洛阳钼业回应刚果(金)钴出口禁令延长：当地矿区生产运营活动正常进行 金十数据6月23日讯，刚果(金)战略矿产市场监管控制局6月21日宣布，将今年2月出台的刚果(金)钴出口 禁令继续延长三个月。针对此事，全球最大钴生产商洛阳钼业于6月23日回应称，目前，公司TFM及 KFM矿区生产运营活动正常进行，预计该临时禁令的延长不会对经营业绩产生重大影响。该公司同时 表示："自首次禁令发布以来，公司始终与刚果(金)政府及行业管理机构保持密切沟通。针对新的情 况，公司将继续保持与相关各方的沟通，密切跟踪政策进展。" （界面） ...

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, suggesting potential investment opportunities in this sector [2]. Core Views - The report highlights that gold prices are currently fluctuating at high levels, influenced by the Federal Reserve's decision to maintain interest rates and ongoing geopolitical tensions [2][20]. - The report emphasizes the long-term trend of central banks, particularly in China, increasing their gold reserves, which is expected to support gold prices in the future [20]. - The industrial metals sector is experiencing a tightening supply-demand balance, with specific recommendations for companies in copper and aluminum sectors due to their favorable market conditions [2][29][42]. Weekly Market Review - The Shanghai Composite Index fell by 0.51%, while the Shenzhen Component Index decreased by 1.16% [4]. - The non-ferrous metals index dropped by 3.57%, underperforming the CSI 300 index by 3.12 percentage points [4]. - Year-to-date, the non-ferrous metals index has risen by 12.25%, outperforming the CSI 300 index by 14.49 percentage points [7]. Price Changes - Industrial metals and precious metals saw varied price changes, with copper prices down by 0.12% and aluminum prices up by 1.86% [13]. - Gold prices on COMEX decreased by 1.98%, while silver prices fell by 1.15% [13]. - Lithium prices showed a decline, with battery-grade lithium carbonate down by 1.07% [13]. Precious Metals - The report notes that gold prices are influenced by the Federal Reserve's interest rate decisions and geopolitical developments [2][20]. - China's central bank has resumed increasing its gold reserves, which is expected to bolster market confidence in gold [20]. Industrial Metals - In the copper sector, the report indicates a slight increase in domestic social inventory, while exchange inventories have decreased [29]. - The report suggests that the copper supply is tightening, with recommendations for companies like Zijin Mining and Luoyang Molybdenum [2][29]. - For aluminum, the report highlights a decrease in downstream processing enterprise operating rates, indicating a potential upward trend in aluminum prices [42]. Steel Industry - The report indicates that steel production has increased, while downstream demand has also risen, leading to stable prices for rebar [64]. - The report emphasizes the importance of monitoring supply-side production adjustments and export demand changes in the steel sector [2].

Investment Rating - The report rates the cobalt industry as "Overweight" indicating a positive outlook for the sector [3]. Core Insights - The extension of the cobalt export ban by the Democratic Republic of the Congo (DRC) is expected to significantly reduce global cobalt supply, with an estimated 34% decrease in effective supply for 2025, dropping from 282,000 tons to 185,000 tons [3]. - Demand for cobalt is projected to grow steadily, with an expected increase of 4.3% in 2025, reaching 211,000 tons, driven by applications in power batteries and emerging sectors like drones and robotics [3]. - The anticipated tightening of supply is likely to lead to a rise in cobalt prices, which have already rebounded from a low of 159,000 CNY/ton to 261,000 CNY/ton since the start of 2025 [3]. Summary by Sections Supply and Demand Dynamics - The DRC's export ban, initially set for four months starting February 22, 2025, has now been extended by three months, totaling a seven-month suspension of cobalt exports [3]. - The global refined cobalt supply is projected to be 185,000 tons in 2025, down from 282,000 tons, indicating a significant supply constraint [7]. - The demand for cobalt in battery applications is expected to stabilize, with traditional sectors recovering and new sectors providing additional demand [3][7]. Price Outlook - Cobalt prices are expected to continue rising in the short term due to supply constraints, with a potential price range of 230,000 to 240,000 CNY/ton in the near future [3]. - The DRC government's firm stance on supply control suggests that prices will have strong long-term support, with limited chances of a complete lifting of export restrictions [3]. Investment Recommendations - The report suggests focusing on companies with profit elasticity in the cobalt sector, including Luoyang Molybdenum, Huayou Cobalt, and others, as they are likely to benefit from rising cobalt prices [3][8].

Core Points - The company announced a cash dividend of 0.255 CNY per share (including tax) for A shares [1][2] - The dividend distribution was approved at the annual shareholders' meeting held on May 30, 2025 [1][2] - The record date for the dividend is June 26, 2025, with the ex-dividend date and payment date both set for June 27, 2025 [1][4] Dividend Distribution Details - The total number of shares eligible for the dividend distribution is 21,499,240,619, with A shares accounting for 17,460,842,176 after excluding 104,930,443 shares held in the buyback account [2][3] - The total cash dividend to be distributed amounts to approximately 5.46 billion CNY, with 4.45 billion CNY allocated to A shares [2][3] - The calculation for the ex-dividend reference price for A shares is based on the formula: (previous closing price - cash dividend) / (1 + change in circulating shares ratio) [2][3] Taxation and Payment Procedures - Individual shareholders and mutual funds will have their tax liabilities calculated based on their holding periods, with a tax rate of 20% for holdings of one month or less and 10% for longer periods [4][5] - Qualified Foreign Institutional Investors (QFIIs) will have a uniform withholding tax rate of 10% applied to their dividends [5] - For investors in Hong Kong's Stock Exchange (including both individuals and corporations), the actual cash dividend after tax will be 0.2295 CNY per share [5][6]

上海市通力律师事务所 关于洛阳栾川钼业集团股份有限公司 差异化分红事项之专项法律意见书 致:洛阳栾川铝业集团股份有限公司 上海市通力律师事务所(以下简称"本所")接受洛阳栾川钼业集团股份有限公司(以下简 称"洛阳钼业"或"公司")的委托,指派本所张征轶律师、徐安昌律师(以下合称"本所律 师")根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和国证券 法》(以下简称"《证券法》")、《上海证券交易所上市公司自律监管指引第 7号 -- 回购 股份》(以下简称"《自律监管指引》")、《上海证券交易所上市公司自律监管指南第２号 -- 业务办理》等法律、法规及规范性文件(以下简称"法律、法规及规范性文件",该等 法律、法规及规范性文件不包括香港特别行政区、澳门特别行政区和台湾地区的法律法规) 以及《洛阳栾川钼业集团股份有限公司章程》(以下简称"《公司章程》")的规定,就洛阳 铝业 2024 年度利润分配所涉及的差异化分红特殊除权除息处理(以下简称"本次差异化分 红")相关事项出具法律意见。 为出具本法律意见书. 本所律师已经严格履行法定职责,遵循了勤勉尽责和诚实信用原 则,对洛阳铝业本次差异化分红所 ...

证券代码：603993 证券简称：洛阳钼业 公告编号：2025-038 洛阳栾川钼业集团股份有限公司2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.255元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/26 | － | 2025/6/27 | 2025/6/27 | 差异化分红送转：是 公司 H 股股东的现金红利派发不适用本公告，具体可参阅公司在香 港联合交易所有限公司网站（www.hkexnews.hk）发布的相关公告。 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 30日的2024年年度股东大会 审议通过。有关股东大会决议公告于 2025 年 5 月 31 日刊登在《上海 证券报》、上海证券交易所网站和本公司网站。 二、 分配方案 1. 发放年度：2 ...

Investment Rating - The report maintains an "Outperform" rating for the cobalt industry [1] Core Insights - The global cobalt supply chain is highly dependent on the Democratic Republic of the Congo (DRC), which accounts for over 50% of global cobalt reserves and over 70% of production. In 2024, DRC's cobalt production is expected to reach approximately 220,000 metric tons, a year-on-year increase of about 25%, representing 76.4% of global market share [4][30] - Indonesia's nickel-cobalt projects are reshaping the industry landscape, with MHP production expected to grow significantly, leading to a projected cobalt output of 28,000 metric tons in 2024, accounting for about 10% of global production [4][42] - The lithium battery sector is the main driver of global cobalt consumption, with a projected consumption of 222,000 metric tons in 2024, a year-on-year increase of approximately 14%. The electric vehicle sector is expected to consume about 95,000 metric tons, a 21% increase [4][42] - The DRC's policy adjustments in response to supply-demand imbalances have led to fluctuations in cobalt prices, with domestic prices expected to rebound above 250,000 yuan per ton in 2024 [4] Summary by Sections Supply and Demand Dynamics - The DRC's cobalt production is projected to grow significantly due to the performance of major mining companies like Luoyang Molybdenum, which is expected to produce approximately 114,200 metric tons of cobalt in 2024, a 106% increase year-on-year [4][30] - The DRC's decision to suspend cobalt raw material exports for four months aims to address oversupply issues, which is expected to impact global cobalt supply by over 100,000 metric tons [4] Industry Structure - The cobalt industry is characterized by a concentration of resources, with major players including Luoyang Molybdenum, Glencore, and others controlling significant portions of the market [4][16] - Indonesia's MHP production is rapidly increasing, with a projected output of 323,000 metric tons of nickel in 2024, which will also enhance cobalt production [4][42] Market Trends - The report highlights a recovery in global demand for consumer electronics, with smartphone shipments expected to reach 1.24 billion units in 2024, marking a 6.4% increase [4] - The DRC's cobalt price adjustments and export policies are expected to influence market dynamics significantly, with long-term implications for pricing power in the cobalt market [4]

Investment Rating - The report maintains a "Recommended" investment rating for the copper industry [9]. Core Insights - The report highlights that the production growth of overseas large copper mining companies is low, and there are frequent disruptions. The lack of new large copper mining projects in the coming years will continue to constrain copper supply [9]. Summary by Sections 1. Copper Production in Major Producing Countries - Chile's copper production from January to April 2025 reached 1.752 million metric tons, a year-on-year increase of 3.57% (+60,300 tons). The growth is primarily driven by the Escondida project due to higher mining intensity and improved ore grades. Peru's copper production during the same period was 892,000 metric tons, up 5.59% (+47,200 tons), with significant contributions from the Las Bambas and Toromocho mines [4][18]. 2. Overseas Copper Mining Companies' Production - The total copper production of 15 major copper mining companies in Q1 2025 was 3.012 million tons, a slight increase of 0.1% (+3,000 tons). However, excluding three Chinese companies, the production of 12 overseas companies fell by 3.79% (-96,100 tons) to 2.436 million tons. Notably, Freeport and Glencore experienced significant declines of 20% and 29.95%, respectively [5][9]. 3. Growth in Chinese Copper Mining Companies - Three Chinese companies reported substantial production increases in Q1 2025: Minmetals Resources (+76.1%), Zijin Mining (+9.5%), and Luoyang Molybdenum (+15.7%). The growth for Minmetals was largely attributed to the Las Bambas mine in Peru, which produced 95,700 tons, a year-on-year increase of 70.9% (+39,700 tons) [7]. 4. Future Project Developments - The report notes a scarcity of new or expanded copper mining projects. The Salvador project by Codelco is currently ramping up production, while First Quantum's Kansanshi expansion is expected to contribute additional capacity starting in H2 2025. Other long-term projects include Rio Tinto's Oyu Tolgoi and Antofagasta's Centinela Phase II, with expected production increases in the coming years [8]. 5. Production Summary of Major Companies - Codelco's Q1 2025 production was 324,000 tons, a slight increase of 1.6% year-on-year. BHP's total production was 513,200 tons, up 10.18%, primarily due to the Escondida mine. Freeport's production fell to 393,720 tons, down 20% year-on-year, while Glencore's production dropped to 167,900 tons, a decrease of 29.95% [47][54][60][69].

Group 1: Liquidity and Performance of Rare Metal ETF - The rare metal ETF had an intraday turnover of 1.2%, with a transaction value of 10.24 million yuan [3] - Over the past year, the average daily transaction value of the rare metal ETF was 36.11 million yuan, ranking first among comparable funds [3] - The net asset value of the rare metal ETF increased by 13.41% over the past year [3] - The highest monthly return since inception was 24.02%, with the longest consecutive monthly increase being 3 months and an average monthly return of 7.60% [3] Group 2: Growth and Valuation of Rare Metal ETF - The rare metal ETF's scale grew by 5.45 million yuan over the past year, also ranking first among comparable funds [3] - The latest financing buy-in amount reached 1.70 million yuan, with a financing balance of 25.74 million yuan [3] - The valuation of the index tracked by the ETF is at a historical low, with a price-to-book ratio (PB) of 2.21, lower than 84.84% of the time over the past five years, indicating strong valuation attractiveness [3] Group 3: Export Controls and Market Dynamics - Since 2023, China has implemented export controls on various rare metals, leading to significant price increases for most of these metals [4] - The demand for rare earth materials in domestic sectors such as new energy vehicles and air conditioning is expected to grow at rates of 37% and 19%, respectively, by 2025 [4] - The domestic rare earth market may be entering a destocking phase, with overseas price increases likely to drive domestic prices up [4] Group 4: Top Holdings in Rare Metal Index - The top ten weighted stocks in the rare metal index include Salt Lake Co., Northern Rare Earth, and others, accounting for 54.9% of the index [4] - The individual weightings of these stocks vary, with Salt Lake Co. at 9.04% and Northern Rare Earth at 8.25% [6]

Macro and Strategy Research - The economic data for May 2025 shows that the industrial added value increased by 5.8% year-on-year, which is lower than the expected 6.0% and the previous value of 6.1% [3] - The retail sales of consumer goods increased by 6.4% year-on-year, surpassing the expected 4.9% and the previous value of 5.1% [3] - Fixed asset investment accumulated a year-on-year growth of 3.7%, below the expected 4.1% and the previous value of 4.0% [3] - The decline in industrial added value is attributed to fewer working days and a lag in production due to tariff adjustments, particularly affecting labor-intensive industries like textiles [3] - The service sector's production index grew by 6.2%, indicating a slight improvement from April [3] Consumption Growth Challenges - The significant rise in retail sales is driven by holiday consumption and promotional activities, reaching a new high in nearly a year [4] - Automotive sales increased by 11.2% year-on-year, but overall sales revenue growth is limited due to pricing factors [4] - Future consumption may struggle to maintain current levels due to policy adjustments and potential overconsumption [4] Investment Needs Policy Support - Fixed asset investment growth has declined for two consecutive months, with manufacturing investment decreasing by 0.4 percentage points to 7.8% year-on-year [4] - Ten out of twelve sub-sectors in manufacturing saw a slowdown in investment growth, particularly in transportation equipment and non-ferrous metal smelting [4] - Infrastructure investment growth decreased to 9.3%, with local debt pressures limiting project funding [5] - Real estate investment saw a significant decline, with sales in major cities dropping and funding sources for real estate companies decreasing by 10.5% year-on-year [5] Fixed Income Research - The overall issuance rates for credit bonds have mostly decreased, with a range of -7 basis points to 6 basis points [7] - The net financing amount for credit bonds has decreased, with corporate bonds and short-term financing bonds seeing an increase in net financing [7] - The secondary market for credit bonds has seen a significant increase in transaction volume, with most varieties experiencing growth [7] - The credit spreads for medium and short-term notes, corporate bonds, and urban investment bonds have generally narrowed [7] Industry Research - The metal industry is experiencing traditional seasonal characteristics, with demand expected to decline as summer approaches [15] - Steel prices are expected to remain weak due to increasing inventory pressures [15] - Copper prices are supported by tight supply and low inventory, but lack upward momentum in the short term [15] - Gold prices are bolstered by international trade tensions and geopolitical factors, with a need to monitor macroeconomic data and interest rate expectations [15] - The lithium market faces oversupply issues, leading to expected price weakness [15]