| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600988 | 赤峰黄金 | 7.44 | 8.70 | 30454.01 | | 600489 | 中金黄金 | 2.98 | 2.47 | 28352.73 | | 600547 | 山东黄金 | 6.78 | 2.25 | 16998.48 | | 603124 | 江南新材 | 10.00 | 21.39 | 16504.54 | | 000831 | 中国稀土 | 0.34 | 3.80 | 15543.96 | | 603993 | 洛阳钼业 | 3.12 | 1.08 | 14833.45 | | 300748 | 金力永磁 | 1.16 | 2.44 | 8169.59 | | 601600 | 中国铝业 | 0.68 | 0.74 | 7307.67 | | 600490 | 鹏欣资源 | 4.32 | 4.71 | 5960.65 | | 600259 | 广晟有色 | 1.95 | 3.14 | 5832.34 | | 000 ...

证券之星消息，8月4日工业金属板块较上一交易日上涨2.0%，精艺股份领涨。当日上证指数报收于3583.31，上涨0.66%。深证成指报收于 11041.56，上涨0.46%。工业金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002295 | 精艺股份 | 11.29 | 7.93% | 33.52万 | 3.68亿 | | 002824 | 和胜股份 | 17.44 | 4.81% | 18.08万 | 3.12亿 | | 600490 | 鹏欣资源 | 4.59 | 4.32% | 93.88万 | 4.26亿 | | 000603 | 盛达咨源 | 15.86 | 4.20% | - 15.28万 | 2.39亿 | | 600961 | 株治集团 | 11.69 | 4.10% | 29.74万 | 3.41亿 | | 600531 | 豫光舍铝 | 8.85 | 4.00% | 55.11万 | 4.77亿 | | 000426 | 兴 银锡 | 18.60 ...

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 strong integrated supply chain and notable production capacities in multiple metals [2][6]. Company Overview - Luoyang Molybdenum Co., Ltd. was established on December 22, 1999, and listed on October 9, 2012. The company is primarily engaged in the mining, selection, smelting, deep processing, and trading of precious metals [6]. - The company's main revenue sources include refined metal products (58.08%), concentrate products (30.34%), copper (19.65%), cobalt (4.10%), molybdenum (2.96%), phosphorus (1.68%), niobium (1.39%), tungsten (0.86%), and other products [6]. Recent Performance - On August 4, the company's stock rose by 3.12%, with a trading volume of 1.715 billion yuan and a market capitalization of 198.111 billion yuan [1]. - For the first quarter of 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]. Production and Projects - 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 NPM copper mine in Australia, in which the company owns an 80% stake, produced 16,000 ounces of gold in 2022, with a production guidance of 25,000 to 27,000 ounces for 2023, representing a year-on-year increase of 56% to 69% [2]. Market Position - The company is the second-largest producer of phosphate fertilizer in Brazil and holds 100% indirect ownership of the CIL phosphate mine, covering the entire phosphate industry chain [2]. - In 2017, the phosphate fertilizer sales reached 1.138 million tons, generating revenue of 2.834 billion yuan, accounting for 11.82% of total revenue [2]. Shareholder Information - As of March 31, 2025, the number of shareholders was 282,600, a decrease of 12.99% from the previous period [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].

8月4日午后，国证自由现金流指数小幅回调，成分股方面涨跌互现，捷佳伟创、凌云股份、欧派家居等 领涨%；南京新百、华人健康、红旗连锁等领跌。自由现金流ETF（159201）跟随指数调整，最新报价 1.05元。拉长时间看，截至2025年8月1日，自由现金流ETF近1月累计上涨2.45%，涨幅排名可比基金首 位。 方正证券认为，自由现金流是衡量企业真实盈利能力与分红潜力的前瞻性指标，高股息的长期维持必须 以高自由现金流为基础，长期具备高自由现金流的企业更能保障未来持续分红，实现对股东的稳定回 报。随着长线资金投资策略的不断迭代，自由现金流契合风险规避与收益稳定性需求，或将成为险资等 长线重要配置方向。 数据显示，截至2025年7月31日，国证自由现金流指数前十大权重股分别为上汽集团、中国海油、美的 集团、格力电器、洛阳钼业、中国铝业、厦门国贸、上海电气、正泰电器、中国动力，前十大权重股合 计占比57.66%。 自由现金流ETF（159201）紧密跟踪国证自由现金流指数，自由现金流策略弥补了传统红利策略在行业 覆盖广度和未来表现预判方面的不足，聚焦于内生增长能力，强调财务健康与可持续性，更契合追求长 期成长与资本增值 ...

Group 1 - The U.S. government announced a 50% import tariff on semi-finished copper products, while exempting refined copper and copper raw materials, leading to a significant market reaction with New York copper prices dropping over 20% [2][3][4] - Analysts noted that the tariff policy deviated from market expectations, which anticipated a blanket 50% tariff on all forms of copper, causing a sell-off among bullish positions [4][5] - Despite the short-term price drop, the long-term outlook for copper remains positive due to ongoing demand from the renewable energy transition, which is expected to support copper prices [5][6] Group 2 - Companies like Luoyang Molybdenum Co. reported minimal impact from the tariff changes, as their copper products fall within the exempt category and are sold globally [6][8] - The majority of copper companies derive significant revenue from domestic markets, with Jiangxi Copper and Tongling Nonferrous Metals having 87.39% and 74.60% of their revenues from China, respectively [6][7] - Companies with substantial overseas operations, such as Hailiang Co., have proactively adjusted their strategies to mitigate risks from changing international trade environments, maintaining a balanced supply chain [6][8]

Group 1 - The core viewpoint is that the gold stocks have collectively strengthened due to rising risk aversion, driven by disappointing U.S. non-farm employment data, which has led to an increase in gold prices [1][2] - The non-farm employment report indicated an increase of 73,000 jobs in July, below the market expectation of 104,000, with the unemployment rate rising by 0.1 percentage points to 4.2% [1] - The gold price surged by $40 following the non-farm data release, closing at $3,363 per ounce, erasing previous losses [2] Group 2 - The long-term outlook suggests that the combination of "rate cut trades" and "Trump 2.0" will continue to catalyze gold prices through 2025, with central bank purchases providing strong support [3] - The World Gold Council reported that global gold demand is expected to reach 4,974 tons in 2024, a 1.5% increase from 4,899 tons in 2023, driven by strong central bank purchases and investment demand [3] - The top ten weighted stocks in the non-ferrous metal industry index account for 49.71% of the index, with major companies including Zijin Mining, Northern Rare Earth, and Shandong Gold [4]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - The report highlights the impact of the recent 232 tariffs on copper, which do not include refined copper, leading to a significant drop in US copper prices. The week saw a decline in copper prices with LME copper down 2.51%, SHFE copper down 1.07%, and US copper down 23.45% [5][10]. - The report emphasizes the recovery in downstream copper demand, with the copper rod operating rate increasing by 2.36 percentage points to 71.73% [5]. - The report suggests monitoring the supply disruptions in Chile and the potential impact of the Federal Reserve's interest rate cuts in September [5]. Summary by Sections 1. Industry Overview - Important macroeconomic information includes lower-than-expected job vacancies in the US and mixed employment data, indicating a cautious economic outlook [9]. - The non-ferrous metals sector underperformed, with the Shenwan non-ferrous index down 4.62%, lagging behind the Shanghai Composite Index by 3.68 percentage points [12]. 2. Industrial Metals Copper - LME copper prices fell by 2.51%, while SHFE copper prices decreased by 1.07%. LME copper inventory increased by 10.33% [26]. - The report notes a copper smelting profit of -2408 CNY/ton, indicating a narrowing loss [26]. Aluminum - LME aluminum prices dropped by 4.12%, and SHFE aluminum prices fell by 1.33%. The report indicates a decrease in aluminum smelting profit to 4116 CNY/ton, down 7.71% [37]. Lead and Zinc - LME lead prices decreased by 3.30%, and SHFE lead prices fell by 1.48%. LME zinc prices dropped by 4.59%, while SHFE zinc prices decreased by 2.19% [52]. - The report highlights a smelting profit of 346 CNY/ton for zinc, with mining profits down 6.47% to 6884 CNY/ton [52]. Tin and Nickel - LME tin prices fell by 5.10%, and SHFE tin prices decreased by 2.47%. LME nickel prices dropped by 4.08%, while SHFE nickel prices fell by 2.83% [66]. 3. Energy Metals Lithium - Lithium carbonate prices decreased by 2.13% to 71350 CNY/ton, while lithium hydroxide prices increased by 4.04% to 65670 CNY/ton [83]. - The report indicates a smelting profit of 862 CNY/ton for lithium from spodumene, while the profit from lithium from lepidolite was -4608 CNY/ton [83]. Cobalt - Domestic cobalt prices surged by 11.29% to 276000 CNY/ton, with significant increases in cobalt smelting profits [96]. 4. Market Performance - The report provides a detailed analysis of the performance of various non-ferrous metal stocks, highlighting the top gainers and losers in the market [12]. 5. Valuation Changes - The report notes that the PE_TTM for the non-ferrous sector is 20.54, with a decrease of 0.88, while the PB_LF is 2.37, down 0.11 [21].

Investment Rating - Industry Rating: Outperform the Market (Maintain Rating) [1] Core Insights - The report indicates a cautious outlook for the basic metals sector, with copper and aluminum prices experiencing downward pressure due to macroeconomic factors and weak demand [4][10][20] - Precious metals are expected to see upward movement in gold prices driven by recession fears and adjustments in U.S. economic data [6][24] - The report highlights the stability in the rare earth sector, with expectations for improved fundamentals in the upcoming quarter [8] Summary by Sections 1. Base Metals & Precious Metals - Copper: Price has retreated to 78,170 CNY/ton, with low inventory providing some support despite seasonal demand weakness [4][13] - Aluminum: Prices have decreased, with the average price at 20,623 CNY/ton, influenced by rising social inventory and subdued market demand [5][20] - Precious Metals: Gold price averaged 767.63 CNY/gram, down 1.67%, while silver averaged 9,158 CNY/kg, down 1.44% [6][24] 2. Minor Metals - Antimony: Prices remain stable, with market dynamics showing limited supply and demand [7][40] - Lithium: Carbonate prices have dropped, reflecting a cooling market sentiment [40] - Cobalt: Prices are strong due to tight supply conditions, with cobalt intermediate prices rising [42][43] - Tin: Prices have declined, with the average price at 33,410 USD/ton, reflecting weakened macro sentiment [45] - Tungsten: Prices have increased across the board, with black tungsten concentrate averaging 195,500 CNY/ton [51] - Molybdenum: Prices have surged, with molybdenum concentrate averaging 4,315 CNY/ton, driven by strong market demand [61][62] 3. Rare Earths - Rare earth prices are stable, with light rare earth oxide prices increasing by 3.3% to 531,000 CNY/ton, indicating a potential for significant improvement in fundamentals [8]

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, particularly emphasizing investment opportunities in precious metals [4]. Core Insights - The report highlights significant adjustments in U.S. employment data, suggesting a shift in focus towards precious metal investments due to increased economic uncertainty [4]. - It notes a decline in various metal prices, with precious metals experiencing a mixed performance, while industrial metals face downward pressure due to seasonal demand and tariff impacts [5][10]. - The report suggests that the central bank's continued gold purchases indicate a long-term bullish trend for gold prices, with specific companies recommended for investment [5][22]. Weekly Market Review - The Shanghai Composite Index fell by 0.94%, while the Shenzhen Component and CSI 300 Index dropped by 1.58% and 1.75%, respectively. The non-ferrous metals index underperformed, decreasing by 4.62% [6]. - Precious metals saw a 4.11% decline, with industrial metals like aluminum and copper also experiencing significant drops [10]. - Year-to-date performance shows precious metals up by 30.47%, indicating a strong recovery potential despite recent declines [10]. Price Changes and Company Valuations - The report details price changes for various metals, with copper, aluminum, and lead showing declines of 1.42%, 2.64%, and 2.11%, respectively, while gold prices increased by 2.32% [15]. - Key companies in the industry are evaluated, with specific price-to-earnings (PE) and price-to-book (PB) ratios provided for major players like Zijin Mining and Shandong Gold [19][20]. Precious Metals Analysis - The report indicates that the U.S. non-farm payrolls data has created a favorable environment for gold investments, with central bank purchases expected to support price increases [22]. - The gold ETF holdings have slightly decreased, but the overall sentiment remains positive due to ongoing purchases by the Chinese central bank [22]. Industrial Metals Overview - Copper supply is under pressure due to increased tariffs on imports, while demand remains stable with slight increases in production rates [33]. - Aluminum prices have decreased, but the report anticipates a long-term upward trend due to supply constraints and policy support [49]. Recommendations - The report recommends focusing on companies with strong fundamentals and growth potential in the metals sector, particularly those involved in gold mining and aluminum production [5][19].

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [4][6][10]. Core Views - The report highlights a significant increase in the probability of interest rate cuts, which has led to rising prices for both industrial and precious metals. The macroeconomic environment is expected to support metal prices in the second half of the year [2][4]. - Industrial metals are anticipated to benefit from ongoing macroeconomic policy support in China, with a focus on the "14th Five-Year Plan" and continued investment in infrastructure [2][4]. - Precious metals, particularly gold, are expected to see a long-term upward trend due to central bank purchases and weakening US dollar credit [4][6]. Summary by Sections Industrial Metals - Copper prices have been affected by the US imposing a 50% tariff on semi-finished copper, leading to a significant drop in COMEX copper prices. However, domestic demand is showing signs of recovery with an increase in the operating rate of copper rod enterprises to 71.73% [2][4]. - Aluminum production capacity remains stable, but demand is weak due to seasonal factors, with social inventory increasing to 544,000 tons [2][4]. - Key companies recommended include Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [2][4]. Energy Metals - Cobalt prices are expected to rise due to the impact of the Democratic Republic of Congo's mining ban, while lithium prices have seen a rapid decline amid cautious market sentiment [3][4]. - Nickel prices are projected to remain strong due to low inventory levels and increased purchasing activity from downstream sectors [3][4]. - Recommended companies include Huayou Cobalt and Zangge Mining [3][4]. Precious Metals - Gold prices are expected to rise due to strong central bank purchases and a favorable macroeconomic environment, with the report highlighting a long-term upward trend for gold prices [4][6]. - Silver prices are also expected to increase, driven by industrial demand and recovery in the market [4][6]. - Key companies recommended include Shandong Gold, Zhongjin Gold, and Zijin Mining [4][6].