花旗发表研报，将洛阳钼业2025年、2026年及2027年的净利润预测分别上调3.8%、34.2%、17.5%，至 205亿元、339亿元及318亿元。基于花旗大宗商品团队对2026年黄金基准价格4600美元/盎司的预测，该 行预计新收购资产在2026年将贡献7.1吨的应占黄金产量，为洛钼带来24亿元的净利润，约占总净利润 的7%。报告指出，洛钼于2025年12月宣布收购巴西黄金资产，并于2026年1月完成交易。该行预计该资 产在2026年将贡献7.1吨应占黄金产量，贡献约24亿元净利润。花旗将洛阳钼业目标价从20.6港元上调至 28.3港元，并维持"买入"评级。 ...

来源：新浪证券-红岸工作室 2月9日，洛阳钼业涨1.96%，成交额42.36亿元。两融数据显示，当日洛阳钼业获融资买入额3.76亿元， 融资偿还3.61亿元，融资净买入1524.89万元。截至2月9日，洛阳钼业融资融券余额合计47.47亿元。 融资方面，洛阳钼业当日融资买入3.76亿元。当前融资余额47.23亿元，占流通市值的1.21%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，洛阳钼业2月9日融券偿还44.36万股，融券卖出6.14万股，按当日收盘价计算，卖出金额 137.66万元；融券余量106.84万股，融券余额2395.35万元，超过近一年80%分位水平，处于高位。 截至9月30日，洛阳钼业股东户数30.42万，较上期增加28.08%；人均流通股0股，较上期增加0.00%。 2025年1月-9月，洛阳钼业实现营业收入1454.85亿元，同比减少5.99%；归母净利润142.80亿元，同比增 长72.61%。 分红方面，洛阳钼业A股上市后累计派现215.62亿元。近三年，累计派现105.76亿元。 机构持仓方面，截止2025年9月30日，洛阳钼业十大流通股东中，香港中央结算有限公司位居第 ...

Summary of CMOC Research Call Company Overview - **Company**: CMOC (China Molybdenum Co., Ltd.) - **Ticker**: 603993.SS / 3993.HK - **Industry**: Non-ferrous metals, primarily mining and processing - **Key Assets**: Tenke Fungurume Mine (TFM) and Kisanfu Mine (KFM) in DR Congo, leading producer of tungsten, cobalt, niobium, molybdenum, and a major copper producer Key Financial Updates - **Target Price Revision**: - H-share target price raised to HK$28.3 from HK$20.6 - A-share target price raised to Rmb25.5 from Rmb19.0 - Target price implies 16.2x PE for H-share and 16.3x PE for A-share based on DCF valuation [1][5][32] - **Net Profit Forecast**: - Revised net profit estimates for 2025/26/27E increased by 3.8%/34.2%/17.5% to Rmb20.5bn/33.9bn/31.8bn, respectively [1][4][9] - **Earnings Breakdown**: - Expected EBIT from TFM+KFM at Rmb47.2bn in 2026E, covering 82% of total EBIT - Contributions from other segments: Moly and Tungsten (8%), Brazil gold assets (6%), Niobium and Phosphate (3%) [3] Brazil Gold Assets Acquisition - **Acquisition Details**: Completed in January 2026, expected to produce 7.1 tons of gold in 2026E - **Financial Impact**: Anticipated contribution of Rmb2.4bn to net profit, accounting for 7% of total net profit based on a gold price forecast of US$4,600/oz [2][4] Market and Price Sensitivity - **Copper and Cobalt Price Sensitivity**: - Net profit sensitivity analysis indicates significant impact from fluctuations in copper and cobalt prices [10] - **Gold Price Sensitivity**: - Net profit also sensitive to changes in gold prices, with a base case at US$4,600/oz [12] Investment Strategy - **Rating**: Maintained as "Buy" due to positive business fundamentals, including expected output increases from TFM and KFM expansion projects and bullish medium-term copper price outlook driven by renewable energy demand [31][35] Risks - **Key Risks**: - Slowing grid investment in China - Weaker-than-expected real estate investment affecting copper demand - Acceleration of global mine supply could negatively impact prices [33][37] Conclusion - CMOC is positioned for growth with revised profit forecasts and strategic acquisitions, while maintaining a positive outlook on copper prices and operational expansions. However, investors should remain cautious of potential market risks that could affect performance.

每经AI快讯，洛阳钼业(03993.HK)涨超4%，截至发稿，涨4.09%，报22.9港元，成交额2.37亿港元。 ...

Core Viewpoint - The Hong Kong stock market saw a significant rise in non-ferrous metal stocks on February 10, with notable gains among several companies in the sector [1] Group 1: Company Performance - China Nuclear International (02302.HK) experienced a surge of over 12.7% [1] - China General Nuclear Power Corporation Mining (01164.HK) increased by more than 7% [1] - Jiangxi Copper Company (00358.HK) and Luoyang Molybdenum (03993.HK) both rose nearly 4% [1] - China Nonferrous Mining (01258.HK) and Zijin Mining (02899.HK) each saw gains exceeding 2.5% [1]

Core Viewpoint - Luoyang Molybdenum (603993) has seen a stock price increase of over 4%, currently trading at HKD 22.9, following the completion of a USD 1.015 billion acquisition of a gold mine in Brazil, which has reserves of 3.87 million ounces at an average grade of 1.45 grams per ton [1] Group 1: Acquisition and Production Plans - The acquisition of the Brazilian gold mine is expected to synergize with the company's existing copper and cobalt businesses, enhancing overall profitability [1] - Management plans to contribute 6-8 tons of gold production by 2026, with a target to increase annual production to 20 tons before 2030 [1] Group 2: Profitability and Production Guidance - Morgan Stanley has raised the company's profit expectations for 2026-2027 by 27%-30%, anticipating over 50% profit growth for consecutive years [1] - The copper production guidance for 2026 is set at 760,000 to 820,000 tons, driven by process optimization and technological upgrades at TFM and KFM mines [1] - The KFM Phase II project is expected to commence production in 2027, adding approximately 100,000 tons of copper capacity annually [1] - The target for copper production in 2028 is set at 800,000 to 1,000,000 tons, with the TFM Phase III project currently undergoing feasibility studies for additional capacity [1] - The company aims to further optimize copper business unit costs by reducing bulk material procurement prices and maintaining leading capital expenditure and operational cost levels globally [1]

Core Viewpoint - Luoyang Molybdenum (03993) has seen a stock increase of over 4%, currently trading at HKD 22.9 with a transaction volume of HKD 237 million, following the completion of a USD 1.015 billion acquisition of a gold mine in Brazil, which has reserves of 3.87 million ounces at an average grade of 1.45 grams per ton [1] Group 1: Acquisition and Production Plans - The acquisition of the Brazilian gold mine is expected to synergize with the company's existing copper and cobalt businesses, enhancing overall profitability [1] - Management plans to contribute 6-8 tons of gold production by 2026 and aims to increase annual production to 20 tons before 2030 [1] Group 2: Profitability and Production Guidance - Morgan Stanley has raised the company's profit expectations for 2026-2027 by 27%-30%, anticipating over 50% profit growth for consecutive years [1] - The copper production guidance for 2026 is set at 760,000 to 820,000 tons, driven by process optimization and technological upgrades at TFM and KFM mines [1] - The KFM Phase II project is expected to commence production in 2027, adding approximately 100,000 tons of copper capacity annually [1] Group 3: Cost Optimization - The company aims to further optimize unit costs in its copper business by reducing the procurement price of bulk materials and maintaining leading levels of capital expenditure and operational costs globally [1]

Group 1 - The core viewpoint of the article highlights the performance of the Non-ferrous Metals ETF Fund (516650), which opened with a gain of 1.90% at 2.145 yuan [1] - Major holdings in the Non-ferrous Metals ETF include Zijin Mining, which rose by 3.50%, and other companies such as Luoyang Molybdenum, Northern Rare Earth, and Huayou Cobalt, which also experienced gains [1] - The fund's performance benchmark is the CSI Sub-Industry Non-ferrous Metals Theme Index return, managed by Huaxia Fund Management Co., with a return of 110.83% since its inception on June 9, 2021, and a 4.15% return over the past month [1]

Group 1 - The core point of the article highlights the performance of the Penghua Nonferrous ETF (159880), which opened with a gain of 2.06% at 2.233 yuan [1] - Major holdings in the ETF include Zijin Mining, which rose by 3.50%, and other companies such as Luoyang Molybdenum (2.14%), Northern Rare Earth (2.97%), and Huayou Cobalt (1.49%) [1] - The ETF's performance benchmark is the National Index of Nonferrous Metals Industry, managed by Penghua Fund Management Co., Ltd., with a return of 118.94% since its inception on March 8, 2021, and a 5.03% return over the past month [1]

Group 1 - The core viewpoint of the article highlights the performance of the Huabao Nonferrous ETF (159876), which opened with a gain of 2.07% at 1.135 yuan on February 9 [1] - Major holdings of the Huabao Nonferrous ETF include Zijin Mining, which rose by 3.50%, Luoyang Molybdenum by 2.14%, Northern Rare Earth by 2.97%, and others, indicating a positive trend in the nonferrous metals sector [1] - The Huabao Nonferrous ETF has a performance benchmark of the CSI Nonferrous Metals Index return, managed by Huabao Fund Management Co., with a return of 122.52% since its establishment on March 12, 2021, and a recent one-month return of 4.76% [1]