待债券发行完成后，经扣除经办人佣金及就发售应付的其他估计开支后，债券发行所得款项净额将约为 1,187.5 百万美元。公司拟将该等所得款项用于支持公司境外资源项目的扩产、优化及持续性资本开 支，增强公司营运资金灵活性及一般公司用途。 假设按初始转换价每股 H 股 28.03 港元悉数转换债券，则债券将转换为约 333,739,565 股 H 股，相当于 公司于公告日期现有已发行 H 股数目约 8.48%及公司现有已发行股份数目约1.56%，以及公司悉数转换 债券后的经扩大已发行 H 股数目约7.82%及公司经扩大已发行股份数目约 1.54%。转换股份将悉数缴 足，并在各方面与于相关登记日期当时已发行的 H 股享有同等地位。 格隆汇1月20日丨洛阳钼业(603993.SH)公布，2026 年 1 月 19 日(收市时间后)，公司拟根据债务融资工 具一般性授权及发行股份一般性授权，通过境外间接控股子公司CMOC CapitalLimited(以下简称"发行 人"或"CMOC Capital")发行12亿美元于2027年到期的零息有担保的可转换为公司 H 股的公司债券，公司 将为间接控股子公司 CMOC Capit ...

Core Viewpoint - The emergence of "investment copper bars" has sparked controversy and discussion, despite copper being primarily an industrial metal with limited investment value [2][3][4]. Group 1: Market Dynamics - Investment copper bars are being sold at prices around 180 yuan per kilogram, with a recovery price of approximately 80 yuan, indicating a significant disparity between selling and recovery prices [3][4]. - The price of copper bars has fluctuated, with a recent peak of 250 yuan per bar before settling between 180 and 190 yuan [3][4]. - The copper market has seen a strong performance, with copper prices rising approximately 2.85% year-to-date, reaching around 10.12 million yuan per ton [9][10]. Group 2: Economic Implications - The phenomenon of investment copper bars raises questions about consumer behavior and market dynamics, as it does not align with traditional economic theories [4][10]. - The concept of "Giffen goods" and "Veblen goods" is discussed, suggesting that copper bars may be perceived as a form of entertainment spending rather than a serious investment [7][8]. - The recent surge in copper prices has been attributed to industrial demand and concerns over supply, particularly in relation to potential tariffs on copper imports to the U.S. [9][10]. Group 3: Industry Trends - The copper mining sector has shown strong stock performance, with companies like Jiangxi Copper and Luoyang Molybdenum seeing significant price increases [11]. - The market is witnessing a trend where companies related to copper products, such as the cultural and creative product company "Copper Master," are seeking to enter the capital market [11]. - Analysts remain bullish on copper prices, with expectations of reaching historical highs, despite short-term pressures from market adjustments [11].

公告显示，本次发行的可转债初始转换价定为每股普通股28.03港元，较1月19日H股收盘价21.78港元溢 价约28.7%，较前五个交易日平均收盘价溢价26.17%。扣除发行费用后，本次募资净所得约11.88亿美 元，将主要用于支持洛阳钼业境外资源项目扩产、优化及持续性资本开支。中经记者 陈家运 北京报道 【洛阳钼业发行12亿美元零息可转换债券】2026年1月20日，洛阳钼业（603993.SH、03993.HK）披露 公告，宣布总额为12亿美元的1年期零息可转换债券顺利完成发行。 ...

Group 1 - The company, Luoyang Molybdenum Co., Ltd., announced the issuance of $1.2 billion convertible bonds through its overseas subsidiary CMOC Capital Limited, which will be guaranteed by the company [1] - The bond issuance is a significant financing measure aimed at expanding the company's financing channels, particularly in the context of a recovering Hong Kong stock market [1] - The initial conversion price for the bonds is set at HKD 28.03 per share, representing a premium of approximately 28.7% over the last closing price on January 19 and about 26.17% over the average closing price of the last five trading days [1] Group 2 - The maturity date for the convertible bonds is January 24, 2027, and the proceeds will be used to support the expansion of overseas resource projects, optimize capital expenditures, and enhance operational flexibility [1] - The chairman of the company, Liu Jianfeng, stated that the issuance will enhance operational capital flexibility, reduce financing costs, and provide strong support for the company's overall strategy [2] - The bond issuance achieved nearly 10 times oversubscription, marking the highest conversion premium for a one-year convertible bond in Hong Kong history and the largest issuance scale in the past five years [2]

公告显示，本次发行的可转债初始转换价定为每股普通股28.03港元，较1月19日H股收盘价21.78港元溢 价约28.7%，较前五个交易日平均收盘价溢价26.17%。扣除发行费用后，本次募资净所得约11.88亿美 元，将主要用于支持洛阳钼业境外资源项目扩产、优化及持续性资本开支。 2026年1月20日，洛阳钼业（603993.SH、03993.HK）披露公告，宣布总额为12亿美元的1年期零息可转 换债券顺利完成发行。 （文章来源：中国经营报） ...

Group 1 - The training program for Congolese team leaders at the Banmo Academy, organized by Luoyang Molybdenum Co., Ltd., is part of the "Vocational Education Going Global" strategy and aims to deepen school-enterprise cooperation and international exchange [3][4] - The program lasted for two months and included a unique training system that combines "Chinese + vocational skills," covering production management, professional skills, and Chinese culture [3][4] - Graduates of the program have not only mastered professional skills but also improved their Chinese communication abilities and gained a deeper appreciation for traditional Chinese culture, becoming cultural ambassadors for Sino-Congolese exchanges [4] Group 2 - The successful completion of the training program is highlighted as a vivid example of deepening school-enterprise collaboration and promoting international vocational education cooperation [5] - The academy plans to continue optimizing the "Chinese + vocational skills" training model and deepen strategic cooperation with the Nonferrous Metals Industry Talent Center and Luoyang Molybdenum Group [5] - The "Chinese Workshop" is envisioned to become a linguistic bridge for Sino-Congolese friendship, while the Banmo Academy aims to be a nurturing ground for mining talent, contributing to international capacity cooperation [5]

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 [7][8]. Core Insights - The geopolitical situation continues to create volatility, but gold prices are expected to remain supported due to ongoing tensions [3][52]. - The steel industry is anticipated to see improved profitability due to the implementation of growth policies and an optimistic demand outlook in sectors like shipbuilding and construction [4][5]. - The copper market is expected to tighten due to supply constraints from major mines, while demand is projected to increase in sectors such as electric power grids and new energy vehicles [4][41]. - The aluminum sector faces challenges with oversupply in alumina and potential short-term price corrections, but the demand from the new energy vehicle sector remains a key focus [4][48]. - The rare earth industry is expected to see a revaluation of related companies due to China's export controls and the strategic importance of rare earth resources [7][4]. Summary by Sections Steel Industry - Current steel mill inventory pressure is not significant, and short-term demand decline is limited, with expectations of price support before the Spring Festival [5][19]. - As of January 16, 2026, the total steel inventory was 12.4955 million tons, a decrease of 0.39% from the previous week, but an increase of 7.72% year-on-year [26][27]. - The comprehensive price index for steel on January 16, 2026, was 3,457.46 CNY/ton, reflecting a 0.15% increase from the previous week [39][40]. Copper Industry - The copper market is facing a lack of driving force for price increases, but expectations for 2026 remain positive due to anticipated demand growth [3][41]. - As of January 16, 2026, LME copper prices were 13,000 USD/ton, with SHFE copper prices at 101,900 CNY/ton, showing a slight decrease in LME prices but an increase in SHFE prices [46]. Aluminum Industry - The aluminum processing sector is currently in a contraction phase, with a PMI of 42.4% as of December 2025 [48]. - The average price of alumina on January 16, 2026, was 2,666 CNY/ton, down 1.00% from the previous week [49]. Precious Metals - The geopolitical landscape and mixed economic data from the U.S. are influencing gold prices, which are expected to remain supported [52]. - As of January 16, 2026, COMEX gold prices were 4,601.10 USD/oz, reflecting a 1.83% increase from the previous week [53].

Core Viewpoint - Daiwa has reassessed its A+H share valuation premium strategy, which involves selecting A+H shares with a minimum premium of 10% to construct a monthly A-share investment portfolio, indicating that this strategy typically yields strong returns when the overall A+H premium narrows rapidly [1] Group 1: Investment Strategy Performance - The latest results show that even when the valuation gap widens or the A-share market outperforms the H-share market, the investment strategy has performed well, with cumulative relative returns increasing from approximately 90% to 107.5% over the past two months [1] - The primary drivers of this performance are attributed to the rise in global metal prices and the recent renewal cycle in China's construction machinery sector, benefiting companies such as Luoyang Molybdenum (603993), Zijin Mining (601899), Sany Heavy Industry (600031), and Weichai Power (000338) [1] Group 2: Foreign Investment Trends - There is a sustained interest from overseas investors in Chinese technology companies; however, due to geopolitical concerns, investors generally prefer holding H-shares [1] - It is anticipated that the repatriation of foreign capital will drive the market capitalization of H-shares, which are significantly lower than their A-share counterparts, including Contemporary Amperex Technology (300750), leading to a potential rapid increase in stock prices post dual listing, which may create re-rating opportunities for their A-shares [1]

Group 1 - Spot gold has surpassed the $4,700 mark, reaching a new historical high [1] - The performance of the non-ferrous mining sector is strong, with several companies reporting impressive earnings forecasts for 2025 [3] - North Rare Earth expects a net profit attributable to shareholders of 2.176 billion to 2.356 billion yuan in 2025, representing a year-on-year growth of 116.67% to 134.60% [3] - Luoyang Molybdenum anticipates a net profit of 20 billion to 20.8 billion yuan in 2025, with a year-on-year increase of 47.80% to 53.71% [3] Group 2 - The non-ferrous mining ETF is seen as a strategic asset under the restructuring of the international order, with long-term value and structural opportunities highlighted [4] - The ETF tracks the non-ferrous metal mining index, focusing on upstream resources, with key metals like gold, copper, and aluminum making up nearly 60% of its weight [4] - The index tracked by the ETF has seen a one-year increase of 119.65% and a ten-year cumulative increase of 206.51%, outperforming mainstream non-ferrous indices [4]

Core Viewpoint - The issuance of zero-coupon convertible bonds by Luoyang Molybdenum Co., Ltd. is a strategic move to optimize capital structure and enhance financing channels amid a recovering Hong Kong stock market [1] Group 1: Convertible Bond Issuance - Luoyang Molybdenum successfully issued a total of $1.2 billion in one-year zero-coupon convertible bonds, which is a significant step in the capital market [1] - The initial conversion price is set at HKD 28.03 per share, representing a premium of approximately 28.7% over the closing price on the signing date and 26.17% over the average closing price of the last five trading days [1] - If all bonds are converted at the initial price, it will result in the issuance of 334 million new shares, accounting for about 1.54% of the expanded total share capital [1] - The net proceeds from the bond issuance, estimated at approximately $1.1875 billion after deducting expenses, will be used for overseas resource project expansions and general corporate purposes [1] Group 2: Resource Expansion and Production - Luoyang Molybdenum has been expanding its resource reserves, including the acquisition of the Ecuador KGHM gold mine for $1.015 billion, which includes cash payments and contingent payments based on sales [2] - The acquired assets contain a total gold resource of 5.013 million ounces with an average grade of 1.88 g/t, and gold reserves of 3.873 million ounces with an average grade of 1.45 g/t [2] - Following the completion of the acquisition, the company's annual gold production is expected to exceed 20 tons, with an additional 8 tons from the Brazilian assets acquired [2][3] Group 3: Financial Performance - Luoyang Molybdenum forecasts a net profit attributable to shareholders of between 20 billion and 20.8 billion yuan for 2025, an increase of 6.468 billion to 7.268 billion yuan year-on-year, representing a growth of 47.8% to 53.71% [3] - The company also expects a non-GAAP net profit of 20.4 billion to 21.2 billion yuan, reflecting an increase of 7.281 billion to 8.081 billion yuan year-on-year, or a growth of 55.5% to 61.6% [3] - In 2025, copper production reached 741,100 tons, exceeding the target by 18%, with the fourth quarter production nearing 200,000 tons [3][4] Group 4: Other Product Performance - Other product outputs also exceeded expectations, with cobalt production at 117,500 tons (107% completion), molybdenum at 13,900 tons (103%), tungsten at 7,114 tons (102%), niobium at 10,300 tons (103%), and phosphate fertilizer at 1.21 million tons (105%) [4] - The physical trade volume reached 4.774 million tons, achieving 112% of the target [4] - The chairman of Luoyang Molybdenum stated that the bond issuance will enhance operational capital flexibility and lower financing costs, providing strong support for the company's overall strategy [4]