Core Insights - Luoyang Molybdenum Co., Ltd. has been recognized in the Wind ESG "AAA" rating and has made it to the top 100 list of best practices in ESG among large-cap companies for 2025 [1] Environmental Performance - The company has achieved a leading environmental performance, with copper product carbon emissions density lower than 70% of global mining companies, 36% of global renewable energy usage, and 81% of water being recycled [1] - Luoyang Molybdenum has initiated greenhouse gas scope 3 accounting and disclosed its data and methodology for the first time, along with a complete TCFD report [1] Social Responsibility - The company emphasizes employee rights protection and community investment, implementing localized and diversified employment strategies to create an inclusive work environment [2] - In 2024, all mining sites passed ISO45001 occupational health and safety certification, and the company contributed approximately 191 billion yuan to the global economy, with 292 million yuan invested in community development projects [2] Governance and Economic Practices - Luoyang Molybdenum has established a clear three-tier ESG governance structure involving the board, executive management, and business units, with senior management responsible for ESG strategy and policy execution [2] - The company is committed to ethical business practices in its operations and supply chain, emphasizing anti-corruption, protection of trade secrets, conflict of interest disclosures, and prohibition of improper transactions [2] Recognition and Future Commitment - The company has received external recognition for its ESG performance, maintaining an AA rating from MSCI ESG for three consecutive years, ranking in the top 11% of the global non-ferrous metals industry [3] - Luoyang Molybdenum aims to continue implementing high-standard ESG principles across its global mining sites and share development outcomes with stakeholders [3]

香港联交所最新资料显示，9月4日，摩根大通增持洛阳钼业（603993）(03993)294.3812万股，每股均价 12.113港元，总金额约为3565.84万港元。增持后最新持股数目约为2.38亿股，最新持股比例为6.04%。 ...

Group 1 - Morgan Stanley increased its stake in Luoyang Molybdenum Co., Ltd. by purchasing 2.943812 million shares at an average price of HKD 12.113 per share, totaling approximately HKD 35.6584 million [1] - After the purchase, Morgan Stanley's total shareholding in Luoyang Molybdenum reached approximately 238 million shares, representing a holding percentage of 6.04% [1]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has shown significant stock performance with a year-to-date increase of 100.41%, despite a recent decline of 7.24% over the last five trading days [1] Company Overview - Luoyang Molybdenum Co., Ltd. is primarily engaged in the mining, selection, deep processing, trading, and research of precious metals such as molybdenum, tungsten, and gold [1] - The company was established on December 22, 1999, and went public on October 9, 2012 [1] - The main revenue sources include refined metal product trading (48.56%), concentrate product trading (38.31%), copper (27.14%), cobalt (6.04%), molybdenum (3.12%), phosphorus (2.23%), niobium (1.88%), tungsten (1.17%), and others (0.11%) [1] Financial Performance - For the first half of 2025, Luoyang Molybdenum achieved operating revenue of 94.773 billion yuan, a year-on-year decrease of 7.83%, while net profit attributable to shareholders increased by 60.07% to 8.671 billion yuan [2] - The company has distributed a total of 21.562 billion yuan in dividends since its A-share listing, with 10.576 billion yuan distributed in the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 15.95% to 237,500, with an average of 0 shares per shareholder [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 648 million shares, and several ETFs such as Huaxia SSE 50 ETF and Huatai-PineBridge CSI 300 ETF, which have increased their holdings [3]

Company Overview - Luoyang Molybdenum Co., Ltd. is primarily engaged in the mining, selection, deep processing, trading, and research of precious metals such as molybdenum, tungsten, and gold [1] - The company was established on December 22, 1999, and was listed on October 9, 2012 [1] - The main business revenue composition includes refined metal product trading (48.56%), concentrate product trading (38.31%), copper (27.14%), cobalt (6.04%), molybdenum (3.12%), phosphorus (2.23%), niobium (1.88%), tungsten (1.17%), and others (0.11%) [1] Stock Performance - As of September 8, Luoyang Molybdenum's stock price was 12.64 CNY per share, with a market capitalization of 270.42 billion CNY [1] - The stock has increased by 97.59% year-to-date, but has decreased by 6.58% in the last five trading days [1] - The stock has shown a 28.72% increase over the last 20 days and a 66.40% increase over the last 60 days [1] Financial Performance - For the first half of 2025, Luoyang Molybdenum reported operating revenue of 94.773 billion CNY, a year-on-year decrease of 7.83% [2] - The net profit attributable to shareholders for the same period was 8.671 billion CNY, reflecting a year-on-year increase of 60.07% [2] Shareholder Information - As of June 30, 2025, the number of shareholders was 237,500, a decrease of 15.95% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and several ETFs, with notable increases in holdings [3]

Group 1: Industrial Metals - The expectation of a Federal Reserve interest rate cut has increased, combined with the seasonal demand in September and October, leading to strong upward momentum in industrial metal prices [1][2] - Copper prices are supported by a decrease in electrolytic copper production expected in October, with the SMM import copper concentrate index reporting a weekly increase of $0.63 to -$40.85 per ton [2] - Aluminum production has slightly increased to 847,300 tons, with domestic electrolytic aluminum social inventory at 626,000 tons, indicating a slight accumulation of 6,000 tons [2] Group 2: Energy Metals - The supply of cobalt raw materials continues to decrease, suggesting a potential surge in cobalt prices, while lithium demand is expected to strengthen during the traditional peak season [3] - The market is entering a phase of increased supply and demand for lithium, with expectations of a tight supply situation, leading to a sustained strong price for lithium carbonate [3] - Nickel prices are expected to rise due to limited supply from nickel salt plants and high raw material costs, with ongoing demand from downstream enterprises [3] Group 3: Precious Metals - The weak U.S. employment data and inflation aligning with expectations have bolstered confidence in a Federal Reserve rate cut, leading to an upward shift in gold and silver prices [4] - The legal and economic uncertainties from tariff disputes are expected to increase safe-haven demand, supporting gold prices [4] - Central bank gold purchases and weakening U.S. dollar credit are anticipated to drive gold prices higher, presenting opportunities for investment in the gold sector [4]

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, particularly highlighting the performance of the gold sector [3][4]. Core Insights - The report indicates that the gold sector is expected to benefit from rising interest rate cut expectations, with a long-term trend of central bank gold purchases anticipated due to low current gold reserves in China [4][23]. - The industrial metals segment shows a mixed performance, with copper prices expected to remain strong due to supply constraints and increasing demand from sectors like home appliances and power grid investments [4][36]. - The aluminum market is projected to experience a long-term upward trend in prices, supported by tightening supply-demand dynamics and potential policy support [4][49]. Weekly Market Review - The Shanghai Composite Index fell by 1.18%, while the non-ferrous metals index rose by 2.12%, outperforming the Shanghai Composite by 2.93 percentage points [5][11]. - Precious metals saw a significant increase, with gold prices rising by 3.52% and silver by 1.87% [4][17]. - Year-to-date performance shows precious metals up by 60.89%, aluminum by 23.36%, and copper by 60.11% [11][12]. Price Changes and Key Company Valuations - The report details price changes for various metals, with copper at $9,898 per ton, aluminum at $2,601 per ton, and gold at $3,640 per ounce [17][20]. - Key companies in the sector include Zijin Mining, Shandong Gold, and Huayou Cobalt, with respective valuations and earnings projections provided [20][21]. Supply and Demand Analysis - Copper supply is tightening, with domestic social inventory increasing to 141,000 tons, while demand remains robust with operating rates for copper products showing slight increases [36][49]. - The aluminum sector is experiencing a rise in downstream processing rates, with a current operating rate of 61.70% [49][51]. - Steel production is affected by short-term production limits in Hebei, leading to a decrease in output and an increase in steel prices [4][73].

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals industry [6]. Core Viewpoints - The copper price is expected to strengthen in Q4 2025 due to improved supply-demand dynamics and a 100% probability of interest rate cuts in the US [1][4]. - Domestic copper social inventory increased by 10.6%, while LME copper inventory decreased by 0.6% [2][25]. - The report recommends companies such as Jincheng Mining, Zijin Mining, Luoyang Molybdenum, and Western Mining, while also suggesting to pay attention to Tongling Nonferrous Metals [4]. Summary by Sections Macroeconomic Factors - The US non-farm employment data for August was below expectations, leading to a 100% probability of interest rate cuts in September [1][37]. - The US dollar index remains weak, impacting copper prices positively [1]. Supply Dynamics - Domestic copper concentrate inventory decreased by 3.1%, while the TC spot price increased by $0.8/ton [2][48]. - China's copper concentrate production in May 2025 was 158,000 tons, up 22.7% month-on-month and 11.2% year-on-year [2][50]. - The price difference between refined copper and scrap copper increased by 293 RMB/ton, indicating a tighter supply of scrap copper [2][54]. Demand Trends - The cable manufacturing industry's operating rate decreased by 1.1 percentage points to 66.75% [3][76]. - Air conditioning production is expected to decline year-on-year by 12%, 22.6%, and 19.7% for September, October, and November respectively [3][94]. - The operating rate for brass rods, which account for 4.2% of domestic copper demand, was 43.9%, down 1 percentage point year-on-year [3][94]. Futures Market - The SHFE copper active contract positions increased by 4%, while COMEX non-commercial net long positions decreased by 2% [4][32]. - As of September 5, 2025, the SHFE copper active contract position was 187,000 lots, up 3.6% week-on-week [4][32]. Investment Recommendations - The report anticipates that copper prices will continue to rise due to tightening supply and improving demand in 2025 [4]. - Recommended stocks include Jincheng Mining, Zijin Mining, Luoyang Molybdenum, and Western Mining, with a focus on Tongling Nonferrous Metals [4].

Investment Rating - The report maintains a "Buy" recommendation for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [2][4]. Core Views - The report highlights that the expectation of interest rate cuts by the Federal Reserve, combined with seasonal demand in September and October, is likely to drive up industrial metal prices. The demand for copper is expected to remain strong despite a slight decline in production [2][3]. - For energy metals, the report anticipates a significant increase in cobalt prices due to reduced supply and strong demand, while lithium prices are expected to remain robust during the traditional peak season [3]. - In the precious metals sector, the report is optimistic about gold prices rising due to strong central bank purchases and geopolitical uncertainties, with silver also expected to perform well due to its industrial applications [4]. Summary by Sections Industrial Metals - The report notes that the SMM imported copper concentrate index increased by $0.63 per ton, indicating a positive trend in copper demand. The electrolytic copper production is expected to decline, which may support prices in the upcoming months [2]. - Aluminum production has slightly increased, and the demand side shows signs of support as downstream buyers are starting to stock up [2][19]. - The report recommends companies such as Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining as key investment opportunities in the industrial metals sector [2]. Energy Metals - Cobalt prices are expected to rise significantly due to supply shortages and increased purchasing activity from the market. Lithium demand is also projected to grow, leading to a tighter supply situation [3]. - The report suggests that companies like Huayou Cobalt and Ganfeng Lithium are worth watching due to their potential in the energy metals market [3]. Precious Metals - The report emphasizes a strong outlook for gold prices, driven by expectations of interest rate cuts and ongoing central bank purchases. Silver is also expected to see price increases due to its industrial demand [4]. - Recommended companies in the precious metals sector include Western Gold, Shandong Gold, and Zhaojin Mining [4].

Market Overview - The Shanghai Composite Index fell below the 3800 mark, closing at 3765.88 points, down 1.25%, while the Shenzhen Component Index and ChiNext Index dropped 2.83% and 4.25% respectively, indicating a recent market correction after a rapid rise in August [1][8] Stock Recommendations - A total of 42 brokerages have issued stock recommendations for September, suggesting 285 stocks, with ZTE Corporation, New China Life Insurance, and Kaiying Network being the most frequently recommended, each by 5 brokerages [2][3] - In the last three months, Muyuan Foods and Oriental Fortune have been recommended 14 times, the highest among all A-shares, while Luoyang Molybdenum and Kaiying Network were recommended 11 times [2][4] Performance of Recommended Stocks - Luoyang Molybdenum has seen a nearly 40% increase since August, while ZTE Corporation and Kaiying Network were only recommended by one brokerage in August [3][5] - Among the top 10 recommended stocks, only Luoyang Molybdenum saw a slight increase of 0.65% from September 1 to September 4, while the others experienced declines, with four stocks dropping over 10% [5][6] Sector Focus - Brokerages are focusing on technology sectors such as computing power, artificial intelligence, and consumer electronics, while also recommending attention to new consumption, large finance, and domestic substitution themes [2][9] - Long-term bullish sentiment remains for the A-share market, with expectations for economic support measures and a potential rebound in the Hong Kong market [9][10] Company Insights - Luoyang Molybdenum is highlighted as a major international resource company, with copper and cobalt contributing over 70% to its profits, and is expected to benefit from rising prices of strategic metals [7] - New China Life Insurance is favored for its high investment returns from equity assets, with a significant increase in new business from its bancassurance channel [5][6] - Kaiying Network's upcoming game releases and AI applications are anticipated to drive performance growth [6]