（责任编辑：康博） 中国经济网北京10月9日讯 洛阳钼业(SH:603993)今日股价涨停，截至收盘报17.27元，涨幅 10.00%。 ...

Core Viewpoint - Rare metal concept stocks have shown strong performance, with notable increases in share prices for companies like Western Superconducting (up 20%), Northern Rare Earth, Luoyang Molybdenum, and Zhongmin Resources (each up over 9%) [1] Group 1: Market Performance - The ETF tracking the CSI Rare Metals Theme Index has risen over 6% due to market influences [1] - Specific ETFs related to rare metals have reported the following price changes: - Rare Metals ETF (code: 159608) increased by 6.78% to 0.992 - Rare Metals ETF Fund (code: 159671) increased by 6.83% to 1.204 - Rare Metals ETF (code: 562800) increased by 6.56% to 0.861 - Rare Metals ETF Fund (code: 561800) increased by 6.37% to 0.918 [2] Group 2: Industry Insights - The CSI Rare Metals Theme Index includes up to 50 listed companies involved in the mining, smelting, and processing of rare metals, reflecting the overall performance of these securities [2] - Analysts indicate that strategic minor metals have limited reserves, high extraction difficulty, and insufficient supply elasticity, while downstream demand from sectors like new energy, semiconductors, and military industry is rapidly increasing, exacerbating supply-demand conflicts [2] - Given the ongoing resource scarcity, demand structure upgrades, and policy adjustments, minor metal prices are expected to continue an upward trend, benefiting companies with resource advantages, technological barriers, and compliant export channels [2]

Group 1 - The core viewpoint of the news highlights a strong performance in the non-ferrous metal sector, with significant gains in stocks such as Shandong Gold, Luoyang Molybdenum, Zhongjin Gold, and Ganfeng Lithium, which rose over 9% [1] - Mining and non-ferrous related ETFs experienced an approximate increase of 7% [1] Group 2 - Specific ETF performance includes: - Mining ETF (code: 561330) rose by 7.60% to 1.769 - Mining ETF (code: 159690) increased by 7.57% to 1.805 - Gold stock ETF (code: 159562) up by 7.43% to 2.341 - Industrial non-ferrous ETF (code: 560860) gained 7.18% to 1.433 - Non-ferrous metal ETF fund (code: 516650) increased by 7.08% to 1.739 - Non-ferrous metal ETF (code: 159871) rose by 6.94% to 1.788 - Non-ferrous leading ETF (code: 159876) up by 7.03% to 0.914 - Non-ferrous ETF fund (code: 159880) increased by 7.02% to 1.800 - Self non-ferrous metal ETF (code: 512400) rose by 6.96% to 1.768 - Non-ferrous 50 ETF (code: 159652) increased by 6.88% to 1.537 - Non-ferrous 60 ETF (code: 159881) rose by 6.87% to 1.710 [2] Group 3 - A brokerage firm indicated that the non-ferrous metal sector will continue to face high market volatility risks in 2025 due to uncertainties from demand and supply disturbances. However, emerging demand in the downstream structure of copper and aluminum is expected to support a long-term upward shift in the price center of non-ferrous metals [2]

Core Insights - The Chinese Ministry of Commerce announced export controls on rare earth-related technologies to safeguard national security and interests, effective October 9, 2025 [1] - The rare metal ETF index (930632) surged by 6.23% as of October 9, 2025, with significant gains in constituent stocks such as Western Superconducting (up 18.79%) and Ganfeng Lithium (up 9.15%) [1] - The rare metal ETF fund (561800) has seen a cumulative increase of 10.36% over the past two weeks, ranking first among comparable funds [1][3] Industry Performance - As of September 30, 2025, the rare metal ETF fund recorded a highest monthly return of 24.02% since its inception, with an average monthly return of 8.58% during rising months [3] - The rare earth prices, particularly for praseodymium and neodymium oxides, are expected to remain high, contributing to strong performance in the rare earth industry in the second half of the year [3] - The supply-demand dynamics in the rare earth sector are improving, with domestic supply growth lagging behind demand expansion due to regulatory measures on mining and separation [3] - Demand is driven by industries such as robotics, low-altitude economy, and military applications, while high refining costs abroad support price expectations [3] Key Stocks - The top ten weighted stocks in the rare metal index include Northern Rare Earth, Luoyang Molybdenum, and Ganfeng Lithium, collectively accounting for 59.91% of the index [4][5] - Notable stock performances include Salt Lake Co. (up 6.76%), Northern Rare Earth (up 7.31%), and Luoyang Molybdenum (up 9.04%) [7]

Core Viewpoint - The A-share market experienced significant gains in precious metals and base metals sectors following the "Double Festival" holiday, with several stocks reaching their daily limit up [1][2]. Group 1: Market Performance - On the first trading day after the holiday, stocks in the precious metals and base metals sectors surged, with companies like Sichuan Gold, Jiangxi Copper, and Baiyin Nonferrous hitting the daily limit up [1]. - By midday, stocks such as Tongling Nonferrous, Yunnan Copper, and Western Mining also reached the daily limit up, while others like Xinyi Silver Tin and Luoyang Molybdenum rose over 9% [1]. - In the Hong Kong market, companies like China Gold International and Jiangxi Copper continued their upward trend, with Jiangxi Copper rising over 9% [2]. Group 2: Metal Price Movements - During the "Double Festival" period, prices of gold, silver, copper, and aluminum saw significant increases, with COMEX gold rising by 4.81% and LME copper by 4.21% [5]. - Analysts attribute the rise in base metal prices to ongoing supply disruptions and the impact of the Federal Reserve's interest rate cuts, which have led to increased investor concerns regarding the dollar's credibility [6]. Group 3: Future Outlook - Analysts expect continued support for silver, copper, and aluminum prices, with copper facing supply disruptions and low inventory levels providing strong price support [7]. - The dual nature of silver's demand, both as a precious metal and an industrial commodity, is expected to sustain its price momentum, particularly in light of ongoing policy stimuli [7].

Core Viewpoint - Luoyang Molybdenum (03993) announced a significant stock incentive plan, which is expected to enhance shareholder value and align employee interests with company performance [1] Group 1: Stock Performance - Luoyang Molybdenum's stock price increased by 6.57%, reaching HKD 17.36, with a trading volume of HKD 704 million [1] Group 2: Incentive Plan - The company plans to establish a restricted stock plan for H-shares, granting up to 393 million H-shares for employee incentives, which represents approximately 10% of the total issued H-shares [1] Group 3: Market Analysis - Bank of America Securities reported operational issues at the world's three major copper mines, predicting that actual production will fall short of previous expectations over the next two years [1] - The closure of the Grasberg mine alone could lead to a supply shortfall of 270,000 tons next year [1] Group 4: Target Price Adjustments - Bank of America raised the target price for Zijin Mining from HKD 31 to HKD 37 and for Luoyang Molybdenum from HKD 14 to HKD 16.5, maintaining a "Buy" rating [1] - The rating for Jiangxi Copper was upgraded from "Underperform" to "Buy," with the target price increased from HKD 17 to HKD 31 [1]

Core Viewpoint - The Hong Kong stock market showed mixed performance with the Hang Seng Index rising by 0.04% and the Hang Seng Tech Index increasing by 0.63% [1] Sector Performance - The passenger airline and metals & mining sectors experienced notable gains, while the biotechnology and pharmaceutical sectors faced significant declines [1] Individual Stock Movements - Notable gainers included: - Hang Seng Bank up by 26.3% - Jiangxi Copper (600362) up by 11.19% - ZTE Corporation (000063) up by 10.73% - China Railway (601390) up by 9.04% - Mixue Group up by 8.96% - Luoyang Molybdenum (603993) up by 8.04% - Hua Hong Semiconductor up by 6.75% - Lenovo Group up by 6.41% - Zijin Mining up by 5.48% - China General Nuclear Power (601766) up by 5.44% - China CRRC (601766) up by 4.17% [1] - Significant decliners included: - Innovent Biologics down by 9.68% - Shandong Hi-Speed down by 12.55% [1] - Shanghai Electric (601727) saw a substantial increase of 15.72% [1]

Group 1 - The Hang Seng Index rose by 0.04%, gaining 11 points to close at 26,840 points, while the Hang Seng Tech Index increased by 0.63% [1] - Shanghai Electric (601727) surged by 15.72%, hitting the upper limit in A-shares, driven by recent positive developments in the controllable nuclear fusion sector [1] - Hua Hong Semiconductor (01347) climbed 6.75%, reaching a new high as local supply chain integration accelerates, with domestic foundry demand expected to expand rapidly [1] - Jiangxi Copper (600362) shares rose by 11%, as the company is a leading copper smelter in China, with First Quantum's copper mine expected to resume production [1] - Luoyang Molybdenum (603993) increased by 8%, following a significant rise in cobalt prices, which surged over 11% in the previous two days due to strict export controls from the Congo [1] Group 2 - Hang Seng Bank (00011) saw a 26% increase, following HSBC's recommendation for its privatization [2] - Solar energy stocks experienced gains, with upstream prices rising more than downstream prices in September; New Special Energy (01799) rose 4.52%, Flat Glass (601865) increased by 7.67%, and GCL-Poly Energy (03800) gained 3.73% [2] - High-speed rail infrastructure stocks led the gains, with record railway investment progress; China Railway (601390) rose 9%, China Metallurgical Group (601618) increased by 6%, and CRRC Corporation (601766) gained 4.17% [2] - ZTE Corporation (00763) saw both A and H shares rise, with the launch of Co-Sight super intelligent system indicating positive growth potential in the enterprise AI market; H shares increased by 10.73% [2] Group 3 - Mixue Group (02097) rose 8.96% despite market trends, as it made a forward-looking investment in fresh beer brand Fulu, expanding its "tea + coffee + fresh beer" portfolio [3] - The Hang Seng Biotechnology Index fell by 3.52%, with notable declines in stocks such as Innovent Biologics (09969) down over 9%, I-Mab (01801) down over 6%, and China Biologic Products (01177) down over 6% [3] Group 4 - Smoore International (06969) dropped over 9%, having fallen more than 30% from its year-to-date high, with UBS projecting lower earnings than market consensus [4]

Core Viewpoint - The government of the Democratic Republic of the Congo (DRC) has issued a warning to companies that violate the new cobalt export quota system, stating that such companies will face a permanent ban on cobalt exports. This has led to a significant increase in cobalt futures prices, which rose over 11% in the past two days [3]. Group 1: Cobalt Market Impact - The DRC president's warning indicates a stricter regulatory environment for cobalt exports, which could affect supply and pricing in the global market [3]. - Cobalt futures have seen a notable price increase, reflecting market reactions to the DRC's regulatory stance [3]. Group 2: Company Developments - Luoyang Molybdenum Co., Ltd. (洛阳钼业) has core assets in the DRC, specifically the TFM and KFM copper mines, with plans to achieve an annual production of 800,000 to 1,000,000 tons of copper and 90,000 to 100,000 tons of cobalt [3]. - On September 23, Luoyang Molybdenum announced a significant stock incentive plan, proposing to grant up to 393 million H-shares to incentivized individuals, which represents about 10% of the total issued H-shares [3]. - The total value of the stock incentive plan is estimated at 5 billion HKD, accounting for approximately 1.8% of the company's total market capitalization [3].

Group 1 - The A-share market indices opened higher and experienced upward fluctuations, with the Guozheng Free Cash Flow Index rising approximately 1.6% [1] - Key stocks such as Hailu Heavy Industry, Baiyin Nonferrous Metals, Shanghai Electric, and Taiji Industry reached their daily limit, while Western Mining, Luoyang Molybdenum, and Jiejia Weichuang also saw gains [1] - The largest free cash flow ETF (159201) followed the index's upward trend, with trading volume exceeding 200 million yuan, indicating active trading [1] Group 2 - According to招商证券, the market is expected to continue the upward trend observed in September, maintaining a low-slope trajectory in October [1] - The assessment of the market being in the second phase of a bull market remains unchanged, with a continuous inflow of incremental funds [1] - The free cash flow ETF (159201) closely tracks the Guozheng Free Cash Flow Index and has shown strong long-term performance, with its stock selection strategy providing significant value compared to traditional dividend strategies [1]