Summary of Key Points Core Viewpoint - On August 18, 2023, a significant block trade of Luoyang Molybdenum Co., Ltd. occurred, with a transaction volume of 14 million shares and a transaction value of 1.51 billion yuan, indicating active trading interest in the stock [2]. Trading Activity - The block trade price was 10.77 yuan, which matched the closing price of the stock on the same day, reflecting no premium [2]. - The buyer was Haitong Securities Co., Ltd. International Department Y, while the seller was CITIC Securities Co., Ltd. Shenzhen Binhai Avenue Securities Department [2]. Stock Performance - Luoyang Molybdenum's closing price on August 18 was 10.77 yuan, down 3.06% from the previous day, with a daily turnover rate of 2.09% and a total trading volume of 39.95 billion yuan [2]. - The stock experienced a net outflow of 89.41 million yuan in main funds throughout the day, but it had accumulated a 9.67% increase over the past five days, with a total net inflow of 112 million yuan [2]. Margin Trading Data - The latest margin financing balance for Luoyang Molybdenum was 1.91 billion yuan, showing a decrease of 3.38 million yuan over the past five days, which represents a decline of 0.18% [2].

香港联交所最新资料显示，8月13日，小摩增持洛阳钼业（603993）(03993)432.8719万股，每股作价 10.4968港元，总金额约为4543.77万港元。增持后最新持股数目约为2.39亿股，最新持股比例为6.08%。 ...

香港联交所最新资料显示，8月13日，小摩增持洛阳钼业(03993)432.8719万股，每股作价10.4968港元， 总金额约为4543.77万港元。增持后最新持股数目约为2.39亿股，最新持股比例为6.08%。 ...

8月18日，洛阳钼业大宗交易成交1400万股，成交额1.51亿元，占当日总成交额的3.64%，成交价10.77元，较市场收盘价10.77元持平。 | 2025-08-18 | 洛阳铝亚 | 603993 | 10.77 | 15078 | 1400 | 海通证券股份有限 公司国际部Y | 中信证券股份有限 公司深圳滨海大道 | | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | ...

Core Viewpoint - The article discusses the recent performance and operational highlights of Luoyang Molybdenum Co., Ltd., including stock price movements, market capitalization, and key business segments. Company Overview - Luoyang Molybdenum Co., Ltd. is engaged in the mining and processing of non-ferrous metals, including molybdenum, tungsten, cobalt, niobium, and phosphorus, and is one of the top five molybdenum producers globally and the largest tungsten producer [2][6] - The company has a comprehensive integrated industrial chain and is also the second-largest producer of cobalt and niobium globally, as well as a leading copper producer [2] Recent Performance - On August 18, the company's stock fell by 3.06%, with a trading volume of 39.95 billion yuan and a turnover rate of 2.09%, resulting in a total market capitalization of 230.42 billion yuan [1] - As of March 31, the company reported a revenue of 46.006 billion yuan for the first quarter of 2025, a slight decrease of 0.25% year-on-year, while net profit attributable to shareholders increased by 90.47% to 3.946 billion yuan [7] Business Segments - The company has been expanding its precious metals business, with the revenue and profit contribution from gold and silver products increasing year by year [2] - The company holds an 80% stake in the NPM copper-gold mine in Australia, with gold production guidance for 2023 set at 25,000 to 27,000 ounces, representing a year-on-year increase of 56% to 69% [2] Market Activity - The main net inflow of funds today was -203 million yuan, indicating a reduction in main funds over the past three days [3][4] - The average trading cost of the stock is 7.92 yuan, with the current price fluctuating between resistance at 11.36 yuan and support at 9.70 yuan, suggesting potential for short-term trading [5] Shareholder Information - As of March 31, the number of shareholders decreased to 282,600, a reduction of 12.99% [7] - The company has distributed a total of 21.562 billion yuan in dividends since its A-share listing, with 10.576 billion yuan distributed in the last three years [8]

Group 1 - The Xinhua 500 Index (989001) closed at 4668.98 points on August 18, with an increase of 0.95% [1][4] - The index opened higher in the morning, experienced a slight pullback for gap filling, and then rose significantly before narrowing its gains in the afternoon [3] - The index reached a high of 4704.83 points and a low of 4625.92 points during the trading day, with a total trading volume of 893.2 billion yuan, which was an increase compared to the previous trading day [3] Group 2 - Notable gainers among constituent stocks included Mango Super Media, which rose by 16.98%, Junshi Biosciences by 12.05%, and Tonghuashun by 10.27%, with several stocks reaching approximately 10% limit up [3] - Conversely, stocks such as Bank of China Securities, Siyuan Electric, and CITIC Special Steel experienced significant declines [3]

本文源自：金融界 作者：行情君 截至2025年一季报，洛阳钼业营业总收入460.06亿元、净利润39.46亿元。 8月22日，洛阳钼业将披露2025财年中报。 8月18日，洛阳钼业(03993)盘中下跌2.01%，截至14:06，报10.73元/股，成交4.47亿元。 洛阳栾川钼业集团主要从事有色金属矿采选及加工、矿产贸易业务，是全球领先的铜、钴、钼、钨和磷 肥生产商。公司在2024年位居《财富》中国500强第145位，并致力于通过全球化发展和现代化治理，实 现成为世界级资源公司的愿景。 ...

Investment Rating - The report maintains a "Positive" investment rating for the metal and mining industry [10]. Core Insights - The report indicates that the metal market is currently at a cyclical bottom, with commodity prices experiencing fluctuations and equities leading the way. The first half of the year saw a "strong reality, weak expectations" scenario for copper and aluminum, while the second half is expected to see a decline in demand due to reduced wind and solar installations and export factors. However, supply elasticity is limited, and the extent of supply-demand deterioration is expected to be manageable. With the Federal Reserve's interest rate cuts and increased domestic stimulus policies, a "weak reality, stable expectations" state is anticipated, leading to continued fluctuations in copper and aluminum prices until demand enters a strong expectation or reality phase, projected by the end of this year or early next year [7][8]. Summary by Sections Commodity Market - In the commodity market, copper and aluminum prices are expected to fluctuate due to a combination of strong reality and weak expectations in the first half of the year. The second half is likely to see a decline in demand, but supply constraints will limit the deterioration of the supply-demand balance. The report suggests that the market will stabilize as the Federal Reserve cuts interest rates and domestic stimulus measures are implemented [6][7]. Equity Market - The equity market is positioned to lead the recovery as the cyclical bottom is reached. The report highlights that the current equity valuations have already factored in a significant amount of pessimism, making it an opportune time for investment in copper and aluminum sectors. The influx of long-term capital is expected to enhance pricing power and support the recovery of copper and aluminum values [7][8]. Precious Metals - The report maintains a bullish outlook on precious metals, particularly gold, driven by expectations of interest rate cuts. It suggests that gold stocks may experience a quarterly-level resonance across price, valuation, and style dimensions. The recommendation is to increase allocation to gold stocks, especially after gold prices stabilize above $3,500 per ounce [5][6]. Strategic Metals - The report emphasizes the strategic importance of rare earths and tungsten, noting that the value of these metals is being reassessed. The government is intensifying control over resources and smelting, which is expected to enhance the long-term strategic value of rare earths amid ongoing trade tensions. The report also highlights the potential for price increases in tungsten due to supply constraints and improving macroeconomic expectations [8][9].

Core Viewpoint - Luoyang Molybdenum Co., Ltd. shows a significant increase in stock price and trading volume, indicating positive market sentiment and potential investment opportunities [1] Financing Summary - On August 15, Luoyang Molybdenum experienced a financing buy-in of 318 million yuan, with a net buy of 10.35 million yuan after repayments [1] - The total financing balance reached 1.928 billion yuan, which is 0.98% of the circulating market value, indicating a low financing level compared to the past year [1] - The company repaid 111,200 shares in short selling while selling 31,400 shares, with a short selling amount of approximately 348,900 yuan [1] Company Profile - Luoyang Molybdenum, established on December 22, 1999, and listed on October 9, 2012, primarily engages in the mining, processing, and trading of rare metals such as molybdenum, tungsten, and gold [2] - The revenue composition includes refined metal products (58.08%), concentrate products (30.34%), copper (19.65%), cobalt (4.10%), and other metals [2] Financial Performance - For the first quarter of 2025, Luoyang Molybdenum reported a revenue of 46.006 billion yuan, a slight decrease of 0.25% year-on-year, while net profit attributable to shareholders increased by 90.47% to 3.946 billion yuan [2] Dividend Information - Since its A-share listing, Luoyang Molybdenum has distributed a total of 21.562 billion yuan in dividends, with 10.576 billion yuan distributed over the past three years [3] Institutional Holdings - As of March 31, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable reductions in holdings compared to the previous period [3]

Investment Rating - The report maintains an "Accumulate" rating for the copper industry [6]. Core Viewpoints - The copper price is expected to continue rising in 2025 due to tightening supply and improving demand [4]. - The report highlights that the short-term copper price remains volatile, with SHFE copper closing at 79,060 CNY/ton and LME copper at 9,760 USD/ton as of August 15, 2025 [1][17]. - The report indicates that the inventory dynamics are shifting, with domestic copper social inventory decreasing by 4.8% and LME copper inventory increasing by 0.1% [2][25]. Summary by Sections 1. Weekly Update - The copper stocks mostly increased, with SHFE copper price up by 0.73% and LME copper price down by 0.08% compared to the previous week [1][16]. - The report notes a decrease in domestic cable operating rates by 0.6 percentage points [3][79]. 2. Supply - Domestic copper concentrate inventory at major ports decreased by 10% to 558,000 tons as of August 15, 2025 [2][48]. - The report states that the production of old scrap copper in July increased by 3% month-on-month and 1% year-on-year [2][60]. - The report mentions that the copper concentrate production in China for May was 158,000 tons, up 22.7% month-on-month and 11.2% year-on-year [2][53]. 3. Demand - The cable industry accounts for approximately 31% of domestic copper demand, with the operating rate reported at 69.3% [3][79]. - The report indicates that air conditioning production is expected to decline by 2.8% to 12.1% year-on-year from August to October 2025 [3][96]. - The report highlights that the production of copper pipes decreased by 6.4% month-on-month and 4.1% year-on-year in July [3][96]. 4. Futures - SHFE copper active contract positions decreased by 5% week-on-week, while COMEX non-commercial net long positions increased by 36% [4][32]. - The report notes that the COMEX non-commercial net long position reached 28,000 contracts, which is at the 63rd percentile since 1990 [4][32]. 5. Investment Recommendations - The report recommends stocks such as Jincheng Mining, Zijin Mining, Luoyang Molybdenum, and Western Mining, while also suggesting to pay attention to Tongling Nonferrous Metals [4].