Group 1 - The Shanghai Composite Index opened high and rose, with the SSE 50 Equal Weight Index increasing by 2.73% to 2309.57 points, with a trading volume of 180.645 billion [1] - The SSE 50 Equal Weight Index has increased by 4.63% in the past month, 7.16% in the past three months, and 6.14% year-to-date [1] - The SSE 50 Equal Weight Index selects 50 representative listed companies in the Shanghai securities market based on market capitalization and liquidity, reflecting the performance of influential leading enterprises [1] Group 2 - The top ten weights in the SSE 50 Equal Weight Index are: Cambrian (3.09%), Luoyang Molybdenum (2.7%), WuXi AppTec (2.59%), Agricultural Bank of China (2.37%), Bank of China (2.18%), Wanhua Chemical (2.18%), China Shipbuilding (2.17%), Heng Rui Medicine (2.15%), Sany Heavy Industry (2.14%), and CITIC Securities (2.14%) [1] - The SSE 50 Equal Weight Index is fully composed of companies listed on the Shanghai Stock Exchange [1] Group 3 - In terms of industry composition, the financial sector accounts for 24.45%, industrial sector for 17.45%, information technology for 14.91%, materials for 9.06%, energy for 7.50%, consumer discretionary for 5.67%, consumer staples for 5.54%, communication services for 5.41%, healthcare for 4.75%, utilities for 3.47%, and real estate for 1.78% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December, with a sample adjustment ratio generally not exceeding 10% [2] - There is a buffer zone for sample adjustments, prioritizing candidates ranked within the top 40 for new samples and retaining those ranked within the top 60 for old samples [2]

Core Viewpoint - The tungsten sector is experiencing significant price increases and heightened demand, driven by supply constraints and emerging applications in new energy technologies, particularly in photovoltaic and lithium battery industries [1][2][3]. Industry Overview - As of 2024, global tungsten reserves are estimated at 4.6 million metric tons, with China holding 2.4 million metric tons, accounting for 52% of the total [2]. - The demand for tungsten in the new energy sector is projected to grow, with the penetration rate of tungsten wire in photovoltaics expected to rise from 20% in 2024 to 40% in 2025, and lithium battery consumption anticipated to increase by 22% year-on-year, reaching 1,500 tons by 2025 [1][2]. Price Trends - Tungsten product prices have been on the rise, with 65% tungsten concentrate priced at 217,000 CNY/ton as of August 20, 2023, reflecting a 51.75% increase since the beginning of the year [2]. - The price of ammonium paratungstate (APT) has reached 311,500 CNY/ton, up 47.98% year-to-date, while tungsten powder is priced at 482.5 CNY/kg, marking a 53.91% increase [2]. Company Insights - Xiamen Tungsten is a leading integrated player in the tungsten industry, with nearly 50% of its revenue coming from tungsten and molybdenum businesses in 2024 [4]. - China Tungsten High-Tech is the top global player in hard alloys, with a resource self-sufficiency rate of 70% [4]. - Zhangyuan Tungsten ranks among the top three in domestic tungsten resource reserves, with over 60% self-sufficiency in tungsten concentrate [4]. - Xianglu Tungsten is a core supplier of hard alloys, producing ultra-fine tungsten powder with a purity of 99.99%, catering to high-end military and aerospace demands [4]. - Luoyang Molybdenum, the second-largest tungsten producer globally, is expected to reach a tungsten concentrate output of 12,000 tons by 2025, with reserves exceeding 300,000 tons [5].

Core Viewpoint - Luoyang Molybdenum Co., Ltd. shows mixed financial performance with a slight decrease in revenue but a significant increase in net profit, indicating potential resilience in profitability despite revenue challenges [2][3]. Financing Summary - On August 20, Luoyang Molybdenum's financing buy amounted to 186 million yuan, while financing repayment was 194 million yuan, resulting in a net financing outflow of 7.61 million yuan [1]. - The total financing balance as of August 20 was 1.93 billion yuan, representing 1.00% of the circulating market value, which is below the 30th percentile level over the past year, indicating a low financing level [1]. - The company had a securities lending balance of 17.68 million yuan, with a lending volume of 161,500 shares, which is above the 90th percentile level over the past year, indicating a high level of short selling [1]. Business Overview - Luoyang Molybdenum, established on December 22, 1999, and listed on October 9, 2012, primarily engages in the mining, processing, and trading of rare metals such as molybdenum, tungsten, and gold [2]. - The revenue composition includes refined metal products (58.08%), concentrate products (30.34%), copper (19.65%), cobalt (4.10%), and other metals, indicating a diversified product portfolio [2]. Shareholder and Dividend Information - The company has distributed a total of 21.56 billion yuan in dividends since its A-share listing, with 10.58 billion yuan distributed over the last three years [3]. - As of March 31, 2025, the number of shareholders decreased to 282,600, with no circulating shares per person [2][3]. - Major institutional shareholders have reduced their holdings, with Hong Kong Central Clearing Limited holding 578 million shares, down by 41.90 million shares [3].

Group 1: Tungsten Price Trends - Tungsten prices have been on the rise throughout the year, with significant increases noted in recent weeks. As of August 20, the price of 65% tungsten concentrate reached 217,000 yuan/ton, up 3,000 yuan/ton from August 19, marking a 51.75% increase since the beginning of the year [5][8] - The price of ammonium paratungstate (APT) at 88.5% purity is reported at 311,500 yuan/ton, reflecting a 47.98% increase year-to-date, while tungsten powder is priced at 482.5 yuan/kg, up 53.91% since the start of the year [5][8] Group 2: Supply and Demand Dynamics - The surge in tungsten prices is attributed to tightening supply and emerging demand. The Ministry of Natural Resources has set a control target for tungsten mining at 58,000 tons for 2025, a reduction of 4,000 tons or 6.45% from the previous year [8] - Major tungsten-producing regions, such as Jiangxi and Yunnan, have also seen reductions in mining output, contributing to a significant decrease in market circulation [8] - Demand for tungsten is growing in various sectors, including aerospace, defense, and electronics, with notable increases in the renewable energy sector, particularly in photovoltaic applications [8] Group 3: Market Performance and Stock Analysis - Tungsten-related stocks in the A-share market have generally performed well, with an average increase of 10.1% since August. Leading stocks include Luoyang Molybdenum, Zhongtung High-tech, and Xianglu Tungsten, with respective gains of 22.48%, 18.99%, and 17.41% [10][14] - The valuation of some tungsten concept stocks remains low, with a median rolling P/E ratio of 30.24 times, and several stocks, including Shengtun Mining and Luoyang Molybdenum, having P/E ratios below 20 times [11][12] - Luoyang Molybdenum is expected to report a net profit of 8.2 to 9.1 billion yuan for the first half of the year, representing a year-on-year growth of 51.37% to 67.98% [12]

香港联交所最新资料显示，8月15日，小摩减持洛阳钼业（603993）(03993)150.3万股，每股作价 10.7864港元，总金额约为1621.2万港元。减持后最新持股数目约为2.35亿股，最新持股比例为5.97%。 ...

Core Viewpoint - JPMorgan has reduced its stake in Luoyang Molybdenum Co., Ltd. by selling 1.503 million shares at a price of HKD 10.7864 per share, totaling approximately HKD 16.212 million, resulting in a new holding of about 235 million shares, representing 5.97% of the company [1] Summary by Category - **Share Reduction**: JPMorgan sold 1.503 million shares of Luoyang Molybdenum at HKD 10.7864 per share, amounting to HKD 16.212 million [1] - **Post-Transaction Holdings**: After the sale, JPMorgan's remaining shares in Luoyang Molybdenum are approximately 235 million, which corresponds to a holding percentage of 5.97% [1]

新华财经郑州8月20日电（记者李丽静）洛阳钼业8月20日对外发布消息称，当地时间8月19日，公司全 资控股的厄瓜多尔凯歌豪斯（Cangrejos)金矿与厄瓜多尔Elit Corporation公司在基多办公室举行4个水电 站、232兆瓦供电排他协议（意向函）的签署仪式。这标志着双方在构建安全、可靠的电力供销体系方 面迈出重要一步，为金矿未来的开发打下坚实基础。 凯歌豪斯金矿（Cangrejos)位于厄瓜多尔西南部埃尔奥罗省，是一处大型原生金矿项目。2025年4月21 日，洛阳钼业宣布将以 5.81 亿加元全现金方式收购加拿大上市公司Lumina黄金全部已发行和未发行的 所有普通股，其交易核心标的即为厄瓜多尔凯歌豪斯（Cangrejos)金矿项目。2个月后，洛阳钼业完成上 述收购交易，拥有了凯歌豪斯金矿（Cangrejos)100%的股权，在布局版图上新增了黄金资源。 根据协议，Elit公司将作为凯歌豪斯金矿（Cangrejos)的优先供电保障单位；与之对应，凯歌豪斯金矿 （Cangrejos)将成为Elit公司电力的优先采购单位。洛阳钼业此前初步计算，为确保正常运营，凯歌豪斯 金矿（Cangrejos)需在当 ...

Core Viewpoint - The signing of a power supply exclusivity agreement between Odin Mining and Elit Corporation marks a significant step in establishing a secure and reliable power supply system for the future development of the Kaigao House Gold Mine, which is now under the ownership of Luoyang Molybdenum [1] Group 1 - The agreement includes four hydropower stations with a total capacity of 232 megawatts [1] - Elit Corporation will serve as the primary power supply guarantee for Odin Mining, while Odin Mining will be the preferred purchaser of Elit’s electricity [1] - Luoyang Molybdenum has estimated that approximately 230 megawatts of power supply is needed for the normal operation of Odin Mining [1] Group 2 - Luoyang Molybdenum completed the acquisition of Odin Mining on June 24, successfully positioning itself in the gold resource sector [1] - The project team of Luoyang Molybdenum commenced key preliminary work on June 30, with power supply assurance being a critical aspect of project development [1]

Core Viewpoint - The company, Luoyang Molybdenum Co., Ltd., is a significant player in the non-ferrous metal mining industry, focusing on various metals including molybdenum, tungsten, cobalt, and copper, with a comprehensive integrated industrial chain [2]. Company Overview - Luoyang Molybdenum Co., Ltd. was established on December 22, 1999, and listed on October 9, 2012. The company primarily engages in the mining, selection, smelting, deep processing, and trading of precious metals [6]. - The company's revenue composition includes refined metal products (58.08%), concentrates (30.34%), copper (19.65%), cobalt (4.10%), molybdenum (2.96%), phosphorus (1.68%), niobium (1.39%), tungsten (0.86%), and others [6]. Business Operations - The company is among the top five molybdenum producers globally and the largest tungsten producer, as well as the second-largest cobalt and niobium producer [2]. - The company holds a 30% stake in the 60,000-ton nickel metal wet smelting project in Indonesia, which commenced production in December last year and is currently ramping up capacity [2]. - The company has been expanding its precious metals business, with gold production from its NPM copper-gold mine in Australia expected to increase from 16,000 ounces in 2022 to a guidance of 25,000 to 27,000 ounces in 2023, representing a year-on-year growth of 56% to 69% [2]. Financial Performance - As of March 31, 2025, the company reported a revenue of 46.006 billion yuan, a slight decrease of 0.25% year-on-year, while the net profit attributable to shareholders increased by 90.47% to 3.946 billion yuan [7]. - The company has distributed a total of 21.562 billion yuan in dividends since its A-share listing, with 10.576 billion yuan in the last three years [8]. Market Activity - On August 20, the company's stock price increased by 0.92%, with a trading volume of 1.942 billion yuan and a turnover rate of 1.02%, resulting in a total market capitalization of 234.268 billion yuan [1].

Investment Rating - The report maintains an "Overweight" rating for the cobalt industry, indicating a positive outlook for investment opportunities in this sector [7]. Core Viewpoints - The cobalt market is expected to enter an upward price cycle from 2025 to 2027, driven by supply constraints from the Democratic Republic of the Congo (DRC) and increasing demand from the lithium battery sector [11][12]. - The DRC government has implemented temporary export bans and may introduce export quotas, which could significantly reduce cobalt supply and lead to a supply-demand imbalance [11][30]. - The report forecasts that cobalt prices could stabilize at over 350,000 RMB per ton during the 2026-2027 period due to these supply constraints and robust demand growth [5][12]. Supply Summary - The DRC, which accounts for over 75% of global cobalt supply, has announced a temporary export ban that is expected to reduce its cobalt output by approximately 34% in 2025, resulting in a global supply decrease of 22.3% [2][33]. - If the DRC implements export quotas, global cobalt supply is projected to be 266,000 tons and 289,000 tons in 2026 and 2027, respectively, reflecting year-on-year growth of 10.1% and 8.7% [33][34]. - The DRC's supply reduction policies are anticipated to lead to a significant improvement in the supply-demand balance, with a projected shortage of 0.7 million tons in 2025 [4][60]. Demand Summary - Global cobalt demand is expected to grow significantly, with projections of 248,000 tons, 283,000 tons, and 329,000 tons for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 9.1%, 14.0%, and 16.3% [55][56]. - The demand for cobalt is primarily driven by the lithium battery sector, particularly the ternary lithium batteries, which are expected to see a recovery in penetration rates in the domestic market [3][38]. - The consumer electronics sector is also anticipated to recover, contributing to stable demand for cobalt [47]. Balance Summary - The report indicates that the supply-demand relationship for cobalt is expected to improve significantly, with a shift from an oversupply of 83,000 tons in 2024 to a shortage of 7,000 tons in 2025 [4][60]. - Long-term projections suggest that the cobalt market will remain in a tight balance, with shortages of 17,000 tons and 41,000 tons in 2026 and 2027, respectively [4][60]. Price Outlook - Short-term cobalt prices are expected to remain strong, with a likelihood of maintaining high levels until the end of 2025 due to ongoing supply constraints [5][65]. - The long-term price center for cobalt is projected to exceed 350,000 RMB per ton, driven by supply-side policies and sustained demand growth from the battery sector [5][12].