Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 10.2 CNY per share [5]. Core Views - The company aims to become a world-class mining enterprise by acquiring gold mines and promoting organizational upgrades [10]. - The company reported a revenue of 213 billion CNY in 2024, a year-on-year increase of 14%, and a net profit of 13.5 billion CNY, up 64% year-on-year [1]. - The company plans to enhance its copper and cobalt production capacity significantly over the next five years, targeting annual production of 800,000 to 1 million tons of copper and 90,000 to 100,000 tons of cobalt [3]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 46 billion CNY, a slight decrease of 0.3% year-on-year and a 21% decrease quarter-on-quarter. The net profit for the same period was 3.95 billion CNY, up 90% year-on-year but down 25% quarter-on-quarter [1]. - The company expects revenues of 213.57 billion CNY, 218.09 billion CNY, and 223.87 billion CNY for 2025, 2026, and 2027 respectively, with net profits projected at 15.02 billion CNY, 16.04 billion CNY, and 16.70 billion CNY [11][12]. Production and Sales - The company achieved significant increases in copper and cobalt production in 2024, with copper production reaching 650,200 tons (up 55% year-on-year) and cobalt production at 114,200 tons (up 106% year-on-year) [2]. - The company has set a production guidance for 2025 of 600,000 to 660,000 tons of copper and 100,000 to 120,000 tons of cobalt [2]. Price and Profitability - The average copper price in 2024 was 9,147 USD per ton, an increase of 8% year-on-year, while cobalt prices were 11.26 USD per pound, down 25% year-on-year [3]. - The gross profit for the copper segment in 2024 was 21.04 billion CNY, with a gross margin of 30.5% [3]. Strategic Initiatives - The company announced plans to acquire Lumina Gold in Ecuador for approximately 581 million CAD, which is expected to become a new profit growth point [9]. - The company is also focusing on organizational upgrades by introducing a new management team to enhance operational efficiency and international competitiveness [10].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 10.2 CNY per share [5]. Core Views - The company aims to become a world-class mining enterprise by acquiring gold mines and promoting organizational upgrades [10]. - The company has shown strong revenue growth, with a 14% year-on-year increase in 2024 revenue to 213 billion CNY and a 64% increase in net profit to 13.5 billion CNY [1]. - The company is focusing on cost reduction and efficiency improvement, with significant increases in copper and cobalt production planned for 2024 and beyond [2][3]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 46 billion CNY, a slight decrease of 0.3% year-on-year, but net profit increased by 90% to 3.95 billion CNY [1]. - The company expects revenues of 213.57 billion CNY, 218.09 billion CNY, and 223.87 billion CNY for 2025, 2026, and 2027 respectively, with net profits projected at 15.02 billion CNY, 16.04 billion CNY, and 16.70 billion CNY [11][12]. Production and Sales - The company achieved significant production targets in 2024, with copper and cobalt production increasing by 55% and 106% year-on-year, respectively [2]. - The production guidance for 2025 is set at 600,000 to 660,000 tons of copper and 100,000 to 120,000 tons of cobalt [2]. Pricing and Profitability - The average copper price in 2024 was 9,147 USD/ton, an 8% increase year-on-year, while cobalt prices saw a significant rebound in Q1 2025 [3]. - The gross profit for the copper segment in 2024 was 21.04 billion CNY, with a gross margin of 30.5% [3]. Strategic Initiatives - The company plans to acquire Lumina Gold in Ecuador for approximately 581 million CAD, which is expected to become a new profit growth point [9]. - A new management team has been introduced to enhance organizational efficiency and drive the company's strategic goals [10].

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals industry [1] Core Insights - The non-ferrous metals sector has been significantly increased in holdings, with copper and gold seeing the most substantial increases in Q1 2025. The sector is currently in an "overweight" position, reflecting positive market sentiment and expectations for continued growth [2][3] - The report highlights a positive outlook for Q2 2025, driven by domestic macroeconomic policies aimed at boosting internal demand, which is expected to benefit the industrial metals sector, particularly aluminum [3][5] - The report identifies specific investment opportunities within the sector, recommending increased holdings in rare earth magnetic materials and companies with strong cost control and favorable customer structures in aluminum processing [3][4] Summary by Sections Industry Overview - In Q1 2025, the non-ferrous metals sector outperformed the market, with a sector increase of 12.0%, ranking first among 28 major industries [5][12] - The sector's performance is attributed to global monetary policy shifts towards easing and enhanced expectations for domestic economic recovery [5][12] Sub-Sectors Performance - **Precious Metals**: The precious metals sector showed the best performance in Q1 2025, with gold and silver prices increasing by 36.4% and 32.6% year-on-year, respectively. The sector's net profit rose by 51.8% year-on-year [45][46] - **Base Metals**: Base metals, excluding nickel, saw price increases, with copper and aluminum prices rising by 11.3% and 7.4% year-on-year. The net profit for copper increased by 79.6% year-on-year [38][41] - **Rare Metals**: The rare metals sector is expected to benefit from supply constraints and increasing demand, particularly in the cobalt market, which has seen price increases due to supply disruptions [51][53] Holdings Situation - In Q1 2025, the overall holding ratio for the non-ferrous metals sector increased to 1.30%, up from 1.09% in Q4 2024, indicating a shift from underweight to a slight overweight position [56][57]

Core Viewpoint - The trend of overseas mergers and acquisitions (M&A) by A-share listed companies is on the rise, driven by the need to expand global markets and restructure value amidst global economic adjustments and industry chain reconstruction [1] Group 1: Acquisition of Core Technologies - Acquiring core technologies is a primary goal for many listed companies engaging in overseas M&A, allowing them to enhance technical capabilities, product value, and industry influence [2] - Companies can quickly gain new technologies and enter new markets, exemplified by Lingyun Optical Technology's investment in PhotonicX AI to access next-generation optical communication technologies [2] Group 2: Expanding Overseas Markets - Overseas M&A serves as a crucial strategy for companies to overcome geographical limitations and reshape market presence, with 2,405 A-share companies reporting foreign revenues exceeding 10 million yuan in 2024 [3] - For instance, Jinko Power Technology's acquisition of a 50% stake in UAE's Sweihan Holding aims to enhance its brand influence in the Middle East and tap into renewable energy projects [3] Group 3: Resource Integration and Industry Ecosystem Reconstruction - Many companies view overseas M&A as a means to integrate key resources globally, forming complementary advantages and building a more efficient and competitive industry ecosystem [4] - This ecosystem reconstruction can lower production costs, improve operational efficiency, and enhance innovation capabilities, positioning companies favorably within global supply chains [4] - Supportive policies from the government, such as the recent financial measures to facilitate cross-border M&A, further stimulate the overseas M&A market for listed companies [4] - The shift from "scale chasing" to "value leading" in overseas M&A activities indicates a focus on high-quality acquisitions, with expectations for continued growth in this area [4]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年4月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 洛陽欒川鉬業集團股份有限公司 呈交日期: 2025年5月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03993 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,933,468,000 | RMB | | 0.2 RMB | | 786,693,600 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 3,933,468,000 | RMB | | 0.2 RMB | | 786,693,600 | | 2. 股份分類 | 普通股 | 股份類別 ...

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals sector [4] Core Viewpoints - The report indicates a bullish outlook on gold prices despite ongoing trade tensions and economic uncertainties, suggesting that the worst of market sentiment has passed and prices are expected to trend upwards [2][11] - For copper, the supply-demand dynamics remain tight, and there are opportunities for low-position equity investments despite short-term volatility [3][12] - The aluminum market is experiencing price fluctuations, with a focus on downstream inventory replenishment and the impact of macroeconomic factors [14] Summary by Sections 1. Weekly Research Insights - Gold prices are expected to remain volatile but trend upwards due to easing trade tensions and ongoing economic concerns [2][11] - Copper demand remains strong, with high operating rates in production and a supportive supply side despite recent disruptions [3][12] 2. Sector Performance - The non-ferrous metals index fell by 0.85%, underperforming the broader market [15] - The top-performing sub-sectors include rare earths and magnetic materials, while lithium and aluminum showed declines [15] 3. Metal Prices and Inventories 3.1. New Energy Metals - Cobalt prices are stable, while lithium prices have decreased, indicating a mixed market for these metals [25][28] 3.2. Base Metals - Base metal prices have generally declined, with specific price movements noted for copper, aluminum, zinc, lead, nickel, and tin [35][37] 3.3. Precious Metals - Gold prices increased by 0.8% to $3319 per ounce, while silver prices decreased by 2.1% to $32.83 per ounce [48][49]

| 名称 | 洛阳栾川钼业集团股份有限公司 | | --- | --- | | 统一社会信用代码 | 91410000171080594J | | 注册资本 | 肆拾贰亿玖仟玖佰捌拾肆万捌仟壹佰贰拾肆人民币元整 | | 成立日期 | 1999年12月22日 | | 类型 | 股份有限公司（港澳台投资、上市） | | 法定代表人 | 袁宏林 | 股票代码：603993 股票简称：洛阳钼业 编号：2025—027 洛阳栾川钼业集团股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 洛阳栾川钼业集团股份有限公司（以下简称"公司"）分别于 2024年10月28日和2024年12月10日召开第七届董事会第三次会议、 2024年第一次临时股东大会，分别审议通过关于变更公司注册资本、 企业类型及修订《公司章程》的议案，同意对公司注册资本、企业 类型、《公司章程》等内容进行修改。详见公司于上海证券交易所网 站披露的相关公告和《公司章程》。 近日，公司办理完成了相关工商变更登记手续，并取得了 ...

Core Viewpoint - The new materials sector is expected to continue its growth trajectory due to increasing demand from China's manufacturing industry and the integration of technologies like artificial intelligence, despite a recent decline in the new materials index's valuation [1][4]. Summary by Category Market Performance - As of April 29, 2025, the new materials index decreased by 4.22%, underperforming the CSI 300 index, which fell by 2.89%, resulting in a 1.33 percentage point lag [2]. - The new materials index ranked 23rd among 30 major industry sectors in terms of performance [2]. Price Trends - Basic metal prices saw a general decline in April 2025, with notable decreases in copper (-3.52%), aluminum (-2.90%), lead (-2.96%), zinc (-4.51%), tin (-9.02%), and nickel (-4.74%) [2]. - Rare gas prices experienced slight declines in April 2025, with helium priced at 655 RMB per bottle (-0.27%), xenon at 27,000 RMB per cubic meter (-3.99%), neon at 120 RMB per cubic meter (-4.00%), and krypton at 275 RMB per cubic meter (-8.92%) [3]. Export Data - In March 2025, exports of superhard materials and products increased by 32.22% year-on-year, totaling 14,000 tons, while export revenue decreased by 9.35% to 14.4 million USD [3]. - The average export price for superhard materials fell by 31.44% to 10.35 USD per kilogram [3]. Valuation Metrics - The price-to-earnings ratio (PE) of the new materials index as of April 29, 2025, was 22.94, reflecting an 11.57% decrease from the previous month and positioning it at the 53.90 percentile of historical valuations since 2022, indicating a reasonable valuation for the sector [1][4]. Future Outlook - The new materials sector is anticipated to enter a prosperous cycle driven by domestic demand recovery and the push for domestic alternatives, maintaining an investment rating of "stronger than the market" [1][4].

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [4][5]. Core Insights - Industrial metals are experiencing a rebound in prices due to ongoing inventory depletion, with LME aluminum, copper, zinc, lead, nickel, and tin prices showing increases of +1.11%, +0.83%, +0.57%, +1.28%, +0.35%, and +1.79% respectively [1][2]. - The report highlights the impact of macroeconomic factors, including concerns over economic slowdown and uncertainties surrounding U.S. tariffs, which have led to increased market volatility [2]. - Key recommendations include companies such as Luoyang Molybdenum, Zijin Mining, and Huayou Cobalt, among others, indicating strong potential for investment [2][3]. Summary by Sections Industrial Metals - The report notes a significant decrease in inventory levels for copper, with SMM social inventory dropping below 130,000 tons, indicating a tight supply situation [2][38]. - Aluminum production is recovering due to domestic restarts and new projects, with a notable inventory reduction of 71,000 tons driven by pre-holiday stocking [2][21]. - The report emphasizes the ongoing tightness in the cobalt market due to export bans from the Democratic Republic of Congo, which is expected to lead to price increases [3][54]. Precious Metals - Gold prices have recently declined due to reduced demand for safe-haven assets amid optimistic trade negotiations between the U.S. and China, while silver prices have shown resilience due to its industrial applications [3][66]. - The report anticipates a long-term upward trend in gold prices driven by de-dollarization and ongoing geopolitical tensions, despite short-term fluctuations [3][66]. Key Company Performance - The report provides earnings forecasts and valuations for key companies, with Zijin Mining projected to have an EPS of 1.21 yuan in 2024, and a PE ratio of 14 times [4]. - Other companies such as Huayou Cobalt and Luoyang Molybdenum are also highlighted for their strong earnings potential and favorable market conditions [4][5].

Core Viewpoint - The non-ferrous metal industry is experiencing significant growth driven by rising metal prices, with several leading companies reporting strong performance in 2024 and maintaining rapid growth in the first quarter of the year [1][2]. Group 1: Company Performance - Zijin Mining reported a revenue of approximately 303.64 billion yuan in 2024, a year-on-year increase of 3.49%, and a net profit attributable to shareholders of about 32.05 billion yuan, up 51.76% [2]. - In the first quarter of 2024, Zijin Mining achieved a revenue of 78.93 billion yuan, a 5.55% increase year-on-year, and a net profit of 10.17 billion yuan, reflecting a 62.39% growth [2]. - China Aluminum's revenue for 2024 reached 237.07 billion yuan, a 5.21% increase, with a net profit of 12.4 billion yuan, up 85.38% [2]. - In the first quarter of 2024, China Aluminum's revenue was 55.78 billion yuan, a 13.95% increase, and the net profit was 3.54 billion yuan, up 58.78% [2]. - Luoyang Molybdenum achieved a revenue of 213.03 billion yuan in 2024, a 14.37% increase, with a net profit of 13.53 billion yuan, up 64.03% [4]. - In the first quarter of 2025, Luoyang Molybdenum's revenue was 46.01 billion yuan, a slight decrease of 0.25%, while the net profit increased by 90.47% to 3.95 billion yuan [4]. Group 2: Industry Trends - The non-ferrous metal industry is benefiting from high prices of metals like gold and copper, leading to sustained high growth in revenues and profits for major companies [2][5]. - The market outlook for gold remains positive in the medium to long term, despite recent fluctuations, with expectations of a strong performance driven by inflation and weakening dollar credit [6][7]. - The copper market is expected to face a supply shortage in the medium term, with demand from sectors like home appliances and electric vehicles driving prices upward [7]. - The aluminum market is anticipated to improve, with a potential rise in prices due to recovering profits from electrolytic aluminum and increasing demand [7].