Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4][108]. Core Views - The report highlights that the expectation of a rate cut by the Federal Reserve in September is likely to support copper prices, with a potential upward trend anticipated due to increased demand during the peak season [3][5]. - The report emphasizes the importance of monitoring the Federal Reserve's actions in September and the demand support during the "golden September and silver October" period [5]. Summary by Sections 1. Industry Overview - The report notes that the U.S. initial jobless claims for the week ending August 16 were higher than expected, indicating economic uncertainty [9]. - Fed Chairman Powell's dovish remarks suggest a stronger likelihood of a rate cut in September, which could positively impact the non-ferrous metals market [9]. 2. Industrial Metals Copper - Copper prices showed slight declines this week, with LME copper down 0.05%, SHFE copper down 0.47%, and COMEX copper down 0.62% [25]. - Domestic copper inventories increased, with LME copper stocks at 155,975 tons (+0.11%) and SHFE copper stocks at 81,698 tons (-5.40%) [22][25]. - The report suggests that copper prices may rise due to improved downstream demand and the upcoming peak season [5]. Aluminum - Aluminum prices are expected to remain stable, with SHFE aluminum down 0.34% to 20,670 yuan/ton and LME aluminum down 0.58% [36]. - The report indicates that aluminum inventories are rising, with domestic spot inventories at 595,000 tons (+0.85%) [36]. Lithium - Lithium carbonate prices increased by 1.45% to 83,900 yuan/ton, while lithium spodumene prices decreased by 0.64% to 934 USD/ton [78]. - The report anticipates a reduction in lithium inventories due to seasonal demand, which may drive prices higher [78]. Cobalt - Domestic cobalt prices fell by 0.38% to 261,000 yuan/ton, with a significant drop in imports from the Democratic Republic of Congo [89]. - The report suggests that the extended export ban from Congo may lead to a tightening of cobalt supplies in Q4, potentially increasing prices [89]. 3. Market Performance - The non-ferrous metals sector underperformed compared to the Shanghai Composite Index, with a weekly increase of 1.33% versus the index's 3.49% [11][12]. - The report identifies the top-performing stocks in the sector and notes the overall market sentiment [11]. 4. Valuation Changes - The PE_TTM for the non-ferrous metals sector is reported at 22.80, with a slight increase of 0.27 [20]. - The PB_LF for the sector stands at 2.63, reflecting a change of 0.03 [20].

Core Viewpoint - Luoyang Molybdenum Industry (603993) reported a mixed performance in its 2025 interim financial results, with a decline in total revenue but a significant increase in net profit, indicating improved profitability despite revenue challenges [1]. Financial Performance - Total revenue for the first half of 2025 was 94.773 billion yuan, a decrease of 7.83% year-on-year [1]. - Net profit attributable to shareholders reached 8.671 billion yuan, reflecting a substantial increase of 60.07% year-on-year [1]. - In Q2 2025, total revenue was 48.767 billion yuan, down 13.99% year-on-year, while net profit was 4.725 billion yuan, up 41.24% year-on-year [1]. - Gross margin improved to 21.15%, an increase of 15.1% year-on-year, and net margin rose to 10.39%, up 68.69% year-on-year [1]. Cost Management - Selling, general, and administrative expenses totaled 2.166 billion yuan, accounting for 2.29% of revenue, down 20.81% year-on-year [1]. - The company reported a significant reduction in interest-bearing debt, which decreased by 45.84% to 28.68 billion yuan [1]. Shareholder Metrics - Earnings per share (EPS) increased to 0.41 yuan, a rise of 64.0% year-on-year [1]. - The book value per share was reported at 3.39 yuan, up 19.9% year-on-year [1]. - Operating cash flow per share was 0.56 yuan, reflecting an increase of 11.92% year-on-year [1]. Investment Insights - The company's return on invested capital (ROIC) for the previous year was 14.69%, indicating strong capital returns [3]. - The average ROIC over the past decade was 6.07%, suggesting a generally weak investment return history [3]. - The company maintains a healthy cash position, with cash assets being robust [3]. Market Position - The largest fund holding Luoyang Molybdenum is the Southern CSI Shenwan Nonferrous Metals ETF, with a scale of 4.695 billion yuan and a recent net value increase of 1.27% [5].

Core Viewpoint - Luoyang Molybdenum's 2025 mid-year report shows a decline in total revenue but a significant increase in net profit, indicating improved profitability despite lower sales [1] Financial Performance - Total revenue for the first half of 2025 was 94.773 billion yuan, a decrease of 7.83% year-on-year - Net profit attributable to shareholders reached 8.671 billion yuan, an increase of 60.07% year-on-year - In Q2 2025, total revenue was 48.767 billion yuan, down 13.99% year-on-year, while net profit was 4.725 billion yuan, up 41.24% year-on-year [1] - Gross margin improved to 21.15%, up 15.1% year-on-year, and net margin increased to 10.39%, up 68.69% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 2.166 billion yuan, accounting for 2.29% of revenue, a decrease of 20.81% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) rose to 0.41 yuan, a 64.0% increase year-on-year - Cash flow per share was 0.56 yuan, up 11.92% year-on-year - Net asset value per share increased to 3.39 yuan, a rise of 19.9% year-on-year [1] Investment Insights - The company's return on invested capital (ROIC) was 14.69%, indicating strong capital returns, although historical ROIC averages around 6.07%, suggesting generally weak investment returns [4] - The company's cash assets are reported to be very healthy, indicating good liquidity [4] Fund Holdings - The largest fund holding Luoyang Molybdenum is the Southern CSI Shenwan Nonferrous Metals ETF, with 27.4225 million shares held, showing a reduction in holdings [5] - Other funds have newly entered or increased their positions in Luoyang Molybdenum, indicating growing interest from institutional investors [5]

Investment Rating - The industry rating is "Recommended" [4] Core Views - The dovish remarks from Powell have increased expectations for a rate cut in September, benefiting the prices of precious and base metals [3][41] - The market is beginning to price in the likelihood of a rate cut, with a significant increase in the probability of a September cut to 91.1% following Powell's comments [3][41] - Long-term concerns regarding global monetary policy and debt are expected to support gold prices, with the passage of the "Big and Beautiful" act projected to increase the US fiscal deficit by $3.4 trillion [3][15] Summary by Sections Precious Metals - Gold prices increased by 1.05% to $3,417.20 per ounce, while silver rose by 2.26% to $38.88 per ounce [1][24] - SPDR Gold ETF holdings decreased by 276,237.73 troy ounces, while SLV Silver ETF holdings increased by 6,992,897.80 ounces [24] - The gold-silver ratio fell by 1.19% to 87.89, indicating a potential recovery in silver prices due to increased industrial demand [1][43] Base Metals - Copper prices rose by 0.37% to $9,796.50 per ton on the LME, while aluminum increased by 0.73% to $2,622.00 per ton [6][48] - Supply disruptions from overseas mines continue to tighten raw material availability, with Peru's copper production increasing by 7.1% year-on-year [7][68] - The market anticipates a cautious improvement in consumption as the traditional peak season approaches [7][70] Small Metals - Magnesium prices remain stable at 18,920 yuan per ton, with tight inventory levels among producers [81] - Molybdenum prices have shown positive trends, with molybdenum iron prices rising by 3.60% to 287,500 yuan per ton [14][82] - The demand for molybdenum is expected to remain strong, supported by tight supply conditions [14][82]

作者：智投君 融券方面，当日融券卖出1.17万股，净买入4.66万股。 本文源自：金融界 8月22日，沪深两融数据显示，洛阳钼业获融资买入额2.00亿元，居两市第139位，当日融资偿还额1.97 亿元，净买入282.43万元。 最近三个交易日，20日-22日，洛阳钼业分别获融资买入1.86亿元、1.59亿元、2.00亿元。 ...

Core Insights - As of August 22, 2025, 1526 A-share listed companies have disclosed their semi-annual reports, with 921 companies reporting a year-on-year net profit growth, accounting for approximately 60.35% [1][3] Group 1: Company Performance - Among the 1526 companies, 761 reported a net profit growth exceeding 10%, 501 exceeded 30%, 359 exceeded 50%, 210 exceeded 100%, and 66 exceeded 300% [3] - Notable companies with significant net profit growth include Shumai Video, Xinda Co., Zhimingda, Rongzhi Rixin, Shijia Photon, and Suotong Development [3] - Shumai Video achieved approximately 267 million yuan in revenue, a year-on-year increase of 24.7%, and a net profit of approximately 16.7 million yuan, a staggering increase of 2747.64% [3] - 567 companies reported net profits exceeding 100 million yuan, 180 exceeded 500 million yuan, 88 exceeded 1 billion yuan, 19 exceeded 5 billion yuan, and 8 exceeded 10 billion yuan [3] - Leading companies by net profit include China Mobile, Kweichow Moutai, CATL, China Telecom, Sinopec, Industrial Fulian, Muyuan Foods, Huaneng International, and Luoyang Molybdenum [3][4] Group 2: Industry Performance - Industries showing strong performance include electronics, transportation, agriculture, automotive, machinery, non-ferrous metals, home appliances, and social services [5] - Within the electronics sector, companies in consumer electronics and semiconductors performed exceptionally well [5] - In the agriculture sector, companies involved in breeding and animal health showed significant performance improvements [5] - Muyuan Foods reported revenue of 764.63 billion yuan, a year-on-year increase of 34.46%, and a net profit of 10.79 billion yuan, a remarkable increase of 952.92% [5] Group 3: Dividend Announcements - As of August 22, 2025, 265 A-share listed companies have announced their mid-term dividend plans [2][6] - Among these, 188 companies plan to distribute cash dividends exceeding 1 yuan per 10 shares (including tax), 77 companies exceeding 3 yuan, 38 exceeding 5 yuan, and 15 exceeding 10 yuan [6][7] - Notable companies with high cash dividends include Jibite, Ninebot, Shuoshi Biology, China Mobile, Dongpeng Beverage, Siwei Liekong, Dong'a Ejiao, and Aimeike [6] - Jibite reported revenue of 2.518 billion yuan, a year-on-year increase of 28.49%, and a net profit of 645 million yuan, a year-on-year increase of 24.50%, proposing a cash dividend of 66 yuan per 10 shares (including tax) [6] - Among the 265 companies, 111 plan to distribute dividends exceeding 100 million yuan, 77 exceeding 200 million yuan, and 37 exceeding 500 million yuan [7]

Core Viewpoint - Luoyang Molybdenum's strong performance in the first half of 2025 is attributed to significant growth in its mining segment, achieving record revenue and profit levels [1][2]. Financial Performance - The company reported a revenue of 94.773 billion yuan and a net profit of 8.671 billion yuan, marking a year-on-year increase of 60.07% [1][2]. - The mining segment's revenue reached a historical high of 39.402 billion yuan, accounting for approximately 42% of total revenue, an increase of 11 and 28 percentage points compared to the same periods in 2024 and 2023, respectively [2]. - Operating costs decreased by 10.96% year-on-year, contributing to improved profitability [3]. - Operating cash flow was 12.009 billion yuan, up 11.40% year-on-year, with a debt-to-asset ratio of 50.15%, down 9.01 percentage points [3]. Product Performance - Copper production reached 353,600 tons, a year-on-year increase of 12.68%, with copper revenue at 25.718 billion yuan, making up about 65% of mining revenue [2]. - Cobalt production was 61,100 tons, with cobalt revenue increasing by 31.94% to 5.728 billion yuan [2]. - Tungsten and molybdenum production also showed positive trends, with tungsten revenue growing by 26.19% to 1.109 billion yuan [2]. Strategic Initiatives - The company is actively expanding its portfolio in renewable energy metals, with significant investments in copper and cobalt [4]. - A recent acquisition of Lumina Gold for 581 million Canadian dollars (approximately 307.6 million yuan) adds a significant gold resource in Ecuador, with a total resource of 1.376 billion tons [4]. - Ongoing projects in the Democratic Republic of Congo aim to increase copper production to 800,000 to 1 million tons [5]. Market Outlook - The company maintains an optimistic outlook for copper prices, citing limited new production capacity and resilient demand from the energy sector [6]. - Cobalt prices are expected to remain high due to export bans and declining market inventories, with sustained demand anticipated [6]. - Tungsten and molybdenum prices are projected to remain stable and resilient, continuing to stay at historically high levels [6].

每经记者｜王佳飞 每经编辑｜魏官红 8月22日晚间，洛阳钼业（603993.SH，股价11.11元，市值2376.91亿元）发布了2025年半年度报告。报 告期内，公司营业收入947.73亿元，同比下降7.83%；归属于上市公司股东的净利润86.71亿元，同比增 长60.07%，创同期历史新高。 洛阳钼业相关工作人员向《每日经济新闻》记者表示："公司降本增效成果显著，营业成本同比下降 10.96%。分矿区看，TFM和KFM（均为位于刚果（金）境内的铜钴矿区）优化工艺流程，开展数智化 微创新等；中国区优化药剂研究等，钼、钨选矿回收率提升，钼铁成本下降。" 主要产品市场价格的上涨为公司利润增长提供了有力支撑。上半年，伦敦金属交易所现货铜均价为9431 美元/吨，同比上涨3.75%；Fastmarkets（金属与大宗商品价格评估机构）标准级钴金属低幅价格升至平 均13.16美元/磅，同比上涨7.69%，氢氧化钴中间品折价系数则同比飙升至69.1%；钼、铌价格则基本保 持稳定。 此外，洛阳钼业上半年完成厄瓜多尔奥丁矿业（凯歌豪斯金矿）收购并快速推进开发工作，意味着洛阳 钼业进入了黄金领域。据了解，凯歌豪斯金矿计划20 ...

Core Viewpoint - Luoyang Molybdenum's significant profit growth in the first half of 2025 is attributed to increased production and prices of copper, alongside improved management efficiency and reduced operational costs [2][4]. Financial Performance - The company reported a revenue of 94.773 billion yuan and a net profit of 8.671 billion yuan, marking a year-on-year increase of 60.07%, setting a historical high for the same period [2]. - Mining revenue reached a historical high of 39.402 billion yuan, up 25.64% year-on-year, with copper mining revenue at 25.718 billion yuan, an increase of 28.42% [2]. Production Achievements - The company achieved all production targets for the first half of the year, producing 353,600 tons of copper (up 12.68%) and 61,100 tons of cobalt (up approximately 13.05%) [2]. - Production of molybdenum, tungsten, niobium, and phosphate exceeded 50% of annual targets [2]. Market Conditions - The overall copper price trend was strong in the first half of 2025, with the average copper price on the Shanghai Futures Exchange at approximately 77,400 yuan per ton, a year-on-year increase of 4.1% [3]. - Domestic copper supply remained tight, with copper concentrate processing fees dropping to a record low of negative 45 USD per ton by the end of June [3]. Cost Management and Efficiency - The company achieved a 10.96% reduction in operating costs, with various mining areas optimizing processes and improving recovery rates [4]. - Organizational upgrades were made to create a more international, professional, and youthful management team [4]. Strategic Developments - The acquisition of Ecuador's Odin Mining (KGHM) was completed, enhancing the company's multi-national, multi-mineral, and multi-asset business layout [4]. - The company is progressing towards its goal of producing 800,000 to 1,000,000 tons of copper in the Democratic Republic of the Congo [4].

8月22日晚，洛阳钼业公布2025年半年度报告，上半年实现营业收入947.73亿元；归母净利润为86.71亿元，增长60.07%，再创同期历史新高。 除铜之外，钴、钨、钼等金属产品也呈现回暖向好态势。具体而言，上半年，公司产钴6.11万吨，钴矿山端营业收入为57.28亿元，同比增长31.94%；产 钼6989吨，完成度为51.8%；产钨3948吨，完成度为56.4%，公司抓住钨价回暖契机，钨矿山端营业收入同比增长26.19%，为11.09亿元；产铌5231吨，创 近年来新高，完成度为52.3%；磷肥产量为58.26万吨，完成度50.7%。此外，公司全资子公司埃珂森（IXM）金属贸易平台提质控量，经营效益再创同期 新高。 公司降本增效成果显著，营业成本同比下降10.96%。分矿区看，TFM和KFM优化工艺流程，开展数智化微创新等；中国区优化药剂研究等，钼、钨选矿 回收率提升，钼铁成本下降；洛钼巴西大宗物资、物流服务和工程服务采购等支出同比下降，BVFR厂和BV厂回收率创历年来最好水平。 盈利指标亮眼的同时，公司财务状况也保持稳健。据披露，公司经营性净现金流为120.09亿元，同比增长11.40%；截至今年上半年 ...