从业绩上来看，概念股前三季度盈利集体向好，翔鹭钨业、广晟有色扭亏为盈；其余5股归母净利润均 实现同比增长，洛阳钼业、湖南黄金、章源钨业增幅居前，分别为72.61%、54.28%、29.71%。 据数据宝统计，A股中，布局钨生产的个股共有7只，今日早盘集体上涨，平均涨幅达到2.02%，中钨高 新、翔鹭钨业、洛阳钼业涨幅居前，分别上涨3.82%、3.22%、2.85%。 随着钨制品价格持续上涨，概念股备受机构关注。统计显示，下半年以来，厦门钨业、中钨高新、章源 钨业3股获得机构扎堆调研，调研机构家数分别为275家、87家、52家。 ...

行业层面，国金证券指出，节奏上2026年上半年有望迎来再通胀交易。在美联储历次软着陆降息后，铜 价与美国制造业PMI通常3-6个月企稳回升，本轮降息周期从9月18日降息算起，基本面复苏对应明年一 二季度。此外，在短期宏观偏逆风背景下，铜价之所以维持10500美金以上偏强震荡，价格韧性强于以 往降息后表现，核心支撑在于供给，因此，未来经济基本面好转后，铜价或迎来超越过往的价格弹性表 现。 洛阳钼业（603993）(03993)午后涨超4%，截至发稿，涨4.09%，报18.86港元，成交4.47亿港元。 消息面上，12月3日，富时罗素宣布对富时中国50指数、富时中国A50指数、富时中国A150指数、富时 中国A200指数、富时中国A400指数的季度审核变更。其中，富时中国A50指数纳入洛阳钼业。本次变 更将于2025年12月19日星期五收盘后生效。瑞银此前指出，洛阳钼业2025年铜产量极有可能超越指引的 60万至66万吨，今年首三季已达54.3万吨，主要受惠于生产线技术升级及供电改善。管理层有信心2026 至27年产量将持续增长，并认为新增产量的贡献可持续。 ...

Market Overview - Major stock indices in the A-share market experienced a collective rise, with the Shanghai Composite Index up by 0.08%, the Shenzhen Component Index up by 0.39%, and the ChiNext Index up by 0.47% [1] Sector Performance - The optical module sector continued to show strength, with the concept index rising by 4.41%. Other sectors such as superconductors, fiberglass, and charging piles also saw significant gains [2] New Stock Performance - The stock N-Mole-U debuted on the STAR Market, opening with a surge of 468% and reaching a peak increase of 502.03%, trading at 688 CNY per share. By midday, it closed with a gain of 416.79% at 590.59 CNY per share. Investors holding one lot (500 shares) could potentially earn over 286,860 CNY [3] Market Reaction to New Listings - Following the listing of N-Mole-U, related A-share stocks experienced a collective pullback. For instance, Heertai saw a drop of 9.32%, while Yingqu Technology and others also faced declines of over 3% [4] Tungsten Market Dynamics - Tungsten product prices have surged significantly, with black tungsten concentrate prices reaching 353,000 CNY per ton, reflecting a 146.85% increase since the beginning of the year. APT and tungsten powder prices also saw substantial increases of 145.5% and 161.08%, respectively [6][9] Supply and Demand Factors - The price increase in tungsten products is attributed to supply constraints and rising demand. China, being a major producer and consumer, is projected to produce approximately 67,000 metric tons of tungsten in 2024, accounting for 82.7% of global output. The government has also implemented mining quotas, reducing the total output for 2025 by 6.45% compared to 2024 [9] Emerging Applications and Industry Outlook - Companies in the tungsten sector are actively exploring new applications in emerging industries. For instance, Zhongtung High-tech has developed high-quality nano-grade tungsten carbide powder for PCB micro-drills, while Xiamen Tungsten is expanding its tungsten wire applications in the photovoltaic sector [11][12] Company Performance - Tungsten-related stocks have shown positive earnings trends, with companies like Xianglu Tungsten and Guangsheng Nonferrous Metals turning profitable. Other companies reported significant year-on-year profit growth, with Luoyang Molybdenum and Hunan Gold seeing increases of 72.61% and 54.28%, respectively [12]

Core Viewpoint - The prices of tungsten products have surged significantly in 2023, with black tungsten concentrate prices increasing over 140% year-to-date, driven by supply constraints and rising demand in high-end manufacturing and emerging industries [1][3]. Price Trends - As of December 5, black tungsten concentrate (≥65%) is priced at 353,000 CNY/ton, up 3.8% week-on-week; APT (ammonium paratungstate: ≥88.5%) is at 518,000 CNY/ton, up 4.7%; tungsten powder is at 825 CNY/kg, up 3.8% [1]. - Compared to the beginning of the year, black tungsten concentrate has increased by 146.85% from 143,000 CNY/ton, APT by 145.5%, and tungsten powder by 161.08% [1][3]. Supply and Demand Dynamics - China is the world's leading tungsten producer and consumer, with an estimated production of 67,000 metric tons in 2024, accounting for 82.7% of global output [3]. - The Ministry of Natural Resources and the Ministry of Industry and Information Technology have set a total mining control target of 58,000 tons for tungsten concentrate (65% WO3) in 2025, a decrease of 4,000 tons (6.45%) from 2024 [3]. - The demand for tungsten is driven by its unique physical properties, making it essential in high-end manufacturing and emerging industries such as photovoltaics, military, and semiconductors [3]. Future Outlook - According to Zhejiang Securities, the recovery of China's manufacturing sector is expected to accelerate post-global interest rate cuts, which will boost tungsten consumption [4]. - New applications in AI, controlled nuclear fusion, and new infrastructure are anticipated to increase marginal demand for tungsten-based new materials [4]. Company Developments - Seven A-share companies involved in tungsten production have seen collective stock price increases, averaging 2.02%, with notable gains from Zhongtung High-tech, Xianglu Tungsten, and Luoyang Molybdenum [5]. - Companies are actively expanding tungsten applications in emerging industries, with Zhongtung High-tech successfully producing high-quality nano-grade tungsten carbide powder for PCB micro-drills [5]. - Xiamen Tungsten is focusing on expanding its tungsten wire applications in photovoltaics, achieving significant results with mainstream product lines reaching below 28μ in diameter [5]. - Zhangyuan Tungsten is committed to high-value hard alloy markets, focusing on aerospace and new energy sectors, and developing core business areas including cutting tools and high-end ceramic materials [6]. Financial Performance - In the first three quarters, tungsten-related companies reported improved profitability, with Xianglu Tungsten and Guangsheng Nonferrous turning profitable, while others like Luoyang Molybdenum, Hunan Gold, and Zhangyuan Tungsten saw significant year-on-year profit growth of 72.61%, 54.28%, and 29.71% respectively [6].

自由现金流ETF中证全指（561080）业绩比较基准为中证全指自由现金流指数收益率，管理人为华安基 金管理有限公司，基金经理为许之彦、王超，成立（2025-04-23）以来回报为23.58%，近一个月回报为 2.50%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 12月5日，截止午间收盘，自由现金流ETF中证全指（561080）涨0.73%，报1.243元，成交额292.18万 元。自由现金流ETF中证全指（561080）重仓股方面，中国海油截止午盘跌0.89%，美的集团涨0.11%， 格力电器跌0.54%，五粮液涨0.26%，中远海控跌0.40%，洛阳钼业涨2.85%，TCL科技涨2.06%，中国铝 业涨3.95%，顺丰控股涨0.37%，陕西煤业跌0.62%。 来源：新浪基金∞工作室 ...

黄金概念板块领涨，上涨1.3%，其中晓程科技上涨12.94%，江西铜业上涨3.99%，南矿集团上涨 3.15%，盛屯矿业、洛阳钼业、和邦生物涨超2%。（AI生成） 黄金概念板块领涨，上涨1.3%，其中晓程科技上涨12.94%，江西铜业上涨3.99%，南矿集团上涨 3.15%，盛屯矿业、洛阳钼业、和邦生物涨超2%。（AI生成） ...

Group 1: Copper Price Surge - Copper prices have reached historical highs due to global supply tightness, explosive demand, and interest rate cut expectations, with domestic spot copper prices exceeding 90,000 yuan/ton for the first time [1][4] - On December 3, LME three-month copper closed at $11,487.50 per ton, marking a significant daily increase of $342.50 [1] - The tight supply in the domestic market has led to a rise in the net value of the China Securities Index Nonferrous Metals Mining Theme ETF [1] Group 2: Supply and Demand Dynamics - The processing fees for copper smelting have dropped to negative territory due to tight copper concentrate supply, causing smelting companies to struggle [2][8] - Fitch Solutions analysts predict a contraction in China's copper mine production by 2030 due to the closure of low-grade mines and delays in capacity expansion plans [2] - Global copper mine production is expected to decline by 0.12% in 2025, while demand continues to rise, particularly from sectors like solar energy and electric vehicles [5][6] Group 3: Market Trends and Future Outlook - The ongoing supply constraints and high demand are expected to lead to a substantial shortage of cathode copper in Asia, potentially triggering further price increases [7] - The TC/RC (treatment and refining charges) have fallen to historical lows, with the current spot price at -$43 per ton, indicating significant pressure on smelting companies [10] - Analysts expect that the growth rate of China's copper mine production will gradually slow down over the next decade, with a focus on overseas investments, particularly in Africa [13]

今年以来，洛阳钼业持续升级组织，提效管理，践行降本增效理念，业绩再创新高。 据其10月底发布的财报，今年前三季度，公司归母净利润达到142.80亿元，同比增长72.61%，超越去年全年水平，创下同期历史 新高。 公司情报专家《财经涂鸦》获悉，12月3日，富时罗素宣布对富时中国指数系列的季度审核变更，洛阳钼业被首次纳入到富时中国 A50指数。 富时罗素是伦敦证券交易所集团旗下专业指数服务商，亦是全球领先的指数编制机构。其核心产品为富时中国A50指数，涵盖四大 高成长板块，由上海和深圳证券交易所市场中总市值最大的50只股票组成，并实时追踪中国核心资产表现。 该指数于每年3月、6月、9月和12月进行季度审核，不少国际投资者将该指数视作衡量中国市场的精确指标。 在今年9月的季度审核中，富时罗素曾将洛阳钼业纳入到备选名单；12月3日，洛阳钼业首次入围富时中国A50指数正选名单。 期内，公司经营质量进一步提升，含"铜"量攀升。其中，矿山端营业收入为565.94亿元，占比整体近四成。铜板块营业收入为 386.18亿元，占比矿山端68%以上，环比提升3个百分点。同时，公司前三季度产铜54.34万吨，同比增长14.14%，按产 ...

Group 1 - The core viewpoint of the news is that the non-ferrous metal industry index is experiencing a strong upward trend, driven by rising prices of industrial metals like copper and aluminum, with expectations of sustained price increases in the long term [1] - As of December 5, 2025, the non-ferrous metal industry index (399395) rose by 1.10%, with notable increases in stocks such as Zhongfu Industrial (600595) up 8.21%, Nanshan Aluminum (600219) up 6.72%, and Shenhuo Co. (000933) up 4.42% [1] - The non-ferrous ETF fund (159880) also saw an increase of 0.79%, marking its third consecutive rise, with the latest price reported at 1.79 yuan [1] Group 2 - Factors such as the demand from new energy vehicles, data centers, and the renewal of power grids in Europe and the US are expected to significantly increase the demand for copper and aluminum [1] - The top ten weighted stocks in the non-ferrous metal industry index as of November 28, 2025, include Zijin Mining (601899), Luoyang Molybdenum (603993), and Northern Rare Earth (600111), collectively accounting for 52.34% of the index [2] - The non-ferrous ETF fund closely tracks the non-ferrous metal industry index, which reflects the overall performance of listed companies in the non-ferrous metal sector on the Shanghai and Shenzhen stock exchanges [1]

资料显示，洛阳栾川钼业集团股份有限公司位于河南省洛阳市栾川县城东新区画眉山路伊河以北，成立 日期1999年12月22日，上市日期2012年10月9日，公司主营业务涉及主要从事钼、钨及黄金等稀贵金属 的开采、选冶、深加工、贸易、科研等。生产所需原辅材料、机械设备、仪器仪表、零配件的进口(上 述进出口项目凭资格证书经营)。金属贸易。主营业务收入构成为：精炼金属产品贸易48.56%，精矿产 品贸易38.31%，铜27.14%，钴6.04%，钼3.12%，磷2.23%，铌1.88%，钨1.17%，其他(补充)0.11%。 洛阳钼业所属申万行业为：有色金属-工业金属-铜。所属概念板块包括：铌概念、有色铜、钴镍、黄金 股、稀缺资源等。 来源：新浪证券-红岸工作室 12月5日，洛阳钼业盘中上涨2.01%，截至09:43，报18.26元/股，成交7.52亿元，换手率0.24%，总市值 3906.60亿元。 资金流向方面，主力资金净流出5502.77万元，特大单买入1.26亿元，占比16.74%，卖出1.70亿元，占比 22.60%；大单买入1.60亿元，占比21.31%，卖出1.71亿元，占比22.76%。 洛阳钼业今年以来 ...