洛阳钼业公告，全资子公司西藏施莫克商贸有限公司与博裕天枢（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。 ...

从深股通前十大成交个股来看，中际旭创位居首位；立讯精密和新易盛分居二、三位。 今日沪股通总成交金额为810.37亿，深股通总成交金额为987.24亿。 | | 沪股道( | 12月2日 | ) | | | --- | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | | 成交金额(亿元) | | 1 | 601138 | 工业富联 | | 20.22 | | 2 | 600519 | 贵州茅台 | | 9.57 | | 3 | 603993 | 洛阳铝业 | | 9.54 | | 4 | 688256 | 寒武纪 | | 9.49 | | 5 | 603986 | 兆易创新 | | 9.42 | | 6 | 601899 | 紫美矿业 | | 8.20 | | 7 | 603259 | 药明康德 | | 6.77 | | 8 | 688036 | 传音控股 | | 5.93 | | 9 | 600183 | 生益科技 | | 5.70 | | 10 | 600900 | 长江电力 | | 5.19 | | | 深胺道( | 12月2日 | ) | | | 排名 | 股票 ...

Core Viewpoint - The A-share market experienced a decline, with the Shanghai Composite Index falling below 3900 points, while the Nonferrous 50 ETF (159652) saw a drop of 1.57%, with significant buying interest emerging during the dip [1][3]. Market Performance - The Nonferrous 50 ETF (159652) index components mostly retreated, with Tianqi Lithium and other stocks dropping over 3%, while Northern Rare Earth and Huayou Cobalt fell more than 2% [3]. - Key stocks in the Nonferrous 50 ETF include Zijin Mining (-1.50%), Northern Rare Earth (-2.75%), and Tianqi Lithium (-3.39%), among others, indicating a general downturn in the sector [4]. Economic Indicators - The U.S. manufacturing sector continues to decline, with the ISM reporting a contraction for the ninth consecutive month, which may influence global market sentiment [5]. - Bank of America forecasts a 25 basis point rate cut by the Federal Reserve in December, with further cuts expected in mid-2026, potentially impacting investment flows into commodities [5]. Precious Metals Market - Silver prices have surged, with a year-to-date increase of over 94%, driven by supply shortages and rising industrial demand, particularly in photovoltaics and electric vehicles [5][6]. - The market anticipates continued support for precious metals due to expectations of Fed rate cuts and liquidity easing, which could further elevate gold and silver prices [7]. Industrial Metals Outlook - The copper market faces production disruptions due to frequent accidents at major mines, leading to a downward revision of global copper output forecasts [8]. - Codelco's significant price increase for refined copper contracts highlights the tightening supply situation, with potential implications for copper prices moving forward [8]. Investment Opportunities - The Nonferrous 50 ETF (159652) is positioned to benefit from a super cycle in metals, with a diversified exposure to gold, copper, aluminum, lithium, and rare earths [9]. - The ETF's composition shows a leading "gold-copper content" of 46%, indicating a strong strategic positioning within the sector [11]. - The ETF has demonstrated superior performance with a cumulative return leading its peers since 2022, driven by earnings rather than valuation expansion [12][13].

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has shown significant trading activity with a notable increase in stock price and high financing levels, indicating strong market interest and potential investment opportunities [1][2]. Financing Activity - On December 1, Luoyang Molybdenum's stock rose by 6.53%, with a trading volume of 6.512 billion yuan. The financing buy-in amounted to 480 million yuan, while financing repayment was 507 million yuan, resulting in a net financing outflow of 26.71 million yuan [1]. - As of December 1, the total financing and securities lending balance for Luoyang Molybdenum was 3.174 billion yuan, with the financing balance of 3.155 billion yuan accounting for 1.05% of the circulating market value, which is above the 80th percentile of the past year [1]. Securities Lending Activity - On the same day, Luoyang Molybdenum repaid 298,700 shares in securities lending and sold 51,600 shares, with the selling amount calculated at 892,200 yuan. The remaining securities lending volume was 1.0537 million shares, with a balance of 18.2185 million yuan, exceeding the 70th percentile of the past year [1]. Company Overview - Luoyang Molybdenum Co., Ltd., established on December 22, 1999, and listed on October 9, 2012, primarily engages in the mining, selection, deep processing, and trading of rare metals such as molybdenum, tungsten, and gold [2]. - The company's 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%) [2]. Financial Performance - For the period from January to September 2025, Luoyang Molybdenum reported a revenue of 145.485 billion yuan, a year-on-year decrease of 5.99%, while the net profit attributable to shareholders increased by 72.61% to 14.280 billion yuan [2]. Dividend Distribution - Since its A-share listing, Luoyang Molybdenum has distributed a total of 21.562 billion yuan in dividends, with 10.576 billion yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, holding 669.5 million shares (an increase of 47.472 million shares), and various ETFs with changes in their holdings [3].

Core Insights - Cobalt prices have surged past $50,000 per ton, primarily driven by strict supply controls from the Democratic Republic of Congo (DRC) [1] - The DRC, which accounts for approximately 70% of global cobalt production, has not resumed exports despite the expiration of an export ban [1][4] - A new quota system will replace the export ban, aiming to control supply and stabilize prices [2][5] Group 1: Cobalt Price Dynamics - Cobalt prices increased by $1,465 to $50,035 per ton on the London Metal Exchange [1] - The price rebounded significantly from a low of under $10 per pound earlier this year, marking a 92% increase since the export freeze in March [4] Group 2: Regulatory Changes - The new quota system allows for a maximum export of 18,125 tons of cobalt for the remainder of 2025, with annual limits of 96,600 tons for 2026 and 2027 [2] - The state-owned company, Entreprise Generale du Cobalt, holds the fourth-largest export quota, while major miners like CMOC and Glencore received the largest shares [2] Group 3: Export Process and Challenges - Mining companies are currently waiting for final instructions from regulatory authorities before resuming cobalt exports under the new quota system [3] - A strategic allocation of 10% of the total quota will be reserved for the regulatory body, which will determine its distribution [3]

Core Insights - The lithium industry has experienced significant oversupply since 2023, with supply growth outpacing demand growth, leading to a decline in lithium prices from a peak of 590,000 to 60,000, resulting in some high-cost projects in Australia being shut down and major companies incurring losses [4] - Starting in 2025, energy storage demand is expected to exceed expectations, becoming the second growth curve for lithium demand, with projected demand for lithium carbonate reaching 345,000 tons in 2025 and potentially exceeding 500,000 tons next year, a tenfold increase compared to 50,000 tons in 2021 [4] - The year 2026 is anticipated to be a watershed year for supply-demand reversal in the industry, with new applications in electric heavy trucks and ships, as well as technological advancements, likely to drive growth in power battery shipments [4] - The nickel industry has seen a continuous increase in supply due to investments by several Chinese companies in Indonesia, with supply expected to reach 2.2 million tons in 2024, accounting for 59% of global supply, while demand remains primarily driven by stainless steel [4] - The cobalt industry is experiencing a tightening supply due to the Democratic Republic of Congo's quota system, which has effectively raised cobalt prices [4] Lithium Industry - The lithium industry is currently in a state of supply-demand balance, with inventory levels decreasing [12] - The production of lithium iron phosphate batteries has seen significant growth, with a year-on-year increase of 65% in output [21] - The demand for lithium is projected to reach 195,000 tons in 2026, with supply at approximately 197,700 tons, indicating a narrowing surplus [37] - Major companies to watch include Ganfeng Lithium, Tianqi Lithium, and Yahua Group, which are expected to see rapid growth in their own mining operations [47] Nickel Industry - Nickel prices have been fluctuating since 2025, with LME and domestic inventories at high levels, indicating a supply surplus [50][56] - The overall supply of refined nickel in China is expected to be in surplus in 2025, with a projected supply of 379,000 tons against a demand of 361,000 tons [59] - Companies with a competitive edge in Indonesia, such as Huayou Cobalt and Liqin Resources, are recommended for investment [67] Cobalt Industry - Cobalt prices have been gradually increasing since the Democratic Republic of Congo's ban on mining exports, with the price of electrolytic cobalt reaching 405,000 yuan per ton [75] - Domestic cobalt salt production has increased, while imports of cobalt intermediate products have declined [78] - Investment opportunities in the cobalt sector include companies like Huayou Cobalt and Luoyang Molybdenum [72]

相关研究 证券分析师 2025 年 12 月 01 日 扬帆出海，2026 关注哪些方向？ 2026 年出海展望 陆灏川 A0230520080001 luhc@swsresearch.com 王雪蓉 A0230523070003 wangxr@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 马天一 A0230525040004 maty@swsresearch.com 戴文杰 A0230522100006 daiwj@swsresearch.com 刘正 A0230518100001 liuzheng@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 马焰明 A0230523090003 maym@swsresearch.com 任杰 A0230522070003 renjie@swsresearch.com 王立平 A0230511040052 wanglp@swsresearch.com 周文远 ...

截至月份: 2025年11月30日 狀態: 新提交 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 洛陽欒川鉬業集團股份有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03993 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,933,468,000 | RMB | | 0.2 | RMB | | 786,693,600 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 3,933,468,000 | RMB | | 0.2 | RMB | | 786,693,600 | | ...

Investment Rating - The report rates the non-ferrous metals industry as "Positive" [4] Core Insights - The cobalt supply crisis continues, with prices expected to rise to new heights due to supply constraints from the Democratic Republic of Congo (DRC) [14][16] - The DRC's new quota management system has significantly reduced annual cobalt export volumes, with a maximum of 96,600 tons allowed for 2026/2027 [14][15] - Global cobalt supply is projected to decrease to 206,000 tons in 2025, with consumption expected to reach 221,000 tons in 2026 and 231,000 tons in 2027, indicating a rigid supply shortage [21][22] Summary by Sections Cobalt Supply and Demand - The DRC's new export quota system has replaced previous export bans, leading to a projected annual export volume of less than 100,000 tons [14][16] - The global cobalt supply is expected to sharply decline to 200,000 tons, with the DRC contributing significantly to this reduction [16][21] - Cobalt consumption is anticipated to maintain growth, with projections of 221,000 tons in 2026 and 231,000 tons in 2027, indicating a persistent supply shortage [21][22] Price Trends - Cobalt product prices have seen a significant increase, with the average CIF price for cobalt intermediates in China rising from $5.95 per pound to $24.15 per pound, a 306% increase [26] - Current prices for cobalt products in China are reported at 402,000 CNY per ton for cobalt metal and 432,000 CNY per ton for cobalt sulfate [26] - The report suggests that as cobalt raw material inventories are consumed, there is potential for further price increases in cobalt products [26] Market Dynamics - The overall non-ferrous metals market continues to show strength, with significant price increases observed in tungsten, lithium, and aluminum [30] - The report highlights that the U.S. Department of Defense is set to restart a $500 million cobalt procurement program, marking a significant move in cobalt supply dynamics [26]

Investment Rating - The industry investment rating is "Outperform the Market" [4] Core Views - The report highlights the continued trading around December interest rate cuts and the geopolitical issues surrounding Russia and Ukraine. The probability of a December rate cut is currently at 85%, with several Federal Reserve officials supporting the continuation of rate cuts. This has led to a decrease in U.S. Treasury yields and an increase in gold prices. However, the upcoming FOMC meeting will also focus on the dot plot and comments from Powell, which may impact short-term gold prices [2][11]. - The uncertainty surrounding the Russia-Ukraine negotiations remains significant, with recent proposals from the U.S. and Europe facing resistance from Ukraine and Russia. The report suggests that substantive territorial issues are challenging to resolve, indicating a complex negotiation landscape ahead [2][11]. - The potential appointment of Hassett as the Federal Reserve Chair could further strengthen gold prices, as his dovish stance may enhance market expectations for future rate cuts and raise concerns about the Fed's independence [2][11]. Summary by Sections Weekly Research Views - The report discusses the ongoing focus on December interest rate cuts and geopolitical tensions, emphasizing the high probability of a rate cut and its implications for gold prices. It also notes the complexities in the Russia-Ukraine negotiations and the potential impact of a new Fed Chair on market expectations [2][11]. Sector Performance - The report indicates that the Shanghai Composite Index rose by 1.40%, while the non-ferrous metals index increased by 3.42%, outperforming the market by 2.02%. The top-performing sub-sectors included tungsten, lead-zinc, and nickel-cobalt-tin [13][14]. Metal Prices and Inventories - The report notes a general increase in metal prices, with LME copper reaching $11,189 per ton, marking a 3.8% increase. Other metals also saw price increases, with significant movements in lithium and cobalt prices. The report highlights the ongoing bullish sentiment in the copper market, driven by expectations of rate cuts and supply constraints [12][32][46].