香港联交所最新资料显示，8月15日，小摩减持洛阳钼业（603993）(03993)150.3万股，每股作价 10.7864港元，总金额约为1621.2万港元。减持后最新持股数目约为2.35亿股，最新持股比例为5.97%。 ...

Core Viewpoint - JPMorgan has reduced its stake in Luoyang Molybdenum Co., Ltd. by selling 1.503 million shares at a price of HKD 10.7864 per share, totaling approximately HKD 16.212 million, resulting in a new holding of about 235 million shares, representing 5.97% of the company [1] Summary by Category - **Share Reduction**: JPMorgan sold 1.503 million shares of Luoyang Molybdenum at HKD 10.7864 per share, amounting to HKD 16.212 million [1] - **Post-Transaction Holdings**: After the sale, JPMorgan's remaining shares in Luoyang Molybdenum are approximately 235 million, which corresponds to a holding percentage of 5.97% [1]

新华财经郑州8月20日电（记者李丽静）洛阳钼业8月20日对外发布消息称，当地时间8月19日，公司全 资控股的厄瓜多尔凯歌豪斯（Cangrejos)金矿与厄瓜多尔Elit Corporation公司在基多办公室举行4个水电 站、232兆瓦供电排他协议（意向函）的签署仪式。这标志着双方在构建安全、可靠的电力供销体系方 面迈出重要一步，为金矿未来的开发打下坚实基础。 凯歌豪斯金矿（Cangrejos)位于厄瓜多尔西南部埃尔奥罗省，是一处大型原生金矿项目。2025年4月21 日，洛阳钼业宣布将以 5.81 亿加元全现金方式收购加拿大上市公司Lumina黄金全部已发行和未发行的 所有普通股，其交易核心标的即为厄瓜多尔凯歌豪斯（Cangrejos)金矿项目。2个月后，洛阳钼业完成上 述收购交易，拥有了凯歌豪斯金矿（Cangrejos)100%的股权，在布局版图上新增了黄金资源。 根据协议，Elit公司将作为凯歌豪斯金矿（Cangrejos)的优先供电保障单位；与之对应，凯歌豪斯金矿 （Cangrejos)将成为Elit公司电力的优先采购单位。洛阳钼业此前初步计算，为确保正常运营，凯歌豪斯 金矿（Cangrejos)需在当 ...

Core Viewpoint - The signing of a power supply exclusivity agreement between Odin Mining and Elit Corporation marks a significant step in establishing a secure and reliable power supply system for the future development of the Kaigao House Gold Mine, which is now under the ownership of Luoyang Molybdenum [1] Group 1 - The agreement includes four hydropower stations with a total capacity of 232 megawatts [1] - Elit Corporation will serve as the primary power supply guarantee for Odin Mining, while Odin Mining will be the preferred purchaser of Elit’s electricity [1] - Luoyang Molybdenum has estimated that approximately 230 megawatts of power supply is needed for the normal operation of Odin Mining [1] Group 2 - Luoyang Molybdenum completed the acquisition of Odin Mining on June 24, successfully positioning itself in the gold resource sector [1] - The project team of Luoyang Molybdenum commenced key preliminary work on June 30, with power supply assurance being a critical aspect of project development [1]

Core Viewpoint - The company, Luoyang Molybdenum Co., Ltd., is a significant player in the non-ferrous metal mining industry, focusing on various metals including molybdenum, tungsten, cobalt, and copper, with a comprehensive integrated industrial chain [2]. Company Overview - Luoyang Molybdenum Co., Ltd. was established on December 22, 1999, and listed on October 9, 2012. The company primarily engages in the mining, selection, smelting, deep processing, and trading of precious metals [6]. - The company's revenue composition includes refined metal products (58.08%), concentrates (30.34%), copper (19.65%), cobalt (4.10%), molybdenum (2.96%), phosphorus (1.68%), niobium (1.39%), tungsten (0.86%), and others [6]. Business Operations - The company is among the top five molybdenum producers globally and the largest tungsten producer, as well as the second-largest cobalt and niobium producer [2]. - The company holds a 30% stake in the 60,000-ton nickel metal wet smelting project in Indonesia, which commenced production in December last year and is currently ramping up capacity [2]. - The company has been expanding its precious metals business, with gold production from its NPM copper-gold mine in Australia expected to increase from 16,000 ounces in 2022 to a guidance of 25,000 to 27,000 ounces in 2023, representing a year-on-year growth of 56% to 69% [2]. Financial Performance - As of March 31, 2025, the company reported a revenue of 46.006 billion yuan, a slight decrease of 0.25% year-on-year, while the net profit attributable to shareholders increased by 90.47% to 3.946 billion yuan [7]. - The company has distributed a total of 21.562 billion yuan in dividends since its A-share listing, with 10.576 billion yuan in the last three years [8]. Market Activity - On August 20, the company's stock price increased by 0.92%, with a trading volume of 1.942 billion yuan and a turnover rate of 1.02%, resulting in a total market capitalization of 234.268 billion yuan [1].

Investment Rating - The report maintains an "Overweight" rating for the cobalt industry, indicating a positive outlook for investment opportunities in this sector [7]. Core Viewpoints - The cobalt market is expected to enter an upward price cycle from 2025 to 2027, driven by supply constraints from the Democratic Republic of the Congo (DRC) and increasing demand from the lithium battery sector [11][12]. - The DRC government has implemented temporary export bans and may introduce export quotas, which could significantly reduce cobalt supply and lead to a supply-demand imbalance [11][30]. - The report forecasts that cobalt prices could stabilize at over 350,000 RMB per ton during the 2026-2027 period due to these supply constraints and robust demand growth [5][12]. Supply Summary - The DRC, which accounts for over 75% of global cobalt supply, has announced a temporary export ban that is expected to reduce its cobalt output by approximately 34% in 2025, resulting in a global supply decrease of 22.3% [2][33]. - If the DRC implements export quotas, global cobalt supply is projected to be 266,000 tons and 289,000 tons in 2026 and 2027, respectively, reflecting year-on-year growth of 10.1% and 8.7% [33][34]. - The DRC's supply reduction policies are anticipated to lead to a significant improvement in the supply-demand balance, with a projected shortage of 0.7 million tons in 2025 [4][60]. Demand Summary - Global cobalt demand is expected to grow significantly, with projections of 248,000 tons, 283,000 tons, and 329,000 tons for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 9.1%, 14.0%, and 16.3% [55][56]. - The demand for cobalt is primarily driven by the lithium battery sector, particularly the ternary lithium batteries, which are expected to see a recovery in penetration rates in the domestic market [3][38]. - The consumer electronics sector is also anticipated to recover, contributing to stable demand for cobalt [47]. Balance Summary - The report indicates that the supply-demand relationship for cobalt is expected to improve significantly, with a shift from an oversupply of 83,000 tons in 2024 to a shortage of 7,000 tons in 2025 [4][60]. - Long-term projections suggest that the cobalt market will remain in a tight balance, with shortages of 17,000 tons and 41,000 tons in 2026 and 2027, respectively [4][60]. Price Outlook - Short-term cobalt prices are expected to remain strong, with a likelihood of maintaining high levels until the end of 2025 due to ongoing supply constraints [5][65]. - The long-term price center for cobalt is projected to exceed 350,000 RMB per ton, driven by supply-side policies and sustained demand growth from the battery sector [5][12].

Core Insights - The Guozheng Free Cash Flow Index has increased by 0.50% as of August 20, 2025, with leading stocks including Yuntianhua, Mould Technology, Mulinsen, Jiejia Weichuang, and Baiyin Nonferrous Metals [1] - The Free Cash Flow ETF (159201) has risen by 0.55%, with a latest price of 1.09 yuan, and has seen a turnover rate of 1.76% with a transaction volume of 68.6096 million yuan [1] - Over the past week, the Free Cash Flow ETF has averaged a daily transaction volume of 343 million yuan, ranking first among comparable funds [1] Fund Performance - As of August 19, 2025, the Free Cash Flow ETF has achieved a net value increase of 8.74% over the past six months [2] - The ETF's highest single-month return since inception is 3.62%, with the longest consecutive monthly gain being three months and a maximum increase of 9.05% [2] - The ETF has a monthly profit percentage of 80.00% and a historical six-month holding profit probability of 100.00% [2] Fund Metrics - The management fee for the Free Cash Flow ETF is 0.15%, and the custody fee is 0.05%, making it the lowest among comparable funds [2] - The tracking error for the ETF over the past month is 0.040%, indicating the highest tracking precision among comparable funds [2] - The ETF closely tracks the Guozheng Free Cash Flow Index, which reflects the price changes of listed companies with high and stable free cash flow levels [2] Top Holdings - The top ten weighted stocks in the Guozheng Free Cash Flow Index account for 57.66% of the index, including SAIC Motor, China National Offshore Oil, Midea Group, and Gree Electric [2][4] - The weightings of the top stocks are as follows: SAIC Motor (10.18%), China National Offshore Oil (9.81%), Midea Group (9.28%), and Gree Electric (7.56%) [4]

Core Viewpoint - The China Securities Hong Kong 300 Raw Materials Index has shown significant growth, with a 66.50% increase year-to-date, indicating strong performance in the raw materials sector [1]. Group 1: Index Performance - The China Securities Hong Kong 300 Raw Materials Index reported a value of 2721.61 points [1]. - The index has increased by 16.75% over the past month and 41.99% over the last three months [1]. Group 2: Index Composition - The top ten holdings in the index include Zijin Mining (25.69%), China Hongqiao (11.83%), and Luoyang Molybdenum (7.66%) [1]. - The index is composed entirely of stocks listed on the Hong Kong Stock Exchange, with a 100% representation [1]. Group 3: Sector Breakdown - The index's sample composition shows that non-ferrous metals account for 79.48%, non-metallic materials for 14.17%, chemicals for 4.69%, and paper and packaging for 1.66% [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2].

Group 1 - JPMorgan Chase & Co. increased its stake in Luoyang Molybdenum Co., Ltd. by purchasing 4.3287 million shares at an average price of HKD 10.4968 per share, totaling approximately HKD 45.4377 million [1] - Following the purchase, JPMorgan's total holdings in Luoyang Molybdenum rose to 239,231,469 shares, increasing its ownership percentage from 5.97% to 6.08% [1]

Group 1 - As of August 18, 2025, Luoyang Molybdenum's stock price closed at 10.77 yuan, down 0.34 yuan, a decrease of 3.06% from the previous trading day [1] - The trading volume on that day was 3.6559 million hands, with a transaction amount of 3.995 billion yuan [1] - Luoyang Molybdenum is primarily engaged in the mining, smelting, and deep processing of minerals such as copper, molybdenum, tungsten, cobalt, niobium, and phosphorus, possessing a complete industrial chain from mining to downstream processing [1] Group 2 - On August 18, a block trade occurred involving 14 million shares, with a transaction amount of 151 million yuan, and the transaction price was in line with the closing price of the day [1] - The buyer of this block trade was Haitong Securities Co., Ltd. International Department Y, while the seller was CITIC Securities Co., Ltd. Shenzhen Binhai Avenue Securities Business Department [1] - On that day, the net outflow of main funds was 47.5247 million yuan, accounting for 0.03% of the circulating market value, while the net inflow over the past five days was 94.0409 million yuan, accounting for 0.05% of the circulating market value [1]