景川也表示，降息周期或不会支撑大宗商品价格持续走强。在利率与商品价格同步下行的环境中，实体 企业利润或因成本下降而阶段性回升，企业盈利改善将传导至员工收入增长，进而刺激消费与投资回 暖。唯有实体企业利润实质性提升，才能为未来经济增长注入持续动力。 编者按 近期，多种化工品、工业制品、原料价格掀起上涨浪潮，引发市场的广泛关注。价格跳动的曲线背后， 藏着市场最关切的三重追问：此轮涨价由何驱动？这波涨势能持续多久？产业链上下游企业的业绩能否 借此迎来修复契机，又将如何重塑行业竞争格局？ 春江水暖"价"先知。涨价，是经济脉络复苏中最灵敏的脉动信号。上海证券报微信公众号推出《市场 探"涨"》系列报道，意在凸显这一系列价格变化背后的市场活力与商业逻辑变迁。透过"涨"声，倾听复 苏脚步；在潮起潮落之间，探见未来可期。 当地时间8月22日，美联储主席鲍威尔发声，称美联储对降息持开放态度，市场解读为"放鸽"，受访人 士表示，这一表态对美元计价的国际大宗商品市场形成正面影响，大宗商品有望迎来价值重估。 8月25日期货市场方面，沪铜主力合约价格上涨，收盘价为79690元/吨，吨价逼近8万元关口；沪金、沪 银主力合约价格均录得上涨。 ...

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经头条（nbdtoutiao）——租下2.5万亩"试验田"，兽医学博士在非洲种粮：首季亩产250斤，打算扩至 10万亩，月薪1~2万元招人 每经AI快讯，民生证券8月25日发布研报称，给予洛阳钼业（603993.SH，最新价：12.08元）推荐评 级。评级理由主要包括：1）2025H1归母净利润同比增长60.07%，业绩创历史新高；2）单季度来看， 2025Q2归母净利润同比增长41%，环比增长20%。风险提示：项目进展不及预期，铜钴价格下跌，地缘 政治风险，汇率风险等。 （记者 王晓波） ...

Group 1 - Recent price increases in various chemical and industrial products have raised market concerns about the drivers behind this surge, its sustainability, and the potential for performance recovery among upstream and downstream companies in the industry [1] - The expectation of interest rate cuts by the Federal Reserve, as indicated by Chairman Powell, has positively impacted the international commodity market, suggesting a potential revaluation of commodities [1][3] - On August 25, copper futures in the Shanghai market closed at 79,690 yuan per ton, nearing the 80,000 yuan mark, while precious metals also saw price increases [1] Group 2 - The expectation of interest rate cuts has risen significantly, with traders betting on an 87.2% chance of a cut in September and two additional cuts by the end of the year [3] - The "dovish" stance of the Federal Reserve is expected to weaken the dollar, leading to an increase in prices for dollar-denominated commodities [3] - The recent rebound in prices of cyclical assets, including commodities, is attributed to supportive policies aimed at addressing issues like weak terminal consumption and structural oversupply in the commodity industry [5] Group 3 - The current commodity market is undergoing a reconfiguration of global supply and demand dynamics, influenced by geopolitical factors and supply chain restructuring, which may lead to a revaluation of raw materials [6] - Copper is identified as a key industrial metal, with its price expected to remain strong due to tight supply and increasing demand from emerging sectors such as AI infrastructure and electric transportation [6] - For September, copper prices are projected to fluctuate between 78,000 yuan and 83,000 yuan per ton, indicating a resilient price trend [6]

Group 1: Key Insights from Reports - The report highlights the strong performance of the A-share market, with technology stocks continuing to rise and the Shanghai Composite Index surpassing 3800 points [4] - The report indicates that the coal consumption is seasonally increasing, with the basic frequency index rising to 127.3 points, reflecting a year-on-year increase of 5.5 points [4][5] - The report discusses the significant growth in the traditional business of Daoshi Technology, with a net profit of 230 million yuan in H1 2025, representing a year-on-year increase of 108% [6][8] Group 2: Company-Specific Analysis - Jiuhua Tourism is leveraging its natural resources and optimizing operations to achieve steady growth, with projected revenues of 890 million, 1.02 billion, and 1.22 billion yuan from 2025 to 2027 [8] - Leap Motor has achieved profitability in the first half of the year, with a target of 1 million units sold next year, projecting revenues of 65.3 billion, 114.4 billion, and 152.9 billion yuan from 2025 to 2027 [9] - New Australia Co. reported stable performance with a slight increase in net profit, projecting net profits of 441 million, 498 million, and 567 million yuan from 2025 to 2027 [11] Group 3: Industry Trends - The report notes that the copper and cobalt sectors are experiencing significant growth, with the company expecting revenues of 230.1 billion, 248.5 billion, and 268.4 billion yuan from 2025 to 2027 [12][15] - The report emphasizes the potential of the solid-state battery materials market, with the company forming a comprehensive product matrix to accelerate development [7][8] - The waste-to-energy sector is projected to maintain stable profits, with expected net profits of 3.25 billion, 3.8 billion, and 4.23 billion yuan from 2025 to 2027 [18]

长江商报消息 ●长江商报记者 张璐 除铜金属外，上半年，公司钴、钨、钼等金属产品也呈现回暖向好态势。报告期内，洛阳钼业产钴6.11 万吨，钴矿山端收入为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%，钨矿山端收入同比增长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。 矿业巨头洛阳钼业（603993.SH，03993.HK）上半年业绩再攀新高。 8月22日，洛阳钼业发布2025年上半年业绩，期内该公司实现营收947.7亿元，同比下降7.83%；实现净 利润86.71亿元，同比增长60.07%，再创同期历史新高。 谈及业绩的大幅增长，洛阳钼业称，上半年主要产品铜、钴价格同比上升，叠加铜产品产销量同比实现 增长，由此带来业绩提升。 长江商报记者注意到，洛阳钼业上半年还完成对黄金资源的布局，于6月24日收购了厄瓜多尔凯歌豪斯 金矿（Cangrejos Project）的100%股权。 业务布局 ...

Group 1 - The core viewpoint of the report is that Luoyang Molybdenum (603993.SH) is rated as a "buy" by Open Source Securities due to strong projected growth and stable production plans [1] - The forecast for H1 2025 indicates a year-on-year increase of 60.07% in net profit attributable to shareholders, setting a new historical high for the same period [1] - The company's annual production plan is progressing steadily, with major product output meeting the targets set for the first half of the year [1] - Luoyang Molybdenum is expanding its footprint in gold resources, positioning itself for significant growth opportunities [1]

Investment Rating - The investment rating for Luoyang Molybdenum (603993.SH) is "Buy" (maintained) [1] Core Views - The company achieved a record high net profit attributable to shareholders in H1 2025, with a year-on-year increase of 60.07% [4] - The company is expected to benefit from stable production releases from TFM and KFM, alongside a long-term upward trend in copper prices, leading to an upward revision of net profit forecasts for 2025-2027 [4] - The acquisition of Lumina Gold is anticipated to enhance the company's resource diversity and position gold as a potential second growth driver [6] Financial Performance - In H1 2025, the company reported operating revenue of 94.773 billion yuan, a decrease of 7.83% year-on-year, while operating costs fell by 10.96% to 74.727 billion yuan [4] - The net profit attributable to shareholders reached approximately 8.671 billion yuan, marking a historical high for the same period [4] - Operating cash flow remained robust, increasing by 11.40% year-on-year to 12.009 billion yuan [4] Production and Operations - The company exceeded its production targets for various products in H1 2025, with copper production reaching 353,600 tons (up 12.68% year-on-year) and cobalt production at 61,100 tons (up 13.05% year-on-year) [5] - The TFM and KFM mines in the Democratic Republic of Congo performed particularly well, contributing to the overall production success [5] Future Outlook - The company has completed the acquisition of Lumina Gold, gaining 100% ownership of the Cangrejos gold mine in Ecuador, which is expected to significantly enhance its gold resource base [6] - The Cangrejos mine has an estimated gold resource of 638 tons, with a projected mine life of 26 years, indicating strong future growth potential [6] Financial Projections - The revised net profit forecasts for 2025-2027 are 16.63 billion yuan, 19.52 billion yuan, and 21.53 billion yuan respectively, with corresponding EPS of 0.78, 0.91, and 1.01 yuan per share [4] - The current stock price corresponds to P/E ratios of 15.5, 13.2, and 12.0 for the years 2025, 2026, and 2027 respectively [4]

Summary of Luoyang Molybdenum Co. Conference Call Company Overview - **Company**: Luoyang Molybdenum Co. - **Industry**: Mining and Metals Key Financial Performance - **Revenue**: 947.73 billion CNY in H1 2025, a slight decrease year-on-year due to lower trading revenue, while mining revenue increased by 25.64% [2][3] - **EBITDA**: 198 billion CNY, up 23.8% year-on-year [2][3] - **Net Profit**: 87 billion CNY, a 60% increase year-on-year [2][3] - **Operating Cash Flow**: 120 billion CNY, an 11.4% increase year-on-year [2][3] - **Debt Ratios**: Asset-liability ratio decreased to 50.15%, with a return on equity of 11.7%, up nearly 3 percentage points year-on-year [3][9] Mining Segment Performance - **Copper and Cobalt Contribution**: Copper and cobalt segments contributed 84% and 61.8% gross margin respectively, with copper production at 354,000 tons (up 12.7%) and cobalt production at 61,000 tons (up 13.1%) [4][5] - **Future Production Goals**: Targeting 800,000 to 1,000,000 tons of copper production by 2028 [4][14] - **Geographic Focus**: Strategic acquisitions planned in Africa and South America, focusing on copper and gold resources [4][10][11] Project Developments - **Ecuador Gold Project**: Completed acquisition for 581 million CAD, aiming for production by 2029 [2][6] - **Operational Improvements**: Ongoing site work and optimization for the Ecuador project [6] ESG and Social Responsibility - **ESG Ratings**: MSCI rating of AA for three consecutive years, gold level in Ecovadis sustainability rating [2][7] - **Community Initiatives**: Building educational institutions and providing agricultural support in the Democratic Republic of Congo [7][8] - **Carbon Neutrality Goals**: Commitment to peak carbon emissions by 2030 and achieve carbon neutrality by 2050, with an investment of at least 1.5 billion USD for emission reductions [2][8] Strategic Outlook - **Acquisition Strategy**: Transitioning to a platform mining company with a focus on copper and gold, while also expanding into smaller metals like molybdenum and tungsten [10][17] - **Market Positioning**: Leveraging early acquisition of major mines to maintain a competitive edge in the copper market [22] - **Response to Geopolitical Challenges**: Monitoring changes in policies, especially in cobalt production in the DRC, to adapt strategies accordingly [12][23] Financial Management and Future Plans - **Capital Expenditure**: Expected capital expenditure of 30 to 40 billion CNY in H2 2025, with long-term plans for 4 billion CNY and 2 billion USD for expansion and optimization [24][25] - **Dividend Policy**: Committed to distributing 40% of net profit as dividends, balancing shareholder returns with reinvestment needs [25][26] Conclusion - **Future Focus**: Continued development of existing mining resources, effective resource acquisition in a competitive market, and management upgrades to transform into a platform-based enterprise [26]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's production exceeded expectations, leading to a record high in performance [6] - The company achieved total operating revenue of 94.773 billion yuan in the first half of 2025, a year-on-year decrease of 7.83%, while the total profit reached 14.903 billion yuan, a year-on-year increase of 33.62% [8] - The company is expanding its capacity and improving its long-term valuation through acquisitions and development projects [8] Financial Summary - The company forecasts revenue growth from 186.269 billion yuan in 2023 to 232.450 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 6.1% [7] - The projected net profit for 2025-2027 is 15.913 billion yuan, 18.231 billion yuan, and 20.085 billion yuan, respectively, with year-on-year growth rates of 17.60%, 14.56%, and 10.17% [8] - The earnings per share (EPS) is expected to increase from 0.39 yuan in 2023 to 0.94 yuan in 2027 [7] Production and Revenue Insights - The company produced 353,600 tons of copper in the first half of 2025, a year-on-year increase of 12.68% [8] - The revenue from the copper segment was 25.718 billion yuan, accounting for approximately 65% of the total revenue from mining operations, with a year-on-year growth of 28.42% [8] - The cobalt segment's revenue was 5.728 billion yuan, with a year-on-year increase of 31.94% [8] Cost Management - The company achieved significant cost reductions, with total operating costs decreasing by 10.96% year-on-year [8] - Management expenses decreased by 3.02%, and financial expenses dropped by 43.96% [8] Strategic Expansion - The company completed the acquisition of Ecuador's Odin Mining and is advancing its development [8] - The company aims to produce 800,000 to 1,000,000 tons of copper in the Democratic Republic of Congo [8]

Group 1 - The core viewpoint of the articles highlights the performance and market position of Luoyang Molybdenum Co., Ltd., which has a closing price of 12.08 yuan, an increase of 8.73%, and a rolling PE ratio of 15.40 times, with a total market value of 258.44 billion yuan [1][2] - The company ranks 5th in the small metals industry, which has an average PE ratio of 80.90 times and a median of 72.85 times [1][2] - As of the 2025 semi-annual report, 222 institutions hold shares in Luoyang Molybdenum, including 214 funds, with a total shareholding of 1,242,246,500 shares valued at 104.60 billion yuan [1] Group 2 - The main business of Luoyang Molybdenum includes mining, selection, smelting of base and rare metals, and mineral trading, with key products being molybdenum, tungsten, copper, cobalt, niobium, phosphorus, and refined metal trading [1] - The latest performance report shows that for the first half of 2025, the company achieved an operating income of 94.77 billion yuan, a year-on-year decrease of 7.83%, and a net profit of 8.67 billion yuan, a year-on-year increase of 60.07%, with a gross profit margin of 21.15% [1]