| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 华泰证券股份有限 | 国泰海通证券股份 | | 2025-09-18 | 洛阳铝业 | 603993 | 247.6 12.38 | 20 | 公司北京西三环国 | 有限公司总部 | | | | | | | 际财经中心证券营 | | 9月18日，洛阳钼业大宗交易成交20万股，成交额247.6万元，占当日总成交额的0.07%，成交价12.38元，较市场收盘价12.38元持平。 ...

Core Viewpoint - Luoyang Molybdenum achieved a net profit attributable to shareholders of approximately 8.671 billion yuan in the first half of the year, an increase of 3.3 billion yuan, representing a growth rate of 60.07%, setting a new historical high for the same period [1] Financial Performance - In Q2, the net profit attributable to shareholders reached 4.725 billion yuan, a year-on-year increase of 41.24% and a quarter-on-quarter increase of 19.75%, indicating a significant improvement in profitability [1] Business Segments - The copper and cobalt business in H1 2024 saw both volume and price increases, serving as the main growth driver for the company [1] - The acquisition of gold resources has strengthened the company's resource layout, with preliminary assessments suggesting potential for further resource reserve increases [1] Future Outlook - The project is planned to commence production in 2028, with an expected annual output of approximately 11.5 tons of gold [1] - The company maintains a "buy" rating based on its growth prospects and financial performance [1]

Group 1 - The core viewpoint of the news is that Luoyang Molybdenum Co., Ltd. has experienced a significant decline in its stock price, dropping 3.28% on September 18, with a cumulative decline of 7.75% over four consecutive days [1] - As of the report, Luoyang Molybdenum's stock price is 12.38 yuan per share, with a trading volume of 3.324 billion yuan and a turnover rate of 1.53%, resulting in a total market capitalization of 264.862 billion yuan [1] - The company primarily engages in the mining, selection, deep processing, trading, and research of precious metals such as molybdenum, tungsten, and gold, with its main business revenue composition being 48.56% from refined metal product trading and 38.31% from concentrate product trading [1] Group 2 - According to data, Zhongjia Fund has a significant holding in Luoyang Molybdenum, with its Zhongjia Xinxing Mixed A Fund holding 7,700 shares, accounting for 0.12% of the fund's net value, ranking as the eighth largest holding [2] - The fund has incurred a floating loss of approximately 3,234 yuan today, with a total floating loss of 8,008 yuan during the four-day decline [2] - Zhongjia Xinxing Mixed A Fund was established on December 2, 2015, with a latest scale of 51.6921 million yuan, and has achieved a year-to-date return of 3.43% [2] Group 3 - The fund managers of Zhongjia Xinxing Mixed A are Zhong Wei and Pang Zhitong, with Zhong Wei having a tenure of 11 years and 319 days and a total fund asset size of 327 million yuan [3] - During Zhong Wei's tenure, the best fund return was 21.22%, while the worst was 0.36% [3] - Pang Zhitong has a tenure of 1 year and 231 days, managing assets of 94.2527 million yuan, with a best return of 9.35% and a worst return of 3.49% during his tenure [3]

Company Overview - Luoyang Molybdenum Co., Ltd. is primarily engaged in the mining, selection, deep processing, trading, and research of rare metals such as molybdenum, tungsten, and gold [2] - The company was established on December 22, 1999, and went public on October 9, 2012 [2] - The 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] Stock Performance - The stock price of Luoyang Molybdenum has increased by 94.78% year-to-date, with a recent decline of 4.15% over the last five trading days [2] - As of September 18, the stock was trading at 12.46 CNY per share, with a market capitalization of 266.57 billion CNY [1] - The trading volume on September 18 was 4.07 billion CNY, with a turnover rate of 0.19% [1] Financial Performance - For the first half of 2025, Luoyang Molybdenum reported a revenue of 94.77 billion CNY, a year-on-year decrease of 7.83%, while the net profit attributable to shareholders increased by 60.07% to 8.67 billion CNY [2] - The company has distributed a total of 21.56 billion CNY in dividends since its A-share listing, with 10.58 billion CNY distributed in the last three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders was 237,500, a decrease of 15.95% from the previous period [2] - Major shareholders include Hong Kong Central Clearing Limited, holding 648 million shares, and Huaxia SSE 50 ETF, holding 138 million shares, both of which have increased their holdings compared to the previous period [3]

每经AI快讯，港股有色股跌幅居前，截至发稿，江西铜业股份(00358.HK)跌2.48%，报25.2港元；洛阳 钼业(03993.HK)跌2.85%，报12.28港元；中国铝业(02600.HK)跌2.12%，报7.38港元；紫金矿业 (02899.HK)跌1.26%，报28.14港元。 ...

消息面上，据央视新闻报道，当地时间9月17日，美国联邦储备委员会结束为期两天的货币政策会议， 宣布将联邦基金利率目标区间下调25个基点到4.00%至4.25%之间。尽管美联储如预期降息，但在利率 决议后的新闻发布会上，美联储主席鲍威尔强调，此举并不意味着将开启长期的降息周期；鲍威尔承认 劳动力市场疲软，但认为目前情况不足以让美联储采取更大幅度的降息。 国泰海通证券此前发布研报称，美国8月CPI基本符合预期，叠加就业市场走弱逐渐明显，降息预期持 续升温。流动性拐点预期下，对贵金属和工业金属价格均有明显提振。临近9月议息，静待美联储对后 续降息路径指引，同时中美谈判博弈继续，或放大金属价格波动。该行指出，对于工业金属而言，就业 市场的连续走弱使得市场衰退担忧有所抬头，但考虑内外政策托底，叠加即将进入需求旺季，工业品有 望继续表现。 智通财经APP获悉，有色股跌幅居前，截至发稿，江西铜业股份(00358)跌2.48%，报25.2港元；洛阳钼 业(03993)跌2.85%，报12.28港元；中国铝业(02600)跌2.12%，报7.38港元；紫金矿业(02899)跌1.26%， 报28.14港元。 ...

消息面上，据央视新闻报道，当地时间9月17日，美国联邦储备委员会结束为期两天的货币政策会议， 宣布将联邦基金利率目标区间下调25个基点到4.00%至4.25%之间。尽管美联储如预期降息，但在利率 决议后的新闻发布会上，美联储主席鲍威尔强调，此举并不意味着将开启长期的降息周期；鲍威尔承认 劳动力市场疲软，但认为目前情况不足以让美联储采取更大幅度的降息。 国泰海通证券此前发布研报称，美国8月CPI基本符合预期，叠加就业市场走弱逐渐明显，降息预期持 续升温。流动性拐点预期下，对贵金属和工业金属价格均有明显提振。临近9月议息，静待美联储对后 续降息路径指引，同时中美谈判博弈继续，或放大金属价格波动。该行指出，对于工业金属而言，就业 市场的连续走弱使得市场衰退担忧有所抬头，但考虑内外政策托底，叠加即将进入需求旺季，工业品有 望继续表现。 有色股跌幅居前，截至发稿，江西铜业股份(00358)跌2.48%，报25.2港元；洛阳钼业（603993）(03993) 跌2.85%，报12.28港元；中国铝业（601600）(02600)跌2.12%，报7.38港元；紫金矿业（601899） (02899)跌1.26%，报28.1 ...

Core Viewpoint - The company reported significant growth in net profit for the first half of 2025, despite a decline in revenue, driven by strategic adjustments in its trading segment [1] Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 94.773 billion yuan, a year-on-year decrease of 7.83%, while operating costs were 74.727 billion yuan, down 10.96% [1] - The net profit attributable to shareholders reached approximately 8.671 billion yuan, an increase of 3.3 billion yuan, representing a growth of 60.07% [1] - In Q2 2025, the company reported operating revenue of 48.767 billion yuan, a year-on-year decline of 13.99%, but net profit increased by 41.24% to 4.725 billion yuan, with a quarter-on-quarter growth of 19.75% [1] Group 2: Copper and Cobalt Business - The copper segment generated operating revenue of 25.7 billion yuan in H1 2025, a year-on-year increase of 28%, with a gross profit of 13.8 billion yuan, up 33% [2] - Copper production reached 350,000 tons, a 13% increase year-on-year, while sales rose by 3% to 320,000 tons [2] - The cobalt segment saw operating revenue of 5.7 billion yuan, a 62% increase year-on-year, with a gross profit of 3.5 billion yuan, up 93% [3] Group 3: Future Prospects - The company aims to achieve an annual copper production capacity of 800,000 to 1 million tons and cobalt production of 90,000 to 100,000 tons [4] - The company has six production lines with over 650,000 tons of annual copper capacity, and ongoing projects are expected to enhance production efficiency and quality [4] - The Heshima hydropower station and new energy projects in the Democratic Republic of Congo are progressing, providing long-term energy stability for production [4] Group 4: Acquisition and Resource Expansion - The company completed the acquisition of LuminaGold for 581 million Canadian dollars (approximately 3 billion yuan), gaining 100% ownership of the Cangrejos Project in Ecuador [5] - The Cangrejos Project has a resource estimate of 1.376 billion tons with an average gold grade of 0.46 g/t, containing 638 tons of gold [5] - The project is expected to commence production in 2028, with an annual output of approximately 11.5 tons of gold [5] Group 5: Other Business Segments - The molybdenum segment's gross profit increased by 100 million yuan, a growth of 11%, while the tungsten segment's gross profit rose by 200 million yuan, a growth of 33% [6] - The niobium segment's gross profit increased by 300 million yuan, a growth of 54%, and the phosphorus segment's gross profit rose by 400 million yuan, a growth of 123% [7] - The company achieved a sales volume of 50,000 tons for niobium, a 5% increase year-on-year, and 590,000 tons for phosphorus fertilizer, a 9% increase year-on-year [7] Group 6: Profit Forecast and Valuation - The company forecasts operating revenues of 216.6 billion yuan, 223.1 billion yuan, and 231.7 billion yuan for 2025 to 2027, with year-on-year growth rates of 1.66%, 3.00%, and 3.88% respectively [8] - The net profit attributable to shareholders is projected to be 17.4 billion yuan, 19.4 billion yuan, and 21.8 billion yuan for the same period, with growth rates of 28.42%, 11.53%, and 12.25% respectively [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported significant growth in its performance for the first half of 2025, with a total revenue of 94.773 billion yuan, a year-on-year decrease of 7.83%, while net profit attributable to shareholders reached approximately 8.671 billion yuan, an increase of 60.07% year-on-year, marking a historical high for the same period [1] - The copper and cobalt business showed both volume and price increases, with the company planning to achieve an annual copper production capacity of 800,000 to 1,000,000 tons and cobalt production of 90,000 to 100,000 tons in the future [2] - The acquisition of Lumina Gold for 581 million Canadian dollars (approximately 3 billion yuan) added gold resources to the company's portfolio, with the Cangrejos Project expected to have a lifespan of 26 years and an annual production of about 11.5 tons of gold starting in 2028 [3] - The molybdenum and tungsten sectors performed well, with molybdenum gross profit increasing by 11% and tungsten gross profit increasing by 33% year-on-year in the first half of 2025 [4] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 94.773 billion yuan, with a net profit of approximately 8.671 billion yuan, reflecting a significant increase in profitability [1] - The company expects revenues of 216.6 billion yuan, 223.1 billion yuan, and 231.7 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 17.4 billion yuan, 19.4 billion yuan, and 21.8 billion yuan for the same years [9] Business Segments - The copper and cobalt segment saw a revenue of 25.7 billion yuan in H1 2025, with a gross profit margin of 54%, benefiting from increased production and favorable market conditions [7] - The molybdenum and tungsten segments reported a gross profit increase of 1 billion yuan and 2 billion yuan respectively in H1 2025, with improved recovery rates and reduced costs [4][8] Future Outlook - The company is focused on expanding its copper and cobalt production capabilities, with ongoing projects in the Democratic Republic of Congo expected to enhance operational efficiency and product quality [2] - The acquisition of gold resources is anticipated to strengthen the company's resource base and contribute to long-term growth [3]

证券日报网讯 9月17日晚间，洛阳钼业发布公告称，公司直接或通过全资子公司（含直接及间接全资子 公司）为其他全资子公司合计提供总额预计不超过14亿元的担保。截至本公告披露日公司无逾期担保。 （文章来源：证券日报） ...