Market Overview - The Shanghai Composite Index rose by 3.49% and the CSI 300 Index increased by 4.18% during the week of August 18-22 [2][3] - The SW Nonferrous Metals Index saw a gain of 1.33%, while COMEX gold and silver prices increased by 1.05% and 2.26%, respectively [2][3] Industrial Metals - Industrial metal prices showed mixed movements: LME aluminum +0.73%, copper +0.50%, zinc +0.32%, lead +0.56%, nickel -1.45%, and tin +0.70% [2][3] - The SMM imported copper concentrate index reported a decrease of $3.47/ton to $-41.15/ton, while the copper rod enterprises' operating rate rose to 71.80%, up by 1.20 percentage points [3] - Domestic electrolytic aluminum social inventory decreased by 11,000 tons, totaling 596,000 tons, indicating a slight increase in production and improved demand expectations [3] - Recommended companies in the industrial metals sector include Zijin Mining, Luoyang Molybdenum, Minmetals Resources, China Nonferrous Mining, and others [3] Energy Metals - Cobalt raw material imports continue to decline, suggesting a potential price surge for cobalt, while lithium supply disruptions remain a concern [4] - Carbonate lithium prices have rebounded due to increased market activity, with expectations for a strong short-term performance [4] - Cobalt prices are expected to strengthen as domestic inventory continues to deplete, with stable price increases for cobalt sulfate [4] - Recommended companies in the energy metals sector include Cangge Mining, Huayou Cobalt, and others [4] Precious Metals - The expectation of interest rate cuts by the Federal Reserve has positively influenced gold prices, with the People's Bank of China continuing to increase gold reserves for nine consecutive months [5] - Silver prices are also rising due to its industrial properties and recovery dynamics [5] - Recommended companies in the precious metals sector include Shandong Gold, Tongguan Gold, and others, with a focus on potential opportunities if gold prices stabilize above $3,500/oz [5]

作者：行情君 截至2025年中报，洛阳钼业营业总收入947.73亿元、净利润86.71亿元。 本文源自：金融界 8月25日，洛阳钼业(03993)盘中上涨5.84%，截至09:30，报11.42元/股，成交3772.03万元。 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。 ...

Core Viewpoint - The non-ferrous metal sector is experiencing a strong rally, with notable gains in various companies following comments from the Federal Reserve Chairman regarding potential interest rate cuts [1] Company Performance - Northern Copper Industry has reached its daily limit increase - Jiangxi Copper, Silver Nonferrous, Electrical Alloy, and Yunnan Copper have all surged over 5% - Other companies such as Luoping Zinc & Electricity, Zijin Mining, Luoyang Molybdenum, and Yun Aluminum have also seen significant gains [1]

洛阳钼业（603993）(03993)绩后涨超6%，截至发稿，涨6.02%，报11.44港元，成交额4998.69万港元。 消息面上，8月22日，洛阳钼业发布截至2025年6月30日止六个月的中期业绩，营业收入947.73亿元(人 民币，下同)，同比减少7.83%；归母净利润86.71亿元，同比增加60.07%；基本每股收益0.41元。 公告称，公司各产品产量全部达成上半年度目标，实现时间过半任务超半。其中，产铜35.36万吨，同 比增长约12.68%；产钴6.11万吨，同比增长约13.05%。钼、钨、铌、磷肥等产品产量均超过年度目标的 50%。 ...

公告称，公司各产品产量全部达成上半年度目标，实现时间过半任务超半。其中，产铜35.36万吨，同 比增长约12.68%；产钴6.11万吨，同比增长约13.05%。钼、钨、铌、磷肥等产品产量均超过年度目标的 50%。 智通财经APP获悉，洛阳钼业(03993)绩后涨超6%，截至发稿，涨6.02%，报11.44港元，成交额4998.69 万港元。 消息面上，8月22日，洛阳钼业发布截至2025年6月30日止六个月的中期业绩，营业收入947.73亿元(人 民币，下同)，同比减少7.83%；归母净利润86.71亿元，同比增加60.07%；基本每股收益0.41元。 ...

Group 1 - The core viewpoint of the news highlights the trading performance and financial metrics of Luoyang Molybdenum Co., Ltd. on August 22, including a slight increase in stock price and significant trading volume [1] - On August 22, Luoyang Molybdenum had a financing buy amount of 200 million yuan, with a net financing purchase of 2.82 million yuan, indicating active trading interest [1] - The total financing and securities lending balance for Luoyang Molybdenum reached 1.86 billion yuan, with the financing balance being low compared to the past year [1] Group 2 - Luoyang Molybdenum, established on December 22, 1999, primarily engages in the mining and processing of rare metals such as molybdenum, tungsten, and gold, with a diverse revenue structure [2] - As of June 30, 2025, Luoyang Molybdenum reported a revenue of 94.77 billion yuan, a year-on-year decrease of 7.83%, while net profit attributable to shareholders increased by 60.07% to 8.67 billion yuan [2] - The company has distributed a total of 21.56 billion yuan in dividends since its A-share listing, with 10.58 billion yuan distributed in the last three years [3] Group 3 - As of June 30, 2025, the number of shareholders for Luoyang Molybdenum decreased by 15.95% to 237,500, indicating a consolidation of ownership [2] - Major institutional shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in their holdings [3]

降本增效成果显著，矿山端盈利能力持续提升2025H1 公司推行精细化管理叠加技术革新，降本增效获 显著进步；分矿区来看，TFM 和KFM 优化工艺流程，开展数智化微创新等；中国区优化药剂研究等， 钼、钨选矿回收率同比提升，钼铁成本同比下降；洛钼巴西大宗物资、物流服务和工程服务采购等支出 同比下降，BVFR 厂和BV 厂回收率创历年来最好水平。2025H1 矿山端实现收入394.02 亿元，同比增长 25.64%；实现毛利率52.42%，同比提高5.56pct；分品种来看，2025H1 铜/钴/钼/钨/铌/磷分别实现毛利率 53.63%/61.83%/38.28%/64.34%/46.10%/31.07%，分别同比提高1.27/19.66/4.45/3.17/10.32/12.97pct。 有序推进TFM 和KFM 扩建，为新一轮业绩增长奠基 事件 公司发布2025 年半年度报告，2025H1 公司实现营业收入947.73 亿元，同比下降7.83%；归母净利润 86.71 亿元，同比增长60.07%；扣非归母净利润87.24 亿元，同比增长55.08%。2025Q2 公司实现营业收 入487.67 亿元，同比下 ...

1H25 业绩符合我们预期 盈利预测与估值 由于公司主要矿产品价格上行，我们上调2025/2026 年净利润7%/21%至163/206 亿元。当前A 股股价对 应2025/2026 年14.6/11.5 倍市盈率，当前H 股股价对应2025/2026 年13.1/10.2 倍市盈率。A/H 股维持跑 赢行业评级，由于盈利上修及市场风险偏好提升，我们上调A 股目标价31%至14.5元，A 股目标价对应 2025/2026 年19/15 倍市盈率，较当前股价有30.5%的上行空间；上调H 股目标价49%至14 港币，H 股目 标价对应2025/2026 年17/13.1 倍市盈率，较当前股价有29.7%的上行空间。 风险 海外钴行业政策变化风险，项目推进不及预期风险，金属价格下跌风险 发展趋势 铜钴、黄金、钨钼业务有望共振向上。钴业务，一是伴随刚果（金）在途库存基本消耗完毕，我们认为 国内钴行业去库涨价在即。二是我们认为刚果（金）控量提价或长期化，全球钴价中枢有望系统性提 升。三是我们测算2024 年公司钴产量占全球超39%，我们认为公司有望受益于刚果（金）境外钴存货 重估及出口恢复后量降价升的业绩弹性。铜业务 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Greater China Materials - **Current View**: Attractive outlook for the materials sector in Asia Pacific, particularly in rare earth and magnet segments due to regulatory changes [4][6] Regulatory Changes - **New Regulations**: The Ministry of Industry and Information Technology (MIIT), National Development and Reform Commission (NDRC), and Ministry of Natural Resources have released stricter regulations for rare earth production [6] - **Key Changes**: - Enhanced control over rare earth mining, smelting, and separation through more rigorous production reporting systems [6] - Removal of public disclosure requirements for rare earth quotas, indicating tighter supply management [6] - Monthly production data reporting mandated for all rare earth companies, enhancing oversight [6] - Minor violations will now face penalties under public order laws, indicating a stricter enforcement environment [6] Market Implications - **Supply Tightening**: The new regulations are expected to tighten the supply of rare earth materials, which may positively influence investor sentiment in the short term [6] - **Potential for Further Regulation**: The changes suggest possible future regulations on rare earth production outside of China, particularly in Southeast Asia, although specifics remain unclear [6] Company Ratings and Performance - **Highlighted Companies**: - Aluminum Corp. of China Ltd. (601600.SS) rated Overweight with a price of Rmb7.72 [56] - Ganfeng Lithium Co. Ltd. (002460.SZ) rated Underweight with a price of Rmb38.30 [58] - Zijin Mining Group (601899.SS) rated Overweight with a price of Rmb20.66 [58] - **Stock Ratings Distribution**: - Overweight: 40% of total coverage - Equal-weight: 43% - Underweight: 16% [24] Analyst Insights - **Analyst Certification**: Rachel L Zhang certifies that her views on the companies discussed are accurately expressed and free from conflicts of interest [11] - **Investment Banking Relationships**: Morgan Stanley has received compensation from several companies in the materials sector, indicating potential conflicts of interest [13][15] Conclusion - The regulatory changes in the rare earth sector are significant and may lead to tighter supply dynamics, positively impacting investor sentiment. The overall outlook for the Greater China materials sector remains attractive, with specific companies showing varied ratings based on their market positions and regulatory compliance.

Core Viewpoint - Luoyang Molybdenum's 2025 mid-year report indicates a decline in revenue but a significant increase in profit, showcasing a mixed performance in the first half of the year [1][3]. Financial Performance - The company achieved operating revenue of 94.773 billion yuan, a year-on-year decrease of 7.83% - The net profit attributable to shareholders reached 8.671 billion yuan, reflecting a year-on-year growth of 60.07% [1] - The net profit margin improved from 6.16% in the first half of 2024 to 10.39% in 2025 - The gross profit margin increased from 18.38% to 21.15% - Return on equity (ROE) reached 11.70%, up by 2.88 percentage points year-on-year [3] Operational Efficiency - Inventory turnover days increased to 70.45 days, up by 2.57 days compared to the first half of 2024, indicating a need for better inventory management - The net cash flow from operating activities was 12.009 billion yuan, a year-on-year increase of 12.29% - The debt-to-asset ratio stood at 50.15%, a decrease of 9.01 percentage points year-on-year, suggesting a lighter debt burden and a more robust financial structure [5] Institutional Holdings - As of the first half of 2025, the number of institutions holding Luoyang Molybdenum shares decreased to 213, down from 1,149 in the same period of 2024, indicating a decline in institutional investor confidence - The company's current market capitalization is 237.691 billion yuan, with a year-to-date stock price increase of 72.25% [7]