Core Viewpoint - Luoyang Molybdenum Co., Ltd. is a leading player in the non-ferrous metal mining industry, focusing on the production of molybdenum, tungsten, gold, cobalt, and other precious metals, with significant growth in gold production expected in the coming years [2][3][8]. Company Overview - Luoyang Molybdenum Co., Ltd. is located in Luoyang, Henan Province, and was established on December 22, 1999. It was listed on October 9, 2012. The company engages in mining, selection, smelting, deep processing, and trading of precious metals [7]. - The company is among the top five molybdenum producers globally and the largest tungsten producer, as well as the second-largest cobalt and niobium producer, and a leading copper producer [2][8]. Financial Performance - For the period from January to September 2025, Luoyang Molybdenum achieved a revenue of 145.485 billion yuan, a year-on-year decrease of 5.99%. However, the net profit attributable to shareholders increased by 72.61% to 14.280 billion yuan [8]. - The company has distributed a total of 21.562 billion yuan in dividends since its A-share listing, with 10.576 billion yuan distributed over the past three years [9]. Production and Growth Prospects - The company is the second-largest cobalt producer globally, with cobalt products sold in the international market. It has signed an agreement to acquire a 100% stake in Woyuan Holdings, indirectly increasing its stake in Huayue Nickel Cobalt to 30% [2]. - In 2022, the company's gold production from its NPM copper-gold mine in Australia was 16,000 ounces, with a production guidance of 25,000 to 27,000 ounces for 2023, representing a year-on-year increase of 56% to 69% [3]. Market Position and Shareholder Information - As of September 30, 2025, the company had 304,200 shareholders, an increase of 28.08% from the previous period. The average trading cost of the stock is 13.40 yuan, with the stock price approaching a resistance level of 18.66 yuan [5][8]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable changes in holdings among the top shareholders [9].

智通财经APP获悉，洛阳钼业(03993)午后涨超4%，截至发稿，涨4.09%，报18.86港元，成交4.47亿港 元。 行业层面，国金证券指出，节奏上2026年上半年有望迎来再通胀交易。在美联储历次软着陆降息后，铜 价与美国制造业PMI通常3-6个月企稳回升，本轮降息周期从9月18日降息算起，基本面复苏对应明年一 二季度。此外，在短期宏观偏逆风背景下，铜价之所以维持10500美金以上偏强震荡，价格韧性强于以 往降息后表现，核心支撑在于供给，因此，未来经济基本面好转后，铜价或迎来超越过往的价格弹性表 现。 消息面上，12月3日，富时罗素宣布对富时中国50指数、富时中国A50指数、富时中国A150指数、富时 中国A200指数、富时中国 A400指数的季度审核变更。其中，富时中国A50指数纳入洛阳钼业。本次变 更将于2025年12月19日星期五收盘后生效。瑞银此前指出，洛阳钼业2025年铜产量极有可能超越指引的 60万至66万吨，今年首三季已达54.3万吨，主要受惠于生产线技术升级及供电改善。管理层有信心2026 至27年产量将持续增长，并认为新增产量的贡献可持续。 ...

Group 1 - The core viewpoint of the article highlights the collective rise of tungsten production stocks in the A-share market, with an average increase of 2.02% in early trading, driven by the continuous rise in tungsten product prices [1] - Seven stocks related to tungsten production have been identified, with notable gains from Zhongtung High-tech, Xianglu Tungsten, and Luoyang Molybdenum, which rose by 3.82%, 3.22%, and 2.85% respectively [1] - Institutional interest in tungsten-related stocks has surged, with Xiamen Tungsten, Zhongtung High-tech, and Zhangyuan Tungsten being the most researched, receiving 275, 87, and 52 institutional inquiries respectively [1] Group 2 - The performance of tungsten-related stocks has improved significantly in the third quarter, with Xianglu Tungsten and Guangsheng Nonferrous Metals turning losses into profits [1] - The remaining five stocks reported year-on-year growth in net profit, with Luoyang Molybdenum, Hunan Gold, and Zhangyuan Tungsten showing the highest increases of 72.61%, 54.28%, and 29.71% respectively [1]

行业层面，国金证券指出，节奏上2026年上半年有望迎来再通胀交易。在美联储历次软着陆降息后，铜 价与美国制造业PMI通常3-6个月企稳回升，本轮降息周期从9月18日降息算起，基本面复苏对应明年一 二季度。此外，在短期宏观偏逆风背景下，铜价之所以维持10500美金以上偏强震荡，价格韧性强于以 往降息后表现，核心支撑在于供给，因此，未来经济基本面好转后，铜价或迎来超越过往的价格弹性表 现。 洛阳钼业（603993）(03993)午后涨超4%，截至发稿，涨4.09%，报18.86港元，成交4.47亿港元。 消息面上，12月3日，富时罗素宣布对富时中国50指数、富时中国A50指数、富时中国A150指数、富时 中国A200指数、富时中国A400指数的季度审核变更。其中，富时中国A50指数纳入洛阳钼业。本次变 更将于2025年12月19日星期五收盘后生效。瑞银此前指出，洛阳钼业2025年铜产量极有可能超越指引的 60万至66万吨，今年首三季已达54.3万吨，主要受惠于生产线技术升级及供电改善。管理层有信心2026 至27年产量将持续增长，并认为新增产量的贡献可持续。 ...

Core Viewpoint - The Freedom Cash Flow ETF CSI All Share (561080) experienced a 0.73% increase, closing at 1.243 yuan with a trading volume of 2.9218 million yuan on December 5 [1] Group 1: ETF Performance - The Freedom Cash Flow ETF CSI All Share (561080) has a performance benchmark based on the CSI All Share Free Cash Flow Index return [1] - Since its inception on April 23, 2025, the fund has achieved a return of 23.58%, with a monthly return of 2.50% [1] Group 2: Major Holdings Performance - Major stocks in the ETF include: - China National Offshore Oil Corporation (CNOOC) down 0.89% - Midea Group up 0.11% - Gree Electric Appliances down 0.54% - Wuliangye Yibin up 0.26% - China Merchants Energy down 0.40% - Luoyang Molybdenum up 2.85% - TCL Technology up 2.06% - China Aluminum Corporation up 3.95% - SF Express up 0.37% - Shaanxi Coal and Chemical Industry down 0.62% [1]

Core Viewpoint - The gold concept sector leads the market with a rise of 1.3%, indicating strong investor interest in gold-related stocks [1] Group 1: Sector Performance - The gold concept sector has increased by 1.3% [1] - Notable performers include: - Xiaocheng Technology, which surged by 12.94% [1] - Jiangxi Copper, which rose by 3.99% [1] - Nanjing Mining Group, which increased by 3.15% [1] - Shengtun Mining, Luoyang Molybdenum, and Hebang Biotechnology, all of which saw gains exceeding 2% [1]

Group 1: Copper Price Surge - Copper prices have reached historical highs due to global supply tightness, explosive demand, and interest rate cut expectations, with domestic spot copper prices exceeding 90,000 yuan/ton for the first time [1][4] - On December 3, LME three-month copper closed at $11,487.50 per ton, marking a significant daily increase of $342.50 [1] - The tight supply in the domestic market has led to a rise in the net value of the China Securities Index Nonferrous Metals Mining Theme ETF [1] Group 2: Supply and Demand Dynamics - The processing fees for copper smelting have dropped to negative territory due to tight copper concentrate supply, causing smelting companies to struggle [2][8] - Fitch Solutions analysts predict a contraction in China's copper mine production by 2030 due to the closure of low-grade mines and delays in capacity expansion plans [2] - Global copper mine production is expected to decline by 0.12% in 2025, while demand continues to rise, particularly from sectors like solar energy and electric vehicles [5][6] Group 3: Market Trends and Future Outlook - The ongoing supply constraints and high demand are expected to lead to a substantial shortage of cathode copper in Asia, potentially triggering further price increases [7] - The TC/RC (treatment and refining charges) have fallen to historical lows, with the current spot price at -$43 per ton, indicating significant pressure on smelting companies [10] - Analysts expect that the growth rate of China's copper mine production will gradually slow down over the next decade, with a focus on overseas investments, particularly in Africa [13]

今年以来，洛阳钼业持续升级组织，提效管理，践行降本增效理念，业绩再创新高。 据其10月底发布的财报，今年前三季度，公司归母净利润达到142.80亿元，同比增长72.61%，超越去年全年水平，创下同期历史 新高。 公司情报专家《财经涂鸦》获悉，12月3日，富时罗素宣布对富时中国指数系列的季度审核变更，洛阳钼业被首次纳入到富时中国 A50指数。 富时罗素是伦敦证券交易所集团旗下专业指数服务商，亦是全球领先的指数编制机构。其核心产品为富时中国A50指数，涵盖四大 高成长板块，由上海和深圳证券交易所市场中总市值最大的50只股票组成，并实时追踪中国核心资产表现。 该指数于每年3月、6月、9月和12月进行季度审核，不少国际投资者将该指数视作衡量中国市场的精确指标。 在今年9月的季度审核中，富时罗素曾将洛阳钼业纳入到备选名单；12月3日，洛阳钼业首次入围富时中国A50指数正选名单。 期内，公司经营质量进一步提升，含"铜"量攀升。其中，矿山端营业收入为565.94亿元，占比整体近四成。铜板块营业收入为 386.18亿元，占比矿山端68%以上，环比提升3个百分点。同时，公司前三季度产铜54.34万吨，同比增长14.14%，按产 ...

Group 1 - Copper stocks showed resilience in the market, with Jiangxi Copper Co. (00358) rising by 3.82%, China Daye Non-Ferrous Metals (00661) increasing by 2.94%, and China Nonferrous Mining (01258) up by 2.8% [1][2] - The main driver for the increase in copper prices is the ongoing supply tightness, alongside rising expectations for interest rate cuts by the Federal Reserve, which has weakened the dollar and provided strong support for base metals [1][2] - The market is shifting focus towards the Federal Reserve's upcoming meeting, with increased probabilities of rate cuts contributing to a more positive market sentiment [2] Group 2 - The supply of copper raw materials remains tight, and expectations of reduced smelting output are driving strong copper price trends [2] - There is an expectation of marginal increases in short-term supply, while downstream operating rates continue to provide support, suggesting that copper prices are likely to maintain a strong performance [2]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has shown significant stock price appreciation this year, with a year-to-date increase of 185.45% and a recent surge of 12.51% over the last five trading days [2] 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, deep processing, trading, and research of precious metals such as molybdenum, tungsten, and gold [3] - 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%) [3] Stock Performance - As of December 5, Luoyang Molybdenum's stock price was 18.26 CNY per share, with a market capitalization of 390.66 billion CNY. The stock experienced a trading volume of 7.52 billion CNY and a turnover rate of 0.24% [1] - The company has appeared on the stock market's "Dragon and Tiger List" once this year, with the most recent occurrence on October 9 [3] Financial Performance - For the period from January to September 2025, Luoyang Molybdenum reported a revenue of 145.49 billion CNY, a year-on-year decrease of 5.99%. However, the net profit attributable to shareholders increased by 72.61% to 14.28 billion CNY [3] - The company has distributed a total of 21.56 billion CNY in dividends since its A-share listing, with 10.58 billion CNY distributed over the past three years [4] Shareholder Structure - As of September 30, 2025, the number of shareholders reached 304,200, an increase of 28.08% from the previous period. The average circulating shares per person remained at 0 [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 695 million shares, an increase of 47.47 million shares from the previous period. Other notable shareholders include Huaxia SSE 50 ETF and Huatai-PineBridge CSI 300 ETF, with varying changes in their holdings [4]