Industry Overview - Rhenium (Re) and Molybdenum (Mo) are strategic rare metals primarily obtained as by-products of copper mining [1] Market Characteristics - Molybdenum is predominantly sourced from molybdenite, with 96% derived from copper mines, while over 80% of rhenium is found in molybdenite and extracted as a by-product of copper refining [5] - The industry is characterized by an oligopolistic competition structure, with Freeport-McMoran, Codelco, and China Molybdenum holding 42% of the global market share [5] - China accounts for 42% of global consumption, making it the largest market, followed by Europe at 28% and the Americas at 18% [5] - The product structure is imbalanced, with molybdenum comprising 96% of the market and rhenium only 4% due to extraction difficulties and high costs [5] - Demand is relatively inelastic, with key application areas being machinery manufacturing (68%), aerospace (12%), and petrochemicals (10%), which are less affected by macroeconomic fluctuations [5] Industry Status (2020-2024) - The Chinese market is projected to achieve a sales revenue of XX million yuan by 2024, with steady growth in production and import volumes [6] - The upstream sector has abundant molybdenum reserves in China, but high-grade ores are scarce, and extraction technologies lag behind those in Europe and the U.S. [6] - Rhenium purification technology is monopolized by U.S. and Japanese companies, leading to lower profit margins for domestic firms compared to international leaders [6] Future Trends (2025-2031) - Key growth areas include aerospace, where rhenium is essential for enhancing turbine blade performance, with an annual demand growth rate of 8%-10% [6] - The application of molybdenum targets in semiconductor chips is expanding in the electronics sector [6] - Rhenium recovery technology from waste catalysts is expected to lower costs, and research on 3D printing of molybdenum alloy materials is underway [6] - Asia is anticipated to contribute 60% of the incremental demand from 2025 to 2031, although the CAGR is not disclosed [6] Challenges and Opportunities - The industry faces resource dependency, with 60% of rhenium being imported, making it vulnerable to geopolitical constraints [7] - Price volatility is linked to copper production, with molybdenum prices expected to fluctuate by ±15% from 2020 to 2024 [7] - High-purity rhenium (≥99.99%) commands a premium of 200% [7] - The technical barrier is significant, with only a 50% qualification rate for high-end molybdenum plates compared to an international standard of ≥85% [7] - Policy support includes the inclusion of the sector in the "Made in China 2025" new materials directory, along with fiscal subsidies [6][7]

Market Performance - The small metals sector increased by 0.49% on August 6, with Jintian Titanium leading the gains [1] - The Shanghai Composite Index closed at 3633.99, up 0.45%, while the Shenzhen Component Index closed at 11177.78, up 0.64% [1] Individual Stock Performance - Jintian Titanium (688750) closed at 23.01, up 4.64% with a trading volume of 119,700 shares and a transaction value of 273 million yuan [1] - Baotai Co. (600456) closed at 32.62, up 3.56% with a trading volume of 257,500 shares and a transaction value of 843 million yuan [1] - Caoyuan Tungsten (002378) closed at 9.33, up 2.64% with a trading volume of 439,600 shares and a transaction value of 409 million yuan [1] - Other notable performers include Baowu Magnesium (002182) up 2.30% and Zhongtung High-tech (000657) up 2.09% [1] Capital Flow Analysis - The small metals sector experienced a net outflow of 452 million yuan from main funds, while retail investors saw a net inflow of 355 million yuan [2][3] - The main funds showed a significant outflow from Jintian Titanium, with a net outflow of 37.02 million yuan [3] - Retail investors contributed positively to Jintian Titanium with a net inflow of 7.50 million yuan [3] Summary of Key Stocks - Jintian Titanium had a notable trading day with a significant increase in share price despite main fund outflows [1][3] - Baotai Co. and Caoyuan Tungsten also showed positive price movements, indicating investor interest in these stocks [1] - The overall small metals sector reflects mixed capital flows, with retail investors actively participating [2][3]

Group 1 - The company appointed Mr. Li Nong as the Chief Engineer, effective from the date of the board's decision until the end of the current board's term [1] - Mr. Li Nong holds a master's degree in engineering and has previously held significant positions in related companies, including Deputy Factory Director and Factory Director at Baoji Titanium Industry Co., Ltd. [1] - The appointment was reviewed and approved by the company's Board of Directors and the Nomination and Compensation Committee prior to the meeting [1]

（文章来源：证券日报） 证券日报网讯 8月5日晚间，金钼股份发布公告称，公司于2025年8月5日以通讯方式召开的第五届董事 会第二十四次会议，审议通过《关于聘任公司总工程师的议案》，同意聘任李农先生担任公司总工程 师，聘期自董事会聘任之日起至第五届董事会届满之日止。 ...

股票代码：601958 股票简称：金钼股份 公告编号： 2025-022 金堆城钼业股份有限公司 关于聘任总工程师的公告 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个别及连带责任。 金堆城钼业股份有限公司（以下简称公司）于 2025 年 8 月 5 日以通 讯方式召开的第五届董事会第二十四次会议，审议通过《关于聘任公司总 工程师的议案》，同意聘任李农先生担任公司总工程师，聘期自董事会聘 任之日起至第五届董事会届满之日止。该议案经公司董事会提名与薪酬委 员会事前审核。 李农先生：1970 年生，工程硕士学位，高级工程师。曾任宝鸡钛业股份 有限公司管棒厂副厂长、厂长，宝钛集团有限公司研究院副院长，金堆城钼 业集团有限公司总经理助理；现任金堆城钼业股份有限公司总工程师。 特此公告。 金堆城钼业股份有限公司董事会 2025 年 8 月 6 日 1 ...

格隆汇8月5日丨金钼股份(601958.SH)公布，公司于2025年8月5日以通讯方式召开的第五届董事会第二 十四次会议，审议通过《关于聘任公司总工程师的议案》，同意聘任李农先生担任公司总工程师，聘期 自董事会聘任之日起至第五届董事会届满之日止。 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The copper market shows a steady upward trend in demand, with a focus on observing global inventory levels and U.S. demand recovery [13] - The aluminum sector is stabilizing at the bottom, facing seasonal pressures and production adjustments [15] - Precious metals, particularly gold, are gaining attractiveness as a safe haven due to geopolitical tensions and economic uncertainties [16] - The rare earth sector is expected to see price increases due to supply constraints and policy changes, benefiting leading state-owned enterprises [32] - The antimony market is stabilizing with expectations of price recovery driven by export improvements and domestic production cuts [34] - Molybdenum prices are on the rise due to supply disruptions and increasing demand from the steel industry [35] - Tin prices are under slight pressure but supported by strong inventory levels and demand recovery in related sectors [36] Summary by Sections 1. Base and Precious Metals Market Overview - Copper prices decreased by 1.66% to $9,633.00 per ton on LME, with domestic inventory down 0.1 thousand tons to 11.93 thousand tons [1] - Aluminum prices fell by 2.26% to $2,571.50 per ton on LME, with domestic electrolytic aluminum inventory increasing [2] - Gold prices increased by 3.08% to $3,416.00 per ounce, driven by geopolitical tensions and economic concerns [3] 2. Base and Precious Metals Fundamental Updates 2.1 Copper - The copper processing fee index rose to -$42.09 per ton, with downstream demand showing weakness [1] 2.2 Aluminum - Domestic aluminum processing rates slightly decreased, with expectations of continued weak performance [2] 2.3 Precious Metals - Gold's appeal as a safe haven is increasing amid global trade tensions and geopolitical conflicts [3] 3. Minor Metals and Rare Earth Market Overview - Rare earth prices are expected to rise due to supply constraints and policy changes, with strategic resources needing re-evaluation [32] - Antimony prices are anticipated to recover due to improved export expectations and domestic production cuts [34] - Molybdenum prices are increasing due to supply disruptions and strong demand from the steel sector [35] 4. Minor Metals and Rare Earth Fundamental Updates 4.1 Rare Earth - Prices for praseodymium-neodymium oxide rose by 7.23% to 513,200 yuan per ton, with supply tightening expected [33] 4.2 Antimony - Antimony ingot prices remain stable, with expectations of recovery driven by export improvements [34] 4.3 Molybdenum - Molybdenum prices increased by 8.02% to 4,310 yuan per ton, with supply disruptions impacting the market [35] 4.4 Tin - Tin prices decreased by 2.69% to 264,100 yuan per ton, but strong inventory levels provide support [36]

2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.40元 证券代码：601958 证券简称：金钼股份 公告编号：2025-021 金堆城钼业股份有限公司 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/8/7 | － | 2025/8/8 | 2025/8/8 | 差异化分红送转： 否 一、通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 6 月 24 日的2024年年度股东会审议通过。 二、分配方案 1.发放年度：2024年年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3.分配方案： 本次利润分配以方案实施前的公司总股本3,226,604,400股为基数，每股派发现金红利 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [6][11]. Core Insights - The report highlights a seasonal increase in inventory and slight fluctuations in the prices of base metals, with a focus on the ongoing macroeconomic environment and its impact on supply and demand dynamics [6][11]. - The report suggests that the long-term supply-demand structure is being reshaped, indicating limited downside potential for base metal prices and encouraging investors to seek new entry points, particularly for rigid supply varieties like aluminum and copper [6][11]. Summary by Sections Market Overview - The report notes that the domestic industrial metal prices have shown slight fluctuations, with the non-ferrous metal index outperforming the market. The weekly price changes for LME copper, aluminum, lead, and zinc were 0.0%, -0.3%, 0.4%, and 0.2%, respectively, while SHFE prices were 1.1%, 1.2%, 0.8%, and 2.6% [6][20][21]. Macroeconomic Factors - The report tracks three macroeconomic factors: 1. China's June export value increased by 6% year-on-year, with total exports amounting to $325.2 billion [6][27]. 2. U.S. inflation showed an uptick, with the June CPI rising by 2.7% year-on-year [6][33]. 3. The European economic sentiment index continued to rise, with the Eurozone manufacturing PMI at 49.5 [6][36]. Base Metals Analysis - For electrolytic aluminum, the macro environment remains strong, but market sentiment has cooled, leading to a price retreat. The operating capacity of the electrolytic aluminum industry increased by 10,000 tons, reaching 43.975 million tons, with production at 843,400 tons, a slight increase of 0.02% [6][40][41]. - The report indicates that the aluminum processing sector's operating rate decreased by 0.1%, averaging 58.7% as of July 24, 2025 [6][43]. - In terms of inventory, domestic aluminum ingot inventory rose by 36,000 tons to 577,000 tons, while global inventory increased by 42,300 tons to 1.2921 million tons [6][43][44]. Profitability Metrics - The report states that the immediate profit per ton for the aluminum industry remains above 3,500 yuan, with the current spot aluminum price at 20,800 yuan per ton, reflecting a 0.19% increase [6][43].

Group 1 - The small metal concept index rose by 3.08%, ranking 9th among concept sectors, with 128 stocks increasing in value [1] - Notable gainers included Tibet Tianlu, China Power Construction, and Zhongke Sanhuan, which hit the daily limit, while Huayou Cobalt, Tangyuan Electric, and Northern Rare Earth saw significant increases of 9.44%, 9.22%, and 9.00% respectively [1][2] - The largest declines were observed in Zhongjin Gold, Zhejiang Fu Holdings, and Western Gold, with decreases of 4.41%, 4.03%, and 3.59% respectively [1] Group 2 - The small metal concept sector attracted a net inflow of 4.014 billion yuan, with 92 stocks receiving net inflows and 21 stocks exceeding 100 million yuan in net inflows [2] - Northern Rare Earth led the net inflow with 1.554 billion yuan, followed by China Rare Earth, Tibet Mining, and Guangsheng Nonferrous with net inflows of 499 million yuan, 433 million yuan, and 431 million yuan respectively [2] Group 3 - In terms of net inflow ratios, Zhongke Sanhuan, Tibet Mining, and Jinchuan Group had the highest ratios at 37.98%, 31.43%, and 26.87% respectively [3] - The small metal concept's top stocks by net inflow included Northern Rare Earth, China Rare Earth, and Tibet Mining, with respective net inflows of 1.553 billion yuan, 499 million yuan, and 432 million yuan [3][4]