2024年6月7日，公司第七届董事会第一次会议审议通过《关于授 权相关人士处理本公司2024年对外担保事宜的议案》，同意授权公司 董事长或首席财务官在2023年年度股东大会授权范围内具体办理上 述担保相关事宜。 股票代码：603993 股票简称：洛阳钼业 编号：2025—021 洛阳栾川钼业集团股份有限公司 关于对外担保计划的公告 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。 重要内容提示： 一、担保审批及授权情况 2024年6月7日，公司2023年年度股东大会审议通过《关于本公司 被担保方：相关全资子公司 本次担保金额：洛阳栾川钼业集团股份有限公司（以下简称"公 司"）直接或通过全资子公司（含直接及间接全资子公司，下同） 为其他全资子公司合计提供总额预计不超过21亿元的担保。 本次担保不涉及反担保。 截至本公告披露日公司无逾期担保。 本次担保计划部分被担保方为资产负债率超过70%的全资子公 司；截至本公告披露日，公司对外担保总额占公司最近一期经审 计净资产的26.95%。敬请投资者注意相关风险。 2024年度对外担保额度 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Asia Materials, specifically copper and aluminium sectors - **Market Sentiment**: Easing of recession fears and a recent rally in shares of copper and aluminium companies, with declines of 11% and 10% respectively over the past five trading days, compared to -2% for the cement sector and -8% for HSCEI [1][5] Core Insights - **Recession Concerns**: Global recession fears appear overblown, especially after the US President's decision to pause reciprocal tariffs for 90 days, suggesting a potential rebound in commodity prices and share prices for copper and aluminium [1][5] - **Supply-Demand Dynamics**: Positive supply-demand dynamics expected to support a rebound in commodity prices, with month-on-month improvements in operating rates for copper and aluminium in March due to seasonal demand recovery [1][5] - **Government Stimulus**: New government stimulus in energy transition, consumption, or the property sector could further support demand growth for industrial metals [1][5] Company-Specific Insights - **MMG Limited**: Upgraded from Hold to Buy due to high earnings sensitivity to copper price movements. Expected year-on-year earnings growth in 2025 driven by the ramp-up of Chalcobamba [2][5] - **Zijin Mining**: Maintained Buy ratings for both H/A shares, with a target price of HKD21.00 for H-shares and RMB21.90 for A-shares, reflecting stable output growth and M&A efforts [2][29] - **CMOC**: Maintained Buy ratings with target prices unchanged at HKD7.60 for H-shares and RMB8.60 for A-shares, supported by strong fundamentals [2][29] - **Jiangxi Copper**: Maintained Reduce rating due to ongoing headwinds from lower TC/RC prices, with target prices of HKD10.10 for H-shares and RMB17.30 for A-shares [2][30] - **China Hongqiao**: Maintained Buy rating with a target price of HKD17.10, supported by strong fundamentals and an attractive dividend yield of approximately 10% [2][30] Additional Important Points - **Copper Supply Constraints**: Mine supply remains constrained, indicated by negative spot TC/RC prices. China's tariffs on the US are expected to reduce scrap copper imports, impacting refined copper production [1][5] - **Aluminium Operating Capacity**: Operating capacity for aluminium is nearing the 45 million tonnes cap, indicating potential shortages if demand increases due to new stimulus [1][5] - **Market Data**: Key market data and forecasts for copper and aluminium prices, sales, and production metrics were provided, indicating a positive outlook for the sector [6][31][33] Risks and Valuation - **Valuation Risks**: Risks include geopolitical conflicts, production delays, and fluctuations in metal prices. For Zijin Mining, downside risks include delays in new capacities and higher production costs due to inflation [29][30] - **Earnings Forecasts**: MMG is expected to deliver significant earnings growth, while Jiangxi Copper faces a decline in earnings due to lower contract TC/RC prices [31][32][30] This summary encapsulates the key insights and data points from the conference call, providing a comprehensive overview of the current state and outlook of the copper and aluminium sectors within the Asia Materials industry.

Core Insights - The small metals market has experienced significant price increases this year, particularly for antimony, bismuth, and cobalt, with antimony prices rising approximately 90% to new highs [1] - The price surge is attributed to supply-demand imbalances and geopolitical factors, leading to a new normal in the small metals supply-demand landscape [1][2] - Companies are accelerating resource reserves and expanding production capacity in response to market conditions [1][3] Supply and Demand Dynamics - The global production of small metals has significantly declined over the past decade, while demand continues to grow, creating a supportive environment for price increases [1][2] - Antimony, used as a clarifying agent in photovoltaic glass, has seen its demand from the solar industry rise from 5% in 2019 to 23% in 2023, driving structural changes in the antimony market [2] - Cobalt prices have surged due to export restrictions from the Democratic Republic of Congo, with expectations of continued upward trends [2] Company Performance - In 2024, Luoyang Molybdenum achieved revenue of 213.03 billion yuan, a year-on-year increase of 14.37%, and a net profit of 13.53 billion yuan, up 64.03% [2] - Jinmo Co. reported a net profit of 2.98 billion yuan in 2024, while Xiamen Tungsten achieved 1.74 billion yuan, and Tin Industry Co. reported 1.44 billion yuan [3] - The small metals sector is characterized by a structural bull market, with significant price increases for antimony, tungsten, molybdenum, and tin [2][3] Resource Strategy - Companies are actively seizing opportunities to enhance production and resource reserves in response to growing demand [3][4] - Jinmo Co. aims to improve the efficiency of its value chain and focus on high-value molybdenum manufacturing and new material development [4] - Luoyang Molybdenum reported record production levels for copper, cobalt, niobium, and phosphorus in 2024, with plans for further copper production expansion [4]

金融界4月14日消息，上证指数高开高走，沪深300金属与采矿指数 (300金属与采矿，L11606)报2338.48 点。 从沪深300金属与采矿指数持仓的市场板块来看，上海证券交易所占比82.34%、深圳证券交易所占比 17.66%。 从沪深300金属与采矿指数持仓样本的行业来看，贵金属占比44.88%、工业金属占比20.97%、稀有金属 占比18.85%、钢铁占比12.18%、其他非金属材料占比3.12%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。特殊情况下将对指数样本进行临时调整。当样本退市时，将其从指数样本中剔除。样本公司发 生收购、合并、分拆等情形的处理，参照计算与维护细则处理。当沪深300指数调整样本时，沪深300行 业指数样本随之进行相应调整。在样本有特殊事件发生，导致其行业归属发生变更时，将对沪深300行 业指数样本进行相应调整。 数据统计显示，沪深300金属与采矿指数近一个月下跌3.45%，近三个月上涨3.83%，年至今上涨 5.59%。 据了解，为反映沪深300指数样本中不同细分行业公司证券的整体表现，为投资者提供分析工具，将沪 ...

消息面上，4月13日，中国人民银行发布了主要金融数据，首季社会融资规模增量超15万亿元、新增贷 款9.78万亿元、3月末广义货币M2余额同比增长7%。数据展现着金融对实体经济保持稳固支持，也折射 出实体经济需求持续回暖。此外，一季度全国工程机械平均开工率为44.67%，较去年同期增幅为 1.62%，折射出一季度中国经济平稳起步。 4月14日，A股市场主要指数高开后午后有所回落，大盘蓝筹风格整体走势平稳，A500和A50指数通过 行业均衡配置和聚焦优质龙头，契合资金关注主线。 相关产品：A500ETF（159339）、A50ETF基金（159592） MACD金叉信号形成，这些股涨势不错！ A股核心资产代表，"A股的标普500"：A500ETF（159339）跟踪的A500指数以不足A股市场10%的成份 股数量，覆盖全市场63%的总营收和70%的总净利润，或是大家长期布局我国资本市场高质量发展趋势 的有力工具。 各行业超级龙头，"漂亮50"：A50ETF基金（159592）跟踪的A50指数布局各行业超大市值龙头股，这 些绩优大白马在供给侧改革的趋势下受益于市场集中度提升，在业绩披露期或更受资金青睐。 华泰证券认 ...

Core Viewpoint - The price of gold has reached a new historical high of $3,245.45 per ounce, driven by various factors including geopolitical tensions and economic conditions [2] Precious Metals - Gold prices are being supported by strong demand for safe-haven assets due to fluctuating U.S. tariff policies and a declining trend in real interest rates as the Federal Reserve enters a rate-cutting cycle [2] - Recent U.S. CPI data was below expectations, and rising unemployment rates have increased expectations for interest rate cuts, further supporting gold prices [2] - The People's Bank of China has increased its gold holdings for the fifth consecutive month, boosting market confidence [2] Industrial Metals - HSBC reports that concerns over a global recession have been overstated, leading to a reassessment of investment preferences towards copper and aluminum assets [2] - The decision by the U.S. to delay aggressive tariffs for 90 days is expected to provide upward price momentum for copper and aluminum commodities, along with related company stocks [2] - Anticipated new stimulus policies in China are expected to further drive price increases in industrial metals [2]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - Copper prices rebounded after a significant drop, with attention on the ongoing US-China trade dynamics and recession expectations in the US. The weekly performance showed US copper up 3.75%, London copper up 2.97%, and Shanghai copper down 4.6%. The decline in copper prices led to increased downstream activity and accelerated inventory depletion, with copper rod operating rates at 74.76%, up 0.21 percentage points week-on-week. Social inventory of electrolytic copper decreased by 14.80% to 267,200 tons, while Shanghai copper inventory fell by 18.96% to 182,900 tons. Short-term price rebounds may be limited by US recession expectations, with key focus areas being US-China trade developments, US economic and inflation data, and Federal Reserve interest rate expectations. Recommended stocks include Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Tongling Nonferrous Metals [4] - Aluminum prices fell due to tariff impacts, with signs of weakening demand in the peak season and continued inventory depletion. The alumina market remains oversupplied, with prices dropping 5.12% to 2,870 RMB/ton. The operating capacity of alumina plants decreased by 1.91 million tons to 84.82 million tons/year. Electrolytic aluminum prices fell 3.72% to 19,675 RMB/ton, with profit margins down 15.54% to 3,650 RMB/ton. Overall, the supply side of electrolytic aluminum shows no increase in capacity, leading to a potential shortage this year, which could drive aluminum prices up significantly. Recommended stocks include Hongchuang Holdings, Yun Aluminum, Tianshan Aluminum, Shenhuo Co., and China Aluminum [4] - Lithium prices continued to decline, with carbonate lithium down 3.11% to 71,600 RMB/ton. The supply side remains oversupplied, with inventory increasing by 1.3% to 131,000 tons. Demand growth is hindered by tariff impacts on downstream exports, with expectations for a narrowing of the oversupply throughout the year. Recommended stocks include Yahua Group, Zhongjin Lingnan, Yongxing Materials, and Ganfeng Lithium [4] Summary by Sections 1. Industry Overview - The US March CPI was lower than expected at 2.4%, with initial jobless claims matching expectations at 223,000 [8] 2. Industrial Metals 2.1. Copper - London copper rose 2.97%, while Shanghai copper fell 4.60%. Inventory levels decreased significantly, with Shanghai copper inventory down 18.96% [21][24] 2.2. Aluminum - London aluminum increased by 0.50%, while Shanghai aluminum decreased by 3.72%. The operating profit for aluminum companies fell by 15.54% [33] 2.3. Lead and Zinc - London lead prices fell 0.57%, while Shanghai lead prices decreased by 2.44%. London zinc prices rose 0.34%, but Shanghai zinc prices fell 2.36% [48] 2.4. Tin and Nickel - London tin prices dropped 12.17%, and Shanghai tin prices fell 13.22%. Nickel prices also saw a decline [61] 3. Energy Metals 3.1. Lithium - Lithium carbonate prices fell 3.11% to 71,600 RMB/ton, with continued oversupply in the market [77] 3.2. Cobalt - Overseas MB cobalt prices increased by 0.16% to 15.88 USD/pound, while domestic cobalt prices fell [88]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 CMOC Group Limited* （於中華人民共和國註冊成立的股份有限公司） （股份代號：03993） 董事會召開日期 洛陽欒川鉬業集團股份有限公司（「本公司」）董事會（「董事會」）茲通告謹訂於二 零二五年四月二十五日（星期五）舉行董事會會議，藉以（其中包括但不限於）考慮 及批准刊發本公司及其附屬公司截至二零二五年三月三十一日止三個月的季度業 績，以及處理任何其他事項。 承董事會命 洛陽欒川鉬業集團股份有限公司 袁宏林 董事長 中華人民共和國河南省洛陽市 二零二五年四月十一日 於本公告日期，本公司之執行董事為孫瑞文先生及李朝春先生；本公司之非執 行董事為袁宏林先生、林久新先生及蔣理先生；及本公司之獨立非執行董事為 王開國先生、顧紅雨女士及程鈺先生。 * 僅供識別 ...

有色金属/工业金属 洛阳钼业（603993.SH） 一季度铜钴产量同比提升，积极落实高质量发展 2025 年 04 月 11 日 相关研究报告 《矿山板块表现稳健，归母净利同比 高 增 — 公 司 信 息 更 新 报 告 》 -2024.10.31 《铜钴产量同比高增，业绩创历史新 高—公司信息更新报告》-2024.8.26 《国内有色金属矿业巨头，铜钴项目 放量助成长—公司首次覆盖报告》 -2024.5.27 温佳贝（分析师） 冯伟珉（联系人） wenjiabei@kysec.cn 证书编号：S0790524040009 证书编号：S0790124070040 fengweimin@kysec.cn 公司发布 2025 年一季度产量报告，铜钴产量同比提升 投资评级：买入（维持） | 日期 | 2025/4/10 | | --- | --- | | 当前股价(元) | 6.58 | | 一年最高最低(元) | 9.87/5.91 | | 总市值(亿元) | 1,414.65 | | 流通市值(亿元) | 1,155.83 | | 总股本(亿股) | 214.99 | | 流通股本(亿股) | 175.66 | ...

有色金属/工业金属 洛阳钼业（603993.SH） 一季度铜钴产量同比提升，积极落实高质量发展 2025 年 04 月 11 日 投资评级：买入（维持） | 日期 | 2025/4/10 | | --- | --- | | 当前股价(元) | 6.58 | | 一年最高最低(元) | 9.87/5.91 | | 总市值(亿元) | 1,414.65 | | 流通市值(亿元) | 1,155.83 | | 总股本(亿股) | 214.99 | | 流通股本(亿股) | 175.66 | | 近 3 个月换手率(%) | 77.8 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 洛阳钼业 沪深300 相关研究报告 《矿山板块表现稳健，归母净利同比 高 增 — 公 司 信 息 更 新 报 告 》 -2024.10.31 《铜钴产量同比高增，业绩创历史新 高—公司信息更新报告》-2024.8.26 《国内有色金属矿业巨头，铜钴项目 放量助成长—公司首次覆盖报告》 -2024.5.27 温佳贝（分析师） 冯伟珉（联系人） wenjiabei@ky ...