Core Viewpoint - The company, Luoyang Molybdenum (603993.SH), reassured investors that its production operations are normal despite a nearly 30% decline in stock price, attributing the price drop to various macroeconomic and market factors [1] Group 1: Production and Operational Status - The company confirmed that its production operations are normal [1] - The projected annual production for 2026 includes: - Copper: 760,000 to 820,000 tons - Cobalt: 100,000 to 120,000 tons - Gold: 60,000 to 80,000 tons - Molybdenum: 11,500 to 14,500 tons - Tungsten: 6,500 to 7,500 tons - Niobium: 10,000 to 11,000 tons - Phosphate fertilizer: 1,050,000 to 1,250,000 tons [1] Group 2: Market Influences - The company's stock price is influenced by multiple factors including macroeconomic conditions, geopolitical risks, sector rotation, and market sentiment [1]

Group 1 - The core viewpoint of the article is that the company's phosphate fertilizer business is performing well, with a focus on local production and sales in Brazil [1] - The company produces phosphate fertilizer in Brazil, which is then mixed with other materials by fertilizer blenders to create compound fertilizers for local customers [1] - The projected phosphate fertilizer production for the company in 2025 is 1.21 million tons [1]

Investment Rating - The industry rating is "Recommended" [3] Core Views - The report highlights that rising oil prices and ongoing market panic are suppressing non-ferrous metals, but there is optimism for a comprehensive market for key metals in the future [27] - Nickel prices may find bottom support due to slow approval progress of RKAB quotas in Indonesia and supply uncertainties [1] - Cobalt prices are expected to continue rising due to tight supply expectations from the Democratic Republic of Congo [2] - Antimony prices are anticipated to remain strong due to supply contraction [6] - Lithium demand is expected to increase against a backdrop of high oil prices, despite recent price declines [7] - The rare earth sector is facing tightening supply expectations, supporting prices [9] - Tin prices are supported by uncertainties in overseas supply [11] - Tungsten prices are expected to rise further due to tightening domestic supply [13] - Uranium prices are supported by ongoing supply tightness [15] Summary by Sections Nickel and Cobalt Industry - As of March 20, LME nickel spot price was $16,770 per ton, down 3.29% from March 13, with total LME nickel inventory at 283,512 tons, a decrease of 0.40% [1] - The approval of nickel mining quotas in Indonesia is lagging, which may lead to short-term supply tightness [1] - Cobalt prices are expected to rise due to supply tightness from the Democratic Republic of Congo, with the current price of electrolytic cobalt at 432,000 yuan per ton [2] Antimony Industry - Antimony prices have remained stable, with average prices for antimony ingots at 167,500 yuan per ton [6] - Supply is expected to remain tight due to production cuts and regulatory measures [6] Lithium Industry - Domestic lithium carbonate futures closed at 143,900 yuan per ton, down 5.41% [7] - Supply tightness is expected to continue, with a focus on the impact of high oil prices on lithium demand [7] Rare Earth Industry - Prices for praseodymium and neodymium are under upward pressure due to stable demand and supply constraints [9] - The global rare earth supply chain remains heavily reliant on China, which dominates production [10] Tin Industry - LME tin spot price was $43,700 per ton, down 8.86% from March 13, with ongoing uncertainties in overseas supply affecting prices [11] - Supply concerns from Myanmar and the Democratic Republic of Congo continue to impact the market [12] Tungsten Industry - Domestic tungsten prices are expected to rise due to tightening supply, with white tungsten concentrate prices at 1,021,000 yuan per ton [13] - The overall supply situation remains tight, with limited new production expected [13] Uranium Industry - Global uranium prices remain high, with a market price of $69.71 per pound, supported by supply tightness and geopolitical factors [15] - The supply-demand gap for uranium is expected to persist in the medium to long term [24]

Investment Rating - The industry rating is "Recommended" [4] Core Views - The report highlights that the escalation of conflicts in the Middle East, combined with high inflation expectations and increased demand for safe-haven assets, is suppressing metal prices [1][5] - Precious metals are under short-term pressure due to concerns about stagflation in the US economy, with gold and silver prices experiencing significant declines [1][3] - The geopolitical tensions are expected to prolong the current economic challenges, making it difficult for the Federal Reserve to resume interest rate cuts in the near term [3][5] Summary by Sections Precious Metals - COMEX gold fell by 10.57% to $4,492.00 per ounce, while COMEX silver dropped by 15.92% to $67.81 per ounce [1][33] - The SPDR gold ETF holdings decreased by 468,564.75 troy ounces, and SLV silver ETF holdings fell by 6,792,686.30 ounces [1] - The gold-silver ratio increased by 6.35% to 66.24, indicating a shift in market dynamics [1] Base Metals - Base metals are facing downward pressure due to expectations of interest rate cuts being suppressed, with copper prices down 7.07% to $11,834.50 per ton on the LME [8][9] - The report notes that the geopolitical situation in the Middle East is causing significant disruptions in energy supply chains, which could further impact metal prices [10][12] - The supply side remains tight, with ongoing strikes and production disruptions expected to continue into 2026 [12][28] Small Metals - The report indicates that small metals like molybdenum are experiencing stable prices due to strong demand from the military and high-tech sectors, despite some downward pressure from the overall market [20][21] - The demand for vanadium is expected to surge due to the growth of vanadium battery applications, driven by energy storage needs [22][24] Investment Opportunities - The report suggests that investors should consider gold and silver mining stocks, as their valuations are currently low and expected to benefit from rising gold prices [26] - Specific companies mentioned as potential beneficiaries include Chifeng Jilong Gold Mining, Shandong Gold Mining, and Zijin Mining [6][26][28]

Core Viewpoint - Luoyang Molybdenum (03993.HK) will hold its 2025 annual performance briefing on March 30, 2026, from 15:00 to 16:00, via an online platform provided by the Shanghai Stock Exchange [1] Group 1 - The annual performance briefing will be conducted through video live streaming and online interaction [1] - The company encourages shareholders and investors to participate in the online briefing to enhance communication and feedback regarding its performance [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 洛陽欒川鉬業集團股份有限公司（「本公司」）將於2026年3月30日（星期一） 15:00-16:00舉行本公司2025年年度業績（「年度業績」）之業績說明會（「業績 說明會」）。業績說明會將通過上海證券交易所上證路演中心提供的網上平台 採取視頻直播和網絡互動方式舉行，藉此，本公司將與投資者就年度業績及 本公司的營運進行交流。 為了加強投資者的交流互動及讓投資者對本公司表現作出評價，歡迎本公司 股東及投資者參加本次網上說明會。 2. 網上說明會的召開時間及方式 時間：2026年3月30日（星期一）15:00-16:00 方式：上證路演中心（ https://roadshow.sseinfo.com/ ）視頻直播和網絡互動 CMOC Group Limited* （於中華人民共和國註冊成立的股份有限公司） （股份代號：03993） 2025年年度業績說明會 1. 業續說明會類型 3. 參加人員 5. 聯繫人 ...

Core Viewpoint - The primary focus of the article is the resurgence of activity in the primary market, driven by increased participation from institutional LPs and the return of notable industry players, indicating a warming market environment [3][9]. Group 1: Market Activity and Trends - In 2026, the primary market is showing signs of renewed activity, with institutional LPs increasing their investment levels, suggesting a positive shift in the market [3][11]. - The participation of major industry players such as Tencent, Pop Mart, and Vipshop in a new fund indicates a collective confidence in the market's recovery [4][9]. - The active involvement of institutional LPs has led to a significant year-on-year increase of 67% in their investment activity as of February [11]. Group 2: Fund Details and Contributions - The newly established fund, 博裕新智新产 (Bohui New Intelligence New Industry), has seen its capital contribution soar from 2 million to 4 billion RMB, with notable contributions from Tencent (400 million RMB), Ningde Times, and others [6][7]. - The fund aims to focus on growth and mature companies, particularly in technology, healthcare, consumer goods, and retail sectors [8][12]. - The increase in the number of newly registered private equity and venture capital funds, totaling 528 in February, reflects a robust interest in investment opportunities [12]. Group 3: Market Sentiment and Future Outlook - The return of industry giants as LPs signals a strong belief in the market's potential, contributing to a positive feedback loop that enhances investment confidence [15]. - The current investment climate is reminiscent of a decade ago, with a notable uptick in IPO activity and merger transactions, providing new opportunities for market participants [13]. - The combination of policy support for technological innovation and the resurgence of LP investment is expected to drive the market out of its previous downturn into a new phase of recovery [13][15].

会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2026 年 03 月 23 日（星期一）至 03 月 27 日（星期 五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 603993@cmoc.com 进行提问。公司将在说明会上对投资 者普遍关注的问题进行回答。 证券代码：603993 证券简称：洛阳钼业 编号：2026-013 洛阳栾川钼业集团股份有限公司 关于召开 2025 年年度业绩说明会的公告 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： https://roadshow.sseinfo.com/） 参加业绩说明会的人员为公司独立董事和管理层。 洛阳栾川钼业集团股份有限公司（以下简称"公司"）拟于 2026 年 3 月 27 日盘后发布公司 2025 年年度报告。为便于广大投资者更全 面深入地了解公司 2025 年年度经营成果、财务状况，公司计划于 2026 会议召开时间：2026 年 03 月 30 日（星期一）15:00-16:00 会议召开地点：上海证 ...

Group 1 - Precious metals prices, including gold and silver, experienced a significant decline, leading to a collective drop in the A-share market's non-ferrous metal stocks [1] - By midday, several companies saw substantial losses, with 隆达股份 down over 9%, 威领股份, 山金国际, and 永兴材料 each falling more than 7% [1] - Other notable declines included 国城矿业, 众源新材, and 金瑞矿业, which dropped over 6%, while 中金黄金 and 盛达资源 fell more than 5% [1] Group 2 - 隆达股份 reported a decline of 9.46%, with a total market capitalization of 76.35 billion and a year-to-date increase of 18.96% [2] - 威领股份 decreased by 7.38%, with a market cap of 76.22 billion and a year-to-date increase of 123.45% [2] - 山金国际 saw a drop of 7.24%, with a market cap of 811 billion and a year-to-date increase of 20.10% [2] - 永兴材料 fell by 7.13%, with a market cap of 318 billion and a year-to-date increase of 8.68% [2] - 驰宏锌锗 decreased by 7.06%, with a market cap of 418 billion and a year-to-date increase of 13.41% [2] - 国城矿业 dropped by 6.77%, with a market cap of 361 billion and a year-to-date increase of 9.53% [2] - 众源新材 fell by 6.70%, with a market cap of 37.50 billion and a year-to-date increase of 6.67% [2] - 洛阳钼业 decreased by 6.29%, with a market cap of 389.2 billion and a year-to-date decrease of 9.05% [2] - 宏桥控股 dropped by 6.24%, with a market cap of 373.9 billion and a year-to-date increase of 19.94% [2] - 宝武镁业 saw a decline of 6.17%, with a market cap of 168 billion and a year-to-date increase of 10.39% [2] - 兴业银锡 decreased by 6.14%, with a market cap of 735 billion and a year-to-date increase of 16.32% [2] - 华锡有色 fell by 6.03%, with a market cap of 327 billion and a year-to-date increase of 34.96% [2] - 中金黄金 decreased by 5.94%, with a market cap of 1320 billion and a year-to-date increase of 16.61% [2] - 盛达资源 saw a decline of 5.86%, with a market cap of 280 billion and a year-to-date increase of 30.85% [2]

Group 1 - The overnight prices of gold and silver experienced a significant decline, leading to a collective drop in the A-share market for non-ferrous metal stocks [1] - By midday closing, several companies saw substantial declines, with Longda Co., Ltd. falling over 9%, and others like Weiling Co., Ltd., Shanjin International, and Yongxing Materials dropping more than 7% [1] - Other companies such as Guocheng Mining, Zhongyuan New Materials, and Jincheng Mining also faced declines exceeding 6%, indicating a widespread downturn in the sector [1] Group 2 - Longda Co., Ltd. reported a drop of 9.46%, with a total market value of 7.635 billion [2] - Weiling Co., Ltd. decreased by 7.38%, maintaining a market value of 7.622 billion, while its year-to-date increase stands at 123.45% [2] - Shanjin International saw a decline of 7.24%, with a market capitalization of 81.1 billion and a year-to-date increase of 20.10% [2]