日，刚果（金）战略矿产市场监管控制局宣布，该国自10月15日起结束自今年2月22日以来实施的钴出口禁令，并于10月16日改为实行出口配额 制度，直至另行通知。 刚果（金）是全球第一大钴资源大国。 民生证券研究院统计，2024年刚果（金）钴矿储量600万吨，全球占比55%，位列其后的澳大利亚、印尼钴矿 储量全球占比分别为15%和6%。而落实到钴资源产量，刚果（金）在2024年产出22万吨，全球范围内占比达76%。 中国是钴资源的主要进口国，目前我国精炼钴产量在全球精炼钴市场占比达八成左右。 现货市场，Mysteel价格行情显示，22日电解钴、硫酸钴、钴粉、氯 ...

Core Viewpoint - The Democratic Republic of the Congo (DRC) will extend its ban on cobalt exports, leading to an increase in cobalt-related stocks [1] Group 1: Company Performance - Liqin Resources (02245.HK) saw a rise of 6.68%, trading at 17.4 HKD [1] - Luoyang Molybdenum (03993.HK) experienced a slight increase of 0.55%, trading at 12.9 HKD [1]

Group 1 - Cobalt stocks continue to rise, with Liqin Resources (02245) up 6.68% to HKD 17.4 and Luoyang Molybdenum (603993) (03993) up 0.55% to HKD 12.9 [1] - The government of the Democratic Republic of Congo updated its cobalt export policy on September 20, extending the export ban to October 15, 2025, and setting export quotas for 2026-2027 at only 44% of annual production [1] - CITIC Securities predicts that the export quotas will lead to global cobalt supply being significantly below normal levels from 2025 to 2027, which is expected to drive cobalt prices higher [1] Group 2 - Morgan Stanley notes that the extension of the cobalt export ban until October 15 will be followed by quotas, with the 2026-2027 quota set at 40% of normal production [1] - If Luoyang Molybdenum receives a proportional quota, potential sales for Q4 2025 could be approximately 8,600 tons, and around 43,600 tons for 2026-2027 [1] - Minsheng Securities highlights that Liqin Resources has a large-scale nickel production capacity in Indonesia with cost advantages, positioning the company to benefit significantly from rising cobalt prices [1]

Group 1 - Cobalt stocks continue to rise, with Liqin Resources up 6.68% to HKD 17.4 and Luoyang Molybdenum up 0.55% to HKD 12.9 [1] - The Congolese government updated its cobalt export policy on September 20, extending the export ban to October 15, 2025, and setting export quotas for 2026-2027 at only 44% of annual production [1] - CITIC Securities predicts that the export quotas will lead to significantly lower global cobalt supply from 2025 to 2027, resulting in a strong potential increase in cobalt prices [1] Group 2 - Morgan Stanley notes that if Luoyang Molybdenum receives proportional quotas, potential sales could be approximately 8,600 tons in Q4 2025 and about 43,600 tons for 2026-2027 [1] - Minsheng Securities highlights that Liqin Resources has a large-scale wet nickel production capacity in Indonesia, which positions the company to benefit significantly from rising cobalt prices [1]

Core Viewpoint - The company, Luoyang Molybdenum Co., Ltd., is a significant player in the non-ferrous metal mining industry, focusing on the production of molybdenum, tungsten, and precious metals like gold, with a strong emphasis on expanding its precious metal business [2][3]. Company Overview - Luoyang Molybdenum Co., Ltd. was established on December 22, 1999, and listed on October 9, 2012. The company is primarily engaged in the mining, selection, smelting, deep processing, and trading of precious metals [7]. - The company's main business revenue composition 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%) [7]. Production and Financial Performance - The company holds an 80% stake in the NPM copper-gold mine in Australia, with gold equity production guidance for 2023 set at 25,000 to 27,000 ounces, representing a year-on-year increase of 56% to 69% [2]. - For the first half of 2025, the company reported a revenue of 94.773 billion yuan, a year-on-year decrease of 7.83%, while the net profit attributable to shareholders increased by 60.07% to 8.671 billion yuan [8]. - The company is the second-largest producer of phosphorus fertilizer in Brazil and has a complete phosphorus industry chain, with phosphorus-related product revenue of 2.834 billion yuan in 2017, accounting for 11.82% of total revenue [3]. Market Activity - On September 22, the company's stock rose by 1.60%, with a trading volume of 2.481 billion yuan and a market capitalization of 271.922 billion yuan [1]. - The company has experienced a net outflow of 7.6914 million yuan from major funds today, with a continuous reduction in major fund positions over the past three days [4][5]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 15.95% to 237,500, with an average of 0 circulating shares per person [8]. - Major shareholders include Hong Kong Central Clearing Limited, which holds 648 million shares, and Huaxia SSE 50 ETF, which holds 138 million shares, both of which have increased their holdings compared to the previous period [9].

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - The report highlights that the recent Congo export policy for cobalt is expected to drive prices upward, with a significant reduction in export quotas leading to increased demand for replenishment from downstream enterprises [6] - The report suggests a bullish outlook for precious metals following the recent FOMC meeting, despite some market adjustments, indicating a potential slow bull market for gold [4] - Copper prices are anticipated to break through key resistance levels, supported by seasonal demand increases in China [5] - The aluminum market is expected to see price increases due to rising downstream consumption as the National Day holiday approaches [5] - Lithium demand is projected to grow significantly, driven by a major contract signed by CATL for lithium iron phosphate materials, indicating a strong outlook for lithium prices [7] - Uranium prices are expected to rise due to potential export restrictions from Russia, which could significantly impact global supply [8] Summary by Sections Industry Overview - The closing index for the industry is at 6522.39, with a weekly high of 6795.38 and a low of 3912.76 [1] Price Movements - Basic metals saw declines: copper down 1.19%, aluminum down 1.33%, zinc down 2.88%, lead down 0.17%, and tin down 1.53%. Precious metals had mixed results with gold down 0.22% and silver up 1.13% [21] Inventory Levels - Global visible inventories increased for copper by 7945 tons, aluminum by 8010 tons, and zinc by 2724 tons, while lead saw a decrease of 4085 tons [29]

Group 1 - UBS reports that industrial metal prices are supported by positive macroeconomic factors, including US interest rate cuts, a weaker dollar, confidence in AI trade, and China's anti-involution policies along with potential additional stimulus measures from China [1] - The overall outlook for industrial metals is improving, with the risk of a significant short-term demand slowdown diminishing, while the medium-term fundamentals for copper and aluminum remain attractive [1] - UBS has raised its copper price forecasts for this year and next by 3%, from $4.24 and $4.68 per pound to $4.37 and $4.80 respectively, due to limited supply growth and recovering traditional demand [1] Group 2 - UBS has increased its earnings estimates for Zijin Mining (601899), Luoyang Molybdenum (603993), and Jiangxi Copper (600362) by 4%, 5%, and 5% respectively for this year, and by 9%, 6%, and 5% for next year [2] - The firm has also raised its earnings forecasts for China Hongqiao, Aluminum Corporation of China (601600), and Tianshan Aluminum (002532) by 5% to 8% for next year [2]

摩根士丹利就洛阳钼业发布研报称，相信洛阳钼业未来30日内股价将绝对上涨。该行指，刚果将钴出口 禁令延至10月15日，后续实施配额，2026-2027年配额为正常产量40%。若洛阳钼业获同比例配额， 2025年第四季潜在销量约8600吨，2026-2027年约4.36万吨。因刚果占全球钴供应70%，预计钴供应将受 重大影响。该行维持洛阳钼业买入评级，目标价11.7港元。 洛阳钼业（603993）(03993)涨超3% ，截至发稿，涨2.88%，报12.85港元，成交额5.74亿港元。 消息面上，银河证券指出，公司坐拥全球稀缺的优质铜钴矿山资产，资源储量与开发前景优异。刚果 （金）TFM+KFM两大核心矿区合计铜资源量3,444万吨+钴资源量540万吨。此外，公司践行多元化布 局，巴西铌磷矿区、中国钼钨资产等形成抗周期资源组合；厄瓜多尔凯歌豪斯金矿（黄金资源量638 吨）的收购继续拓展公司资源版图，预计2029年前投产，年产金11.5吨，将成为新的盈利增长极。 ...

消息面上，银河证券指出，公司坐拥全球稀缺的优质铜钴矿山资产，资源储量与开发前景优异。刚果 （金）TFM+KFM两大核心矿区合计铜资源量3,444万吨+钴资源量540万吨。此外，公司践行多元化布 局，巴西铌磷矿区、中国钼钨资产等形成抗周期资源组合；厄瓜多尔凯歌豪斯金矿（黄金资源量638 吨）的收购继续拓展公司资源版图，预计2029年前投产，年产金11.5吨，将成为新的盈利增长极。 摩根士丹利就洛阳钼业发布研报称，相信洛阳钼业未来30日内股价将绝对上涨。该行指，刚果将钴出口 禁令延至10月15日，后续实施配额，2026-2027年配额为正常产量40%。若洛阳钼业获同比例配额， 2025年第四季潜在销量约8600吨，2026-2027年约4.36万吨。因刚果占全球钴供应70%，预计钴供应将受 重大影响。该行维持洛阳钼业买入评级，目标价11.7港元。 （原标题：港股异动 | 洛阳钼业(03993)涨超3% 公司坐拥优质铜钴矿山资产 大摩相信未来30日内股价上 涨） 智通财经APP获悉，洛阳钼业(03993)涨超3% ，截至发稿，涨2.88%，报12.85港元，成交额5.74亿港 元。 ...