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 数及富时中国A400指数进行审议调整，该调整将于2025年12月19日(星期五)收盘后(即2025年12月22 日，星期一)生效。其中，富时中国A50指数纳入洛阳钼业（603993）(603993.SH)、阳光电源 （300274）(300274.SZ)，剔除江苏银行（600919）(600919.SH)等。备选股名单为：江苏银行 (600919.SH)、顺丰控股（002352）(002352.SZ)、赛力斯（601127）(601127.SH)、胜宏科技（300476） (300476.SH)、万华化学（600309）(600309.SH)。 ...

富时罗素宣布对富时中国指数系列的季度审核变更，富时中国A50指数纳入洛阳钼业、阳光电源，剔除 了江苏银行和顺丰控股；调整结果将于2025年12月19日盘后生效。 ...

Industry Overview - The report highlights a warming expectation for interest rate cuts, which is expected to boost metal prices, particularly in the context of the Federal Reserve's potential policy changes [1][3]. Steel Industry - In December, demand for steel may continue to weaken due to weather factors, leading to a reduction in steel production and a fluctuating price trend [3][19]. - The steel industry is expected to benefit from growth policies, with demand in shipbuilding and construction likely to increase, alongside trends in equipment upgrades and low-carbon transitions [5][19]. - The average daily transaction volume of construction steel in October 2025 was 101,300 tons, down 1.13% month-on-month and 13.06% year-on-year [20][19]. Copper Industry - The copper supply remains tight, with expectations of continued high price fluctuations supported by low domestic inventory levels and the Fed's interest rate cut expectations [3][36]. - In October, domestic refined copper production was 1,204,000 tons, a year-on-year increase of 7.89% [37][36]. - The report suggests a positive outlook for the copper industry, driven by demand from power grids, electric vehicles, and AI servers [5][36]. Aluminum Industry - The aluminum sector is experiencing a stable profit level for electrolytic aluminum plants due to low alumina prices, although downstream demand is expected to weaken in December [3][41]. - Domestic electrolytic aluminum production in October was 3,798,000 tons, a year-on-year increase of 2.23% [42][41]. - The report anticipates that the aluminum price will continue to fluctuate in the short term, supported by the Fed's interest rate cut expectations [5][41]. Precious Metals - Gold prices are expected to fluctuate at high levels in the short term, influenced by the Fed's interest rate policies and geopolitical tensions, particularly regarding the Russia-Ukraine situation [3][47]. - From October 31 to November 28, 2025, COMEX gold prices increased by 6.05% to $4,256.40 per ounce [47][47]. New Energy Metals - Lithium prices are expected to remain high due to strong demand in the energy storage sector, despite a slight decline in demand from the electric vehicle sector [3][52]. - Domestic battery-grade lithium carbonate prices increased by 17.50% to 94,000 yuan per ton from October 31 to November 28, 2025 [53][52]. - The report indicates a trend towards regulatory strengthening in the lithium supply side, which may optimize the future supply structure and support lithium prices [5][52]. Cobalt Industry - The cobalt market is expected to face pressure on prices due to a potential decline in demand from the power battery market, while the consumer electronics sector remains robust [4][62]. - In October, domestic cobalt sulfate production was 12,500 tons, a year-on-year decrease of 32.72% [66][62].

关联产品： 全指现金流ETF鹏华（512130） 关联个股： 截至12月03日14:15，全指现金流ETF鹏华（512130.SH）上涨0.75%，其关联指数中证现金流 （932365.CSI）上涨0.65%；主要成分股中，中国铝业上涨4.25%，TCL科技上涨4.08%，洛阳钼业上涨 2.33%，云铝股份上涨4.77%。 今日，有色金属板块涨幅居前，带动全指现金流ETF鹏华（512130.SH）关联指数中证现金流 （932365.CSI）成分股表现活跃，其中中国铝业、云铝股份分别上涨4.25%和4.77%，TCL科技、洛阳钼 业涨幅超2%。板块走强或受大宗商品价格波动及供需预期改善影响。 券商研究方面，湘财证券指出年末红利资产行情具备韧性，煤炭、石油石化等行业因供需格局改善及高 股息特性成为配置重点。其研报显示，煤炭行业受益于冬储补库逻辑，头部企业现金流充裕且股息率维 持高位。 有机构指出，维持A股年末休整期的判断，短期涨跌空间有限，建议以守为攻，风格上强调平衡配置， 适当关注回调充分且产业逻辑清晰的成长类品种。期待市场在12月重磅会议前后逐步企稳，明年一季度 有望迎来向上合力，春季躁动提前，科技成长和资源 ...

格隆汇12月2日丨洛阳钼业(603993.SH)公布，2025年12月1日，公司全资子公司西藏施莫克商贸有限公 司(简称"西藏施莫克")与博裕天枢(宁波)自有资金投资有限责任公司简称"普通合伙人")等合作方签署 《博裕新智新产(宁波)股权投资合伙企业(有限合伙)有限合伙合同》简称"基金合同")，由西藏施莫克认 购人民币5亿元基金份额。基金主要专注于科技、医疗健康、消费品和零售三大朝阳产业。 ...

Group 1 - Xi'an Yicai plans to invest approximately 12.5 billion yuan in the Wuhan silicon material base project, focusing on producing silicon monocrystalline polished wafers and epitaxial wafers for advanced integrated circuits [1] - CATL has repurchased 15.99 million A-shares for a total expenditure of approximately 4.386 billion yuan, representing 0.36% of its total A-share capital [1][2] - Tianpu Co. has completed a stock suspension review after a 451.8% increase in stock price from August 22 to November 27, and its shares will resume trading [2] Group 2 - Jiangbolong plans to raise no more than 3.7 billion yuan through a private placement for high-end memory research and development projects [4] - Ashi Chuang intends to raise no more than 900 million yuan for semiconductor material projects and to supplement working capital [5] - Aike Co. plans to acquire 100% equity of Dongguan Qixiang for 2.2 billion yuan, focusing on products applicable in new energy battery and storage fields [6] Group 3 - Xiangyuan Cultural Tourism's subsidiary intends to acquire 100% equity of Jinxiu Lianhua Mountain for approximately 345 million yuan, which operates a national AAAA-level tourist attraction [7] - Zhongding Co. plans to issue convertible bonds totaling no more than 2.5 billion yuan for various projects including smart robots and new energy vehicle systems [9] - Jingtou Development intends to acquire 45% equity of Shanghai Lishi and related debts, aiming for full ownership of the company [10] Group 4 - Luoyang Molybdenum's subsidiary plans to invest 500 million yuan in a fund focusing on technology, healthcare, and consumer goods [11] - Transsion Holdings has submitted an application for H-share listing on the Hong Kong Stock Exchange [12] - ST Zhiyun's controlling shareholder is set to change, with a new entity gaining control over 18.61% of voting rights [13] Group 5 - Chongqing Construction's second-largest shareholder plans to transfer 12.95% of state-owned shares to other state-owned entities [14] - Longpan Technology's subsidiary signed a long-term procurement agreement to supply 106,800 tons of lithium iron phosphate materials, with a total contract value estimated between 4.5 billion to 5.5 billion yuan [15] - Junting Hotel's controlling shareholder will change to Hubei Cultural Tourism Group, with shares resuming trading [16] Group 6 - Hefei Guotou will become the controlling shareholder of Chuanan Technology after a private placement to raise no more than 1.419 billion yuan for various projects [18] - Xianglu Tungsten's shareholder plans to reduce holdings by up to 1.6 million shares, representing 0.49% of total shares [20] - Ankai Micro plans to acquire 85.79% of Siche Technology for 326 million yuan, focusing on AIoT chip design [20]

本报讯 （记者肖艳青）12月2日晚间，洛阳栾川钼业集团股份有限公司（以下简称"洛阳钼业"）公告 称，公司全资子公司西藏施莫克商贸有限公司（以下简称"西藏施莫克"）与博裕天枢（宁波）自有资金 投资有限责任公司等合作方签署《博裕新智新产（宁波）股权投资合伙企业（有限合伙）有限合伙合 同》，由西藏施莫克认购5亿元基金份额。 公告显示，博裕新智新产（宁波）股权投资合伙企业（有限合伙），属于私募股权投资基金，目标规模 为80亿元至100亿元，投资领域为科技、医疗健康、消费品和零售三大朝阳产业，基金尚需在中国证券 投资基金业协会备案。 对于此次投资的影响，洛阳钼业表示，公司是在确保日常运营和资金安全的前提下实施本次投资，不会 影响公司日常资金正常周转需要。本次投资主要是为了借助专业投资机构的优势，提升投资效益，为公 司及股东创造合理的投资回报。 （编辑 张伟） 洛阳钼业此次参与认购基金已获公司董事会通过。同时，其股东宁德时代新能源科技股份有限公司同时 认购此基金。 ...

作者：MD 出品：明亮公司 「明亮公司」获悉，近日，博裕投资旗下新基金主体 " 博裕新智新产（宁波）股权投资合伙企业 （有限合伙） "（下称"博裕新基金"）已获宁德时代、洛阳钼业、伊泰B股等 三家上市公司 的投 资， 三家上市公司相关主体作为有限合伙出资各 5亿元人民币 ，相关公告显示，新基金此次募集认 缴总额为 40.1亿元，目标规模80-100亿元 以下文章来源于明亮公司 ，作者主编24小时在线 明亮公司 . 追踪新商业、好公司，提供一手情报与领先认知。 除此之外，博裕新基金的投资者还包括 内蒙古伊泰煤炭股份有限公司 （下称 "伊泰煤炭"），据公司 上市主体伊泰B股（900948）公告，伊泰煤炭 作为有限合伙人认缴出资人民币 50000万元，持有基 金12.497%的份额 。伊泰 B股2025年第三季度财报显示，年初至三季度末公司营业收入约 311.4 亿 元，归属上市公司股东净利润约 37.7 亿元。 洛阳钼业公告显示， 投资期内年度管理费金额为各有限合伙人认缴出资的 2%。新 基金 主要专注于 科技、医疗健康、消费品和零售三大朝阳产业。 三家上市公司公告显示，博 裕陶然（上海）股权投资管理有限责任公司 ...

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has shown significant stock price growth this year, with a year-to-date increase of 174.82% and a recent upward trend in trading performance [2][3]. Company Overview - Luoyang Molybdenum Co., Ltd. was established on December 22, 1999, and listed on October 9, 2012. The company is primarily engaged in the mining, selection, deep processing, trading, and research of precious metals such as molybdenum, tungsten, and gold [3]. - The company's 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%) [3]. Stock Performance - As of December 3, the stock price of Luoyang Molybdenum was 17.58 CNY per share, with a trading volume of 1.443 billion CNY and a market capitalization of 376.112 billion CNY [1]. - The stock has experienced a 10.01% increase over the last five trading days, a 10.98% increase over the last 20 days, and a 27.21% increase over the last 60 days [2]. Financial Performance - For the period from January to September 2025, Luoyang Molybdenum achieved a revenue of 145.485 billion CNY, a year-on-year decrease of 5.99%. However, the net profit attributable to shareholders increased by 72.61% to 14.280 billion CNY [3]. - The company has distributed a total of 21.562 billion CNY in dividends since its A-share listing, with 10.576 billion CNY distributed in the last three years [4]. Shareholder Structure - As of September 30, 2025, the number of shareholders reached 304,200, an increase of 28.08% from the previous period. The average circulating shares per person remained at 0 [3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 669.5 million shares, an increase of 47.472 million shares from the previous period [4].

Core Viewpoint - Luoyang Molybdenum Co., Ltd. announced an investment of 500 million yuan in a private equity fund focusing on technology, healthcare, consumer goods, and retail sectors, indicating a strategic move to diversify its investment portfolio [1][2] Group 1: Investment Details - The investment is made by the wholly-owned subsidiary, Tibet Shimo Ke Trading Co., Ltd., in the Bo Yu Xin Zhi New Industry (Ningbo) Equity Investment Partnership, with a target fund size between 8 billion yuan and 10 billion yuan [1] - The fund is a closed-end private equity investment fund managed by Bo Yu Tian Shu (Ningbo) and Bo Yu Tao Ran (Shanghai), both of which have established experience in equity investment management [1][2] - Luoyang Molybdenum will have a seat on the investor advisory committee, which will handle significant matters such as extension of the fund's duration and conflict of interest [1] Group 2: Financial Performance - For the first three quarters of 2025, Luoyang Molybdenum reported a revenue of 145.485 billion yuan and a net profit attributable to shareholders of 14.280 billion yuan [2] - The company produced 543,400 tons of copper, a year-on-year increase of 14.14%, achieving 86.25% of its annual guidance [2] - Copper sales reached 520,300 tons, up 10.56% year-on-year, with copper prices having risen over 20% since the beginning of the year, supporting the company's performance [2]