长期黄金产量目标方面，该行预计巴西及厄瓜多尔项目在全面达产后，黄金产量每年将达20吨。在不考 虑进一步扩产或收购的情况下，估计黄金将占洛阳钼业2026年毛利的5%至6%，并于2030年提升至10% 以上。管理层初步目标到2030年将黄金产量翻倍，计划主要透过并购实现。该行现予洛阳钼业H股目标 价25.9港元、A股目标价26.7元，均予"买入"评级。 杰富瑞发表研报指，洛阳钼业去年12月宣布收购Equinox Gold公司在巴西的黄金资产组合，收购对价最 高约为10亿美元。相关交易已经完成。该行的资产净值分析显示，其隐含金价约为每盎司3320美元，对 比现货金价超过5000美元，而年初至今平均价高于4500美元。公司在去年中期业务更新时表示，黄金将 成为公司继铜以外的另一个业务支柱。管理层认为，以是次收购约10亿美元的成本计算，预期将获得合 理回报，并对黄金持建设性看法。 ...

Investment Rating - The report maintains a "Positive" rating for the steel industry and a "Positive" rating for the non-ferrous metals industry, with "Buy" ratings for specific companies including Luoyang Molybdenum, Zhongjin Gold, Huayou Cobalt, Zijin Mining, and China Aluminum [6][6][6]. Core Insights - The report highlights that geopolitical uncertainties and concerns over the independence of U.S. Federal Reserve policies are expected to boost gold prices in the short term [6][6]. - The copper market is facing supply constraints due to incidents at major mines, which is likely to support copper prices despite high prices potentially suppressing actual consumption [36][36]. - The aluminum sector is expected to see price support due to downstream inventory demand, while the lithium market is anticipated to maintain a strong price trend due to export tax incentives and tight supply expectations [6][6][6]. Summary by Sections Steel - The steel industry is expected to improve profitability as growth policies are implemented, with demand in shipbuilding and construction likely to increase [3][3]. - Current steel prices are showing seasonal trends, with expectations of price fluctuations following raw material prices [19][19]. - As of January 23, 2026, the total steel inventory has increased by 0.79% compared to the previous week, indicating a potential accumulation ahead of the Spring Festival [26][26]. Copper - The copper market is experiencing a tightening supply due to strikes affecting production at key mines, which may provide price support [36][36]. - The copper smelting processing fees remain negative, indicating pressure on the supply side, while demand is expected to rise in sectors like electric power and new energy vehicles [36][36]. Aluminum - The aluminum market is characterized by stable supply and high operating rates at alumina plants, with expectations of price support from downstream inventory needs [46][46]. - As of January 23, 2026, the average price of alumina is reported at 2,657.00 CNY/ton, reflecting a slight decrease from the previous week [50][50]. Precious Metals - Geopolitical tensions and economic data are influencing gold prices, with a notable increase in prices observed recently [54][54]. - As of January 23, 2026, gold prices have risen by 8.30% on COMEX and 8.07% on SHFE compared to the previous week [54][54]. Lithium and Cobalt - The lithium market is expected to maintain a strong price trend due to export tax incentives and tight supply conditions, with battery-grade lithium prices increasing by 12.46% recently [58][58]. - Cobalt supply is constrained due to limited export quotas from the Democratic Republic of Congo, while demand is driven by the electric vehicle and consumer electronics sectors [6][6].

格隆汇1月27日｜富瑞研究报告指，洛阳钼业(3993.HK)去年12月宣布收购EquinoxGold公司在巴西的黄 金资产组合，收购对价最高约为10亿美元。相关交易已经完成。该行的资产净值分析显示，其隐含金价 约为每盎司3,320美元，对比现货金价超过5,000美元，而年初至今平均价高于4,500美元。公司在去年中 期业务更新时表示，黄金将成为公司继铜以外的另一个业务支柱。管理层认为，以是次收购约10亿美元 的成本计算，预期将获得合理回报，并对黄金持建设性看法。另外，管理层亦表示有望一步降低收购所 得资产的营运成本，包括协同效应和效率提升，以及公司所提供更具竞争力的采购和供应链管理。 ...

（原标题：洛阳钼业成交额超100亿元） 数据宝统计，截至13:56，洛阳钼业成交额100.14亿元，超100亿元。最新股价下跌0.53%，换手率2.31%。上一交易日该股全天成交额为114.64亿 元。 据天眼查APP显示，洛阳栾川钼业集团股份有限公司成立于1999年12月22日，注册资本427886.20352万人民币。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 | 黄金ETF华夏 | | --- | | (产品代码: 518850) | | ★ 跟踪:上海黄金交易所黄金现货实盘合约 | | 近五日涨跌：9.13% | | 资金流向: 最新份额为14.3亿份, 增加 | | 了1740.0万份,净申赎1.8 | | 亿元。 | | 黄金股ETF | | --- | | (产品代码:159562) | | ★ 跟踪：中证沪深港黄金产业股票指数 | | 近五日涨跌: 12.89% | | 市盈率:33.88倍 | | 资金流向: 最新份额为20.4亿份, 增加 | | 了1.4亿份,净申赎4.1亿 | | 元。 | | 估值分位:72.77% | | 有色金属ETF基金 | | - ...

Group 1 - A total of 1123 A-share listed companies have released their 2025 performance forecasts, with 602 companies expecting profits and 521 companies anticipating losses [1][2] - Among the companies predicting profits, Zijin Mining leads with a forecasted net profit of 52 billion yuan, followed by Luoyang Molybdenum with 20.8 billion yuan [2][3] - The automotive sector, represented by SAIC Motor, is expected to see a significant profit increase of 438%-558%, the highest growth rate among the top ten profit forecast companies [2][3] Group 2 - The real estate sector dominates the list of companies forecasting significant losses, with China Fortune Land Development expected to lose between 16 billion and 24 billion yuan [3][4] - Other sectors facing losses include the photovoltaic industry, with Tongwei Co., TCL Zhonghuan, and Trina Solar among the top ten companies predicting losses [4][5] - JinkoSolar is projected to experience the largest decline in net profit, with a decrease of 6063.96%-7074.8% due to price fluctuations in the global photovoltaic industry [9][10] Group 3 - Companies like *ST Weir and Tonghua Dongbao are expected to see substantial profit growth, with *ST Weir forecasting a net profit increase of 8303.8%-9599.14% [6][8] - Approximately 260 companies are expected to have a net profit growth rate exceeding 100%, accounting for about one-fifth of the companies that have released forecasts [7][8] - The performance of companies in the photovoltaic sector is under pressure due to market conditions, impacting their profitability despite efforts to innovate and upgrade technology [9][10]

【洛阳钼业完成巴西金矿项目交割 涉黄金资源量逾500万盎司】#专家普遍看好黄金中长期走势##避险 情绪集中释放推升金价# 1月25日，洛阳钼业（603993.SH、03993.HK）宣布完成对此前披露的巴西金矿 项目收购的交割。 2025年6月，洛阳钼业完成对厄瓜多尔奥丁金矿的并购，正式布局黄金资源。巴西金矿资产是洛阳钼业 在黄金领域的又一重要布局，有利于推动其"铜+黄金"战略落地。 洛阳钼业方面表示持续看好黄金市场前景，目前正在积极寻找更多扩张机会。其于1月19日发行12亿美 元可转债，为后续并购提供更加充足的资金，未来将持续加强资源获取，推动黄金业务的长期稳健发 展。#银价狂飙的原因找到了##洛阳钼业 sh603993[股票]# 中经记者 李哲 北京报道 《中国经营报》记者获悉，洛阳钼业于2025年12月15日披露，计划以最高10.15 亿美元收购加拿大 Equinox Gold公司在巴西的Aurizona 金矿、RDM 金矿及Bahia综合体三项金矿资产（四座矿山）的100% 权益，该交易已于1月23日正式完成。 洛阳钼业方面表示，上述金矿资产包含黄金资源量501.3万盎司（约156吨），平均品位1.8 ...

Group 1 - The total margin balance of A-shares reached 27,254.40 billion yuan on January 26, increasing by 19.65 billion yuan from the previous trading day, accounting for 2.62% of the A-share circulating market value [1] - The trading volume of margin transactions on the same day was 3,114.07 billion yuan, an increase of 79.37 billion yuan from the previous trading day, representing 9.48% of the total A-share trading volume [1] Group 2 - Among the 31 primary industries, 17 industries experienced net financing inflows, with the non-ferrous metals industry leading with a net inflow of 3.235 billion yuan [3] - Other industries with significant net financing inflows included electric power equipment, pharmaceutical biology, basic chemicals, and non-bank financials [3] Group 3 - A total of 53 stocks had net financing inflows exceeding 100 million yuan, with China Ping An leading at a net inflow of 444 million yuan [3] - Other notable stocks with high net financing inflows included Northern Rare Earth, China Aluminum, Western Mining, Maiwei Co., Oriental Fortune, Luoyang Molybdenum, Heng Rui Medicine, TBEA, and Industrial Bank [3][4]

Core Viewpoint - The Shanghai 180 ETF Index Fund (530280) has shown a positive performance with a recent increase of 0.96%, reflecting a stable market trend and investor interest in the underlying assets [1]. Performance Summary - As of January 26, 2026, the Shanghai 180 Index (000010) increased by 0.22%, with notable gains from stocks such as Zijin Mining (up 10.00%) and China National Offshore Oil Corporation (up 6.66%) [1]. - The Shanghai 180 ETF Index Fund has experienced a cumulative increase of 0.24% over the past week [1]. - The fund's year-to-date maximum drawdown is 1.30%, with a relative benchmark drawdown of 0.06% [3]. Liquidity and Trading Activity - The trading volume for the Shanghai 180 ETF Index Fund was 6.07 thousand yuan, with a turnover rate of 0.1% [1]. - The average daily trading volume over the past year was 177.38 thousand yuan [1]. Risk and Return Metrics - The fund has a Sharpe ratio of 2.12 since its inception, indicating a favorable risk-adjusted return [2]. - The tracking error over the past three months is 0.022%, demonstrating the fund's close alignment with the Shanghai 180 Index [5]. Fee Structure - The management fee for the Shanghai 180 ETF Index Fund is 0.15%, while the custody fee is 0.05% [4]. Top Holdings - As of December 31, 2025, the top ten weighted stocks in the Shanghai 180 Index account for 25.29% of the index, with notable companies including Kweichow Moutai and Ping An Insurance [5]. - The top ten stocks and their respective weightings are as follows: - Kweichow Moutai: 4.22% - Zijin Mining: 4.03% - Ping An Insurance: 2.87% - Hengrui Medicine: 2.46% - WuXi AppTec: 2.08% - China Merchants Bank: 2.04% - Cambricon Technologies: 1.97% - Yangtze Power: 1.88% - SMIC: 1.80% - Industrial Fulian: 1.79% [5].

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with significant growth potential identified by brokerage firms [1][3] - The companies with the highest target price increases include Baili Tianheng at 368.30%, Luoyang Molybdenum at 37.88%, and Sanqi Interactive Entertainment at 29.53%, representing the chemical pharmaceutical, industrial metals, and gaming industries respectively [1][3] - A total of 23 listed companies received brokerage recommendations on January 26, with companies like Jianda Co., Shouhua Gas, and Huayuan Bio receiving one recommendation each [3] Group 2 - On January 26, one company had its rating upgraded, specifically Hualu Hengsheng, which was raised from "Hold" to "Buy" by Tianfeng Securities [4][6] - The only company receiving a first-time coverage rating on January 26 was Boshi Jie, which was given a "Strong Buy" rating by China Merchants Securities [6][7]

中经记者 李哲 北京报道 1月25日，洛阳钼业（603993.SH、03993.HK）宣布完成对此前披露的巴西金矿项目收购的交割。 《中国经营报》记者获悉，洛阳钼业于2025年12月15日披露，计划以最高10.15 亿美元收购加拿大 Equinox Gold公司在巴西的Aurizona 金矿、RDM 金矿及Bahia综合体三项金矿资产（四座矿山）的100% 权益，该交易已于1月23日正式完成。 2025年6月，洛阳钼业完成对厄瓜多尔奥丁金矿的并购，正式布局黄金资源。巴西金矿资产是洛阳钼业 在黄金领域的又一重要布局，有利于推动其"铜+黄金"战略落地。 洛阳钼业方面表示持续看好黄金市场前景，目前正在积极寻找更多扩张机会。其于1月19日发行12亿美 元可转债，为后续并购提供更加充足的资金，未来将持续加强资源获取，推动黄金业务的长期稳健发 展。 （编辑：董曙光 审核：吴可仲 校对：颜京宁） 洛阳钼业方面表示，上述金矿资产包含黄金资源量501.3万盎司（约156吨），平均品位1.88克/吨；黄金 储量387.3万盎司（约120吨），平均品位1.45克/吨。预计该资产2026年将实现6—8吨黄金的产量。 洛阳钼业董事长兼 ...