该行指，刚果民主共和国宣布将钴出口禁令延长至10月15日，随后将实施出口配额，2026至2027年配额 将为正常产量的40%。大摩表示，假设洛阳钼业能获得与国家层面相似的配额比例，其潜在销售量可能 在2025年第四季为约8,600吨，在2026至2027年为约4.36万吨，预期钴供应将受到重大影响，因为刚果民 主共和国占全球供应的70%。 智通财经APP获悉，摩根士丹利发布研报称，相信洛阳钼业(03993)未来30日内股价将绝对上涨，估计此 情境有约70%至80%(或非常可能)的概率，维持"增持"评级及目标价11.7港元，此按现金流折现率作估 值。 ...

摩根士丹利发布研报称，相信洛阳钼业（603993）(03993)未来30日内股价将绝对上涨，估计此情境有 约70%至80%(或非常可能)的概率，维持"增持"评级及目标价11.7港元，此按现金流折现率作估值。 该行指，刚果民主共和国宣布将钴出口禁令延长至10月15日，随后将实施出口配额，2026至2027年配额 将为正常产量的40%。大摩表示，假设洛阳钼业能获得与国家层面相似的配额比例，其潜在销售量可能 在2025年第四季为约8,600吨，在2026至2027年为约4.36万吨，预期钴供应将受到重大影响，因为刚果民 主共和国占全球供应的70%。 ...

大摩：相信洛阳钼业未来30日内股价将上涨，目标价11.7港元。 ...

Group 1 - Morgan Stanley believes that the stock price of Luoyang Molybdenum will rise in the next 30 days, estimating a probability of about 70% to 80% for this scenario [1] - The firm maintains an "overweight" rating and a target price of HKD 11.7, based on discounted cash flow valuation [1] - The Democratic Republic of Congo has extended its cobalt export ban until October 15, followed by the implementation of export quotas, with quotas for 2026 to 2027 set at 40% of normal production [1] Group 2 - Assuming Luoyang Molybdenum can obtain a quota ratio similar to the national level, potential sales volume could be approximately 8,600 tons in Q4 2025 and about 43,600 tons in 2026 to 2027 [1] - The expected cobalt supply will be significantly impacted, as the Democratic Republic of Congo accounts for 70% of global supply [1]

Core Viewpoint - The article discusses the performance of the Nonferrous ETF Fund (159880) and its major holdings, highlighting the fund's recent gains and overall returns since its inception [1]. Fund Performance - The Nonferrous ETF Fund (159880) opened with a gain of 0.79%, priced at 1.522 yuan [1]. - Since its establishment on March 8, 2021, the fund has achieved a return of 50.99% [1]. - Over the past month, the fund's return has been 12.17% [1]. Major Holdings - Key stocks in the Nonferrous ETF Fund include: - Zijin Mining: up 1.92% - Luoyang Molybdenum: up 3.76% - Northern Rare Earth: down 0.53% - China Aluminum: up 0.52% - Shandong Gold: up 3.84% - Huayou Cobalt: up 4.69% - Zhongjin Gold: up 3.50% - Ganfeng Lithium: up 0.34% - Chifeng Jilong Gold: up 2.90% - Yun Aluminum: unchanged [1]. Management Information - The fund is managed by Penghua Fund Management Co., Ltd., with Yan Dong as the fund manager [1].

刚果战略矿产监管机构周日表示，该国将于10月16日解除钴出口禁令，并实施年度出口配额。 钴是关键电池原材料，对电动汽车产业至关重要。 根据公告，矿企将在2025年剩余时间内被允许出口至多18,125吨钴，2026年和2027年的年度上限则为 96,600吨。 配额制政策下，行业或将紧平衡甚至短缺。刚果金再度延长出口禁令，挺价态度坚决，未来刚果金大概 率实行配额制，供给收缩幅度大概率朝行业紧平衡甚至短缺演绎，机构看好钴价长期中枢上移。 钴业相关港股： 洛阳钼业（03993）：洛阳钼业是全球头部"矿业+贸易"公司，其钨、钴、铌、钼产量居前，亦是重要的 铜和磷肥生产商，基本金属贸易全球前三。公司当前持股80%的TFM是全球范储量最大、品位最高的在 产铜钴矿之一；持股71.25%的KFM是世界级绿地铜钴矿。 刚果去年占全球钴产量约70%，该国自2月起因钴价跌至九年低点而暂停出口，并在6月延长禁令。 智通财经APP获悉，刚果钴出口禁令已进入倒计时，记者与业内多位人士沟通了解到，多数钴中间品主 要生产商已暂停报价，部分厂商因为原料紧缺等因素已停产。 若刚果钴出口禁令延长，预计短期钴价或将迎来大幅上涨。记者采访了解到，洛阳 ...

刚果钴出口禁令已进入倒计时，记者与业内多位人士沟通了解到，多数钴中间品主要生产商已暂停报 价，部分厂商因为原料紧缺等因素已停产。 若刚果钴出口禁令延长，预计短期钴价或将迎来大幅上涨。记者采访了解到，洛阳钼业（603993）表示 将结合当地的政策实际，妥善地做资源释放，以实现钴价值的最大化；寒锐钴业（300618）则称采取控 制接单的方式把握销售节奏。目前国内大部分生产商钴原料库存预计能维持到年底左右。 需求旺季，加速库存消耗：8月开始国内进入需求旺季，三元前驱体产量环比增加11%，苹果新机型发 布，消费电子需求超预期，下游加速补货，同时海外夏休结束，电钴出口恢复，叠加美国收储，需求环 比增加，进一步加快国内库存消耗。 刚果战略矿产监管机构周日表示，该国将于10月16日解除钴出口禁令，并实施年度出口配额。 钴是关键电池原材料，对电动汽车产业至关重要。 根据公告，矿企将在2025年剩余时间内被允许出口至多18,125吨钴，2026年和2027年的年度上限则为 96,600吨。 刚果去年占全球钴产量约70%，该国自2月起因钴价跌至九年低点而暂停出口，并在6月延长禁令。 在该国东部冲突升级的背景下，政府表示非法矿产开 ...

Group 1 - The cobalt export ban from the Democratic Republic of Congo has led to significant impacts on the global cobalt market, with major producers suspending quotes and some halting production due to raw material shortages [1] - If the cobalt export ban is extended, a substantial increase in cobalt prices is expected in the short term [1] - Companies like Luoyang Molybdenum and Hanrui Cobalt are adopting strategies to manage market changes, focusing on resource release and controlling order intake [1] Group 2 - Xiwanda's wholly-owned subsidiary, Qianhai Hongsheng, plans to establish a private equity fund in collaboration with several investment institutions, with a total subscription amount of 30 million yuan, focusing on commercial energy storage projects in China [2] - This investment reflects the company's strategic positioning in the new energy sector, potentially providing new growth opportunities and investment returns [2] Group 3 - Fengshan Group has signed a technology development contract with Tsinghua University, but the development is highly uncertain and unlikely to significantly impact the company's main business or 2025 performance [3] - The company is currently focused on traditional business areas while cautiously exploring the new energy sector, facing intense competition in the market [3]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has experienced significant stock price fluctuations, with a year-to-date increase of 97.44% but a recent decline of 5.89% 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 [2]. - 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%) [2]. Financial Performance - For the first half of 2025, Luoyang Molybdenum achieved operating revenue of 94.773 billion yuan, a year-on-year decrease of 7.83%. However, the net profit attributable to the parent company was 8.671 billion yuan, reflecting a year-on-year increase of 60.07% [2]. - 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 [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Luoyang Molybdenum was 237,500, a decrease of 15.95% from the previous period. The average circulating shares per person remained at 0 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 648 million shares, an increase of 6.949 million shares from the previous period. Other notable shareholders include Huaxia SSE 50 ETF and Huatai-PineBridge CSI 300 ETF, which have also increased their holdings [3].

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 两融数据显示，该股最新融资余额为27.48亿元，近5日增加2.80亿元，增幅为11.35%。 据天眼查APP显示，洛阳栾川钼业集团股份有限公司成立于1999年12月22日。注册资本427886.20352万 人民币。（数据宝） 9月18日洛阳钼业大宗交易一览 | 成交量 （万 | 成交金额 | 成交价 格 | 相对当日收盘 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | （万元） | | 折溢价（%） | | | | 股） | | （元） | | | | | 20.00 | 247.60 | 12.38 | 0.00 | 华泰证券股份有限公司北京西三 | 国泰海通证券股 | | | | | | 环国际财经中心证券营业部 | 份有限公司总部 | 洛阳钼业9月18日大宗交易平台出现一笔成交，成交量20.00万股，成交金额247.60万元，大宗交易成交 价为12.38元。该笔交易的买方营业部为华泰证券股份有限公司北京西三环国际财经中心证券营业部， 卖方营业部为国泰海通证券股份有限公司 ...