Core Viewpoint - Luoyang Molybdenum (603993) successfully issued a $1.2 billion one-year zero-coupon convertible bond, enhancing its financial flexibility while limiting dilution risk [1] Group 1: Financial Performance - As of the announcement date, the bond issuance will convert into approximately 333.7 million H-shares, representing about 8.48% of the existing issued H-shares and approximately 1.56% of the total issued shares of the company [1] - According to a report by Daiwa Capital Markets, Luoyang Molybdenum's preliminary performance for 2025 is expected to meet forecasts, driven by copper production exceeding guidance [1] Group 2: Production Outlook - Management has indicated that copper production is projected to grow by 2.6% year-on-year to 10.7% in 2026 [1] - The cobalt export quota from the Democratic Republic of the Congo reflects a structural tightening in global supply, positively impacting prices and benefiting large producers like Luoyang Molybdenum [1] Group 3: Market Activity - The stock price of Luoyang Molybdenum experienced fluctuations, initially dropping nearly 4% before rising by 2.81% to HKD 21.48, with a trading volume of HKD 393 million [1]

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable amounts withdrawn from companies across different industries, suggesting a potential shift in investor sentiment and market dynamics [1][2][3] Group 1: Major Stocks with Capital Outflows - Sanhua Intelligent Control experienced a capital outflow of 1.402 billion, with a decline of 2.73% in stock price [2] - Tongfu Microelectronics saw a capital outflow of 1.309 billion, with a decrease of 1.55% [2] - Contemporary Amperex Technology reported a capital outflow of 1.143 billion, with a drop of 2.8% [2] - Zhaoyi Innovation also faced a capital outflow of 1.143 billion, with a decline of 1.93% [2] - Changdian Technology had a significant outflow of 861 million, with a sharp decrease of 6.25% [2] Group 2: Other Notable Stocks - Hunan Silver experienced a capital outflow of 836 million, but its stock price increased by 6.67% [2] - Huada Technology saw an outflow of 825 million, with a decline of 3.1% [2] - Yango Technology faced a capital outflow of 723 million, with a significant drop of 6.37% [2] - Sungrow Power Supply had an outflow of 720 million, with a decrease of 1.16% [2] - TBEA reported a capital outflow of 653 million, with a decline of 2.5% [2] Group 3: Additional Stocks with Capital Outflows - Baiwei Storage experienced a capital outflow of 588 million, with a slight decrease of 0.79% [2] - Nanda Optoelectronics saw an outflow of 577 million, with a decline of 4.25% [3] - Lens Technology faced a capital outflow of 565 million, with a decrease of 2.09% [3] - Zijin Mining reported an outflow of 556 million, with a decline of 2.31% [3] - EVE Energy experienced a capital outflow of 555 million, with a drop of 2.99% [3]

Group 1: Chemical and Metal Industries - Several chemical companies, including Xinong Co. and Dayang Bio, are showing continuous improvement in their operations [1] - The non-ferrous metal sector benefits from high prices and capacity release, with Zijin Mining expected to achieve a net profit of 51 billion to 52 billion yuan in 2025, a year-on-year increase of 59% to 62% [1] - Zijin Mining's growth is driven by increased production and higher sales prices of gold, copper, and silver [1] - The high-end manufacturing sector shows resilience, with Okoyi's net profit projected to grow by 67.53% to 91.96% in 2025, despite rising raw material costs [1] - The new materials industry is also performing well, with China National Materials Technology expected to achieve a net profit of 1.55 billion to 1.95 billion yuan in 2025, a year-on-year increase of 73.79% to 118.64% [1] Group 2: International Market Growth - The overseas market is becoming a new growth engine for many listed companies [2] - Siyuan Electric is expected to achieve total revenue of 21.205 billion yuan in 2025, a year-on-year increase of 37.18%, and a net profit of 3.163 billion yuan, up 54.35% [2] - Absen, a leading global LED display provider, anticipates a net profit of 240 million to 290 million yuan in 2025, representing a year-on-year growth of 105.32% to 148.09% [2] - Absen's overseas revenue reached approximately 3.193 billion yuan, a year-on-year increase of about 8.94% [2] Group 3: Company-Specific Developments - Chutian Technology expects a net profit of 235 million to 300 million yuan in 2025, marking a turnaround to profitability driven by strong international market breakthroughs [3] - The company has made significant progress in Southeast Asia, the Middle East, and the Americas, with overseas sales revenue steadily increasing [3] - Hangcha Group is also expanding into emerging markets while consolidating its traditional markets, indicating the effectiveness of its globalization strategy [3]

Core Viewpoint - The number of companies in the A-share market forecasting profit growth for 2025 is increasing, driven significantly by the commercialization of AI technology and strong demand in various sectors [1][2][3]. Group 1: AI-Driven Growth - As of January 20, 177 companies in the A-share market have announced profit increases, with 55 companies expecting net profit growth exceeding 100% year-on-year, excluding those returning to profitability [1]. - Shanghai Jianqiao Technology Co., Ltd. anticipates a net profit of 252 million to 278 million yuan for 2025, representing a year-on-year increase of 51.19% to 66.79%, driven by strong market demand for high-speed optical modules and other core businesses [1]. - Dongguan Dingtong Precision Technology Co., Ltd. expects a revenue growth of 54.37% and a net profit growth of 119.59% in 2025, attributed to robust demand in the AI-driven communications connector market [2]. Group 2: New Energy Sector Performance - Shanghai Putailai New Energy Technology Group Co., Ltd. forecasts a net profit of 2.3 billion to 2.4 billion yuan for 2025, reflecting a year-on-year increase of 93.18% to 101.58%, supported by the ongoing trend of electrification in the automotive market and strong demand in the energy storage market [2][3]. - The company highlights improvements in operational conditions and the introduction of new products and processes to capture high-end customer demand [3]. Group 3: Mining Sector Growth - Zijin Mining Group Co., Ltd. projects a net profit of approximately 51 billion to 52 billion yuan for 2025, with a year-on-year increase of 59% to 62%, driven by increased production of key mineral products and rising prices of gold, copper, and silver [4]. - Luoyang Luanchuan Molybdenum Group Co., Ltd. expects a net profit of 20 billion to 20.8 billion yuan for 2025, representing a year-on-year increase of 47.80% to 53.71%, due to a combination of increased production and effective cost management [4]. - Analysts suggest that the prices of copper and other mineral resources are likely to remain high, benefiting related companies as demand from emerging industries continues to grow [4].

在成长风格的另一端，以有色为代表的周期风格正在成为基金经理的新宠。 近日，公募基金2025年四季报密集披露，券商中国记者注意到，在市场热点此起彼伏的同时，多位知名基金经 理却在去年四季度"不谋而合"地对有色板块进行了重点加仓，而深耕该领域的基金经理更是在季报中用仓位和 持股表达了自己的坚定看好。 多位基金经理认为，在宏观经济温和复苏、全球商品周期持续以及降息预期等多重因素共振下，有色板块仍具 备显著的吸引力，价格景气周期远未结束。 多位知名基金经理加仓有色 最新披露的2025年四季报显示，众多全行业配置的基金在去年四季度加仓以有色为代表的资源股，其中不乏多 位知名基金经理。 比如，高楠管理的永赢睿信混合在去年四季度新进重仓五矿资源、宏创控股，神爱前管理的平安兴奕成长新进 重仓了云铝股份，王崇管理的交银新兴产业和焦巍管理的银华富裕主题新进重仓了紫金矿业，此外，焦巍管理 的银华富饶精选三年持有更是在去年四季度同时新进重仓了紫金矿业、藏格矿业、洛阳钼业、云铝股份、西部 矿业、紫金黄金国际、江西铜业等多只有色股。 除了上述全行业配置的基金外，一些深耕资源股投资的基金经理，也在 去年 四季度继续用持仓表达了对有色 的看 ...

Core Viewpoint - The resource sector has seen significant growth, with many resource-related funds doubling their net value over the past year, driven by strong performance in the non-ferrous metals sector and rising prices of gold and silver [1][2]. Group 1: Market Performance - The Shenyin Wanguo non-ferrous metals sector index surged by 89.38% in 2025, leading the A-share market [1]. - As of January 19, 2026, the number of public funds with a unit net value growth rate exceeding 100% reached 176, with 124 being actively managed equity funds [3]. - Among the doubling funds, a significant number are focused on resource sectors, particularly in non-ferrous metals and gold [2][3]. Group 2: Fund Strategies and Adjustments - Many fund managers adjusted their holdings in the fourth quarter based on fundamental changes and valuation considerations, with a focus on resource-related stocks [1][4]. - The Longcheng Value Selection fund achieved a net value growth rate of 105.16% over the past year, with a majority of its top holdings in non-ferrous metals [4]. - The China Europe Cycle Preferred fund reduced its holdings in traditional non-ferrous metals while increasing exposure to lithium and cobalt, reflecting a shift towards new energy resources [8]. Group 3: Future Outlook - Fund managers remain optimistic about the resource sector, citing factors such as global monetary easing, increased demand from AI data centers, and supply-side uncertainties as drivers for growth [9][10]. - The China Europe Resource Selection fund manager highlighted copper, aluminum, lithium carbonate, gold, and tungsten as the top five investment targets for 2026, while also considering opportunities in chemical and steel sectors [10].

Core Viewpoint - Dahua Jiexian's report indicates that Luoyang Molybdenum (603993)(03993) is expected to meet preliminary performance expectations for 2025, primarily driven by copper production exceeding guidance [1] Group 1: Company Performance - Management has guided that copper production will further increase by 2.6% to 10.7% year-on-year in 2026 [1] - The issuance of $1.2 billion in zero-coupon convertible bonds has enhanced the company's financial flexibility with limited dilution risk [1] Group 2: Market Conditions - The cobalt export quota from the Democratic Republic of Congo reflects a structural tightening in global supply, which has significantly impacted prices favorably for large producers like Luoyang Molybdenum [1] Group 3: Investment Rating - The firm maintains a "Buy" rating and has raised the target price to HKD 24 from the previous HKD 20.3 [1]

智通财经APP获悉，大华继显发布研报称，洛阳钼业(03993)2025年初步业绩符合预期，主要受铜产量超 越指引所带动，管理层更指引2026年铜产量将进一步同比增长2.6%至10.7%。该行指，刚果的钴出口配 额反映全球供应结构性收紧，并已推动价格显著反应，对洛阳钼业等大型生产商有利。此外，公司透过 发行12亿美元零息可换股债券增强了资金灵活性，且摊薄风险有限; 维持"买入"评级，将目标价上调至 24港元(原本20.3港元)。 ...

消息面上，近日，洛阳钼业发盈喜，预计2025年净利润为200亿至208亿元人民币(下同)，同比增长48% 至54%。大摩指出，公司符合市场预期202亿元，单计去年第四季净利润介乎57至65亿元，按季升2%至 16%。管理层表示，业绩理想主要受惠于产量及价格同步上升，加上成本控制得宜。公司计划2026年铜 产量为76万至82万吨，按中位数计算同比增长7%。并计划每年来自新收购巴西金矿的黄金产量为6吨至 8吨，目标今年第一季完成收购。 大华继显表示，洛阳钼业2025年初步业绩符合预期，主要受铜产量超越指引所带动，管理层更指引2026 年铜产量将进一步按年增长2.6%至10.7%。该行续指，刚果钴出口配额反映全球供应结构性收紧，并已 推动价格显着反应，对洛阳钼业等大型生产商有利。此外，公司透过发行12亿美元零息可换股债券增强 了资金灵活性，且摊薄风险有限。 洛阳钼业（603993）(03993)涨近2%，截至发稿，涨1.76%，报21.94港元，成交额8.71亿港元。 ...

智通财经APP获悉，洛阳钼业(03993)涨近2%，截至发稿，涨1.76%，报21.94港元，成交额8.71亿港元。 消息面上，近日，洛阳钼业发盈喜，预计2025年净利润为200亿至208亿元人民币(下同)，同比增长48% 至54%。大摩指出，公司符合市场预期202亿元，单计去年第四季净利润介乎57至65亿元，按季升2%至 16%。管理层表示，业绩理想主要受惠于产量及价格同步上升，加上成本控制得宜。公司计划2026年铜 产量为76万至82万吨，按中位数计算同比增长7%。并计划每年来自新收购巴西金矿的黄金产量为6吨至 8吨，目标今年第一季完成收购。 大华继显表示，洛阳钼业2025年初步业绩符合预期，主要受铜产量超越指引所带动，管理层更指引2026 年铜产量将进一步按年增长2.6%至10.7%。该行续指，刚果钴出口配额反映全球供应结构性收紧，并已 推动价格显着反应，对洛阳钼业等大型生产商有利。此外，公司透过发行12亿美元零息可换股债券增强 了资金灵活性，且摊薄风险有限。 ...