Group 1 - The company, Luoyang Molybdenum (603993), announced its plan to issue $1.2 billion of zero-coupon secured convertible bonds maturing in 2027 on the Hong Kong Stock Exchange [1] - This issuance is based on the general authorization granted to the company [1] - The bonds will provide the company with additional capital for its operations and potential investments [1]

Group 1 - The company, Luoyang Molybdenum (603993), announced a subscription agreement for the issuance of bonds totaling $1.2 billion, with a conversion price of HKD 28.03 per share, representing a premium of approximately 28.70% over the last closing price of HKD 21.78 on January 19, 2026 [1] - If fully converted at the initial conversion price, the bonds will convert into approximately 334 million H-shares, accounting for about 8.48% of the company's existing issued H-shares and approximately 1.56% of the total issued shares [1] - The converted shares will be fully paid and will enjoy the same status as the existing H-shares on the relevant registration date [1] Group 2 - After deducting the underwriter's commission and other estimated expenses, the net proceeds from the bond issuance are expected to be approximately $1.188 billion [2] - The company plans to use the proceeds to support the expansion, optimization, and ongoing capital expenditures of its overseas resource projects, enhance operational flexibility, and for general corporate purposes [2]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has entered into a subscription agreement to issue bonds totaling $1.2 billion, with the proceeds aimed at supporting overseas resource project expansions and enhancing operational flexibility [1][2]. Group 1: Bond Issuance Details - The company, along with CMOC Capital Limited, has agreed to a subscription agreement for bonds amounting to $1.2 billion, with the initial conversion price set at HKD 28.03 per share, representing a premium of approximately 28.70% over the last closing price of HKD 21.78 on January 19, 2026 [1]. - If fully converted at the initial conversion price, the bonds would convert into approximately 334 million H-shares, accounting for about 8.48% of the company's existing issued H-shares and approximately 1.56% of the total issued shares [1]. Group 2: Use of Proceeds - After deducting commissions and estimated expenses, the net proceeds from the bond issuance are expected to be approximately $1.188 billion [2]. - The company plans to utilize these proceeds to support the expansion, optimization, and ongoing capital expenditures of its overseas resource projects, as well as to enhance operational flexibility and for general corporate purposes [2].

格隆汇1月20日丨洛阳钼业(03993.HK)发布公告，2026年1月19日，公司、发行人(即CMOC Capital Limited，公司的全资附属公司)与经办人订立认购协议。根据认购协议所载的条款及条件，经办人已同 意按个别而非共同基准认购及支付，或促使认购人认购及支付，由发行人发行的本金总额为12亿美元的 债券(即12亿美元于2027年到期的零息有担保可换股债券)，而公司已根据担保契据的条款，无条件及不 可撤销地担保发行人如期支付信托契据和债券项下应付的所有款项。 待债券发行完成后，债券发行所得款项净额将约为11.875亿美元。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。 初始转换价为每股H股28.03港元，较1月19日(即签署认购协议的交易日)在香港联交所所报最后收市价 每股H股21.78港元溢价约28.70%。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3.337亿股H股，相当于公司于本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%。转换股份将由公司根据一般授权配发及发行。 ...

CMOC Capital Limited （於英屬維京群島註冊成立的有限公司） CMOC Group Limited* （於中華人民共和國註冊成立的股份有限公司） （股份代號：03993） 擬根據一般授權發行1,200,000,000美元於2027年到期的 零息有擔保可換股債券 獨家全球協調人、牽頭賬簿管理人、聯席牽頭經辦人 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並非收購、購買或認購證券的邀請或要約，亦非邀請訂立協議進行收購、購 買或認購，且不可視為邀請提出收購、購買或認購證券的建議。 本公告並非供於美國（包括其領地及屬土、美國任何一個州及哥倫比亞特區）直接或間接分發。 本公告及其所載資料並不構成或組成在美國購買、認購或出售證券的任何要約或招攬。本公告 所述的證券並無亦將不會根據1933年《美國證券法》（經修訂）（「證券法」）或美國任何州或其他 司法權區的證券法登記。本公告所述證券未必會在美國發售或出售，惟根據1933年《美 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 CMOC Group Limited* 承董事會命 洛陽欒川鉬業集團股份有限公司 劉建鋒 董事長 中華人民共和國河南省洛陽市， 二零二六年一月二十日 於本公告日期，執行董事為劉建鋒先生、彭旭輝先生及闕朝陽先生（職工董事）； 非執行董事為林久新先生、蔣理先生及馬飛先生；及獨立非執行董事為王開國 先生、顧紅雨女士及程鈺先生。 * 僅供識別 股票代码：603993 股票简称：洛阳钼业 编号：2026—007 洛阳栾川钼业集团股份有限公司 第七届董事会第十次临时会议决议公告 （於中華人民共和國註冊成立的股份有限公司） （股份代號：03993） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 以下為洛陽欒川鉬業集團股份有限公司（「本公司」）於上海證券交易所網站 (www.sse.com.cn)所發佈《洛陽鉬業第七屆董事會第十次臨時會議決議公告》。 2、酌情全权决定本次发行的具 ...

Investment Rating - The report maintains a "Positive" outlook on the metals and new materials industry, particularly highlighting the strong trend in nickel prices due to tightened supply expectations from Indonesia [1]. Core Insights - The report indicates that the overall performance of the metals sector has been strong, with the non-ferrous metals index outperforming the broader market indices [4]. - Key price movements show significant increases in precious metals, particularly gold and silver, driven by geopolitical factors and changes in monetary policy [3][20]. - The demand for lithium and cobalt remains robust, with prices for lithium compounds experiencing substantial increases [3][16]. Weekly Market Review - The Shanghai Composite Index fell by 0.45%, while the Shenzhen Component rose by 1.14%. The non-ferrous metals index increased by 3.03%, outperforming the CSI 300 by 3.60 percentage points [4]. - Precious metals saw a weekly increase of 6.86%, while aluminum decreased by 0.57%. Energy metals rose by 1.47%, and small metals increased by 4.31% [8]. Price Changes - Industrial metals prices showed varied changes: copper decreased by 1.50%, aluminum by 0.06%, while zinc increased by 1.76% and tin by 5.32% [12]. - Lithium prices surged, with lithium hydroxide and carbonate increasing by 12.14% and 12.32%, respectively [16]. Key Company Valuations - Companies such as Zijin Mining, Shandong Gold, and Zhongjin Gold are highlighted for their strong earnings growth and favorable price-to-earnings ratios [17]. - The report emphasizes the potential for valuation recovery in state-owned enterprises within the steel sector, such as Baosteel and Shagang [19]. Metal Supply and Demand Dynamics - Copper supply is under pressure, with domestic social inventory increasing to 321,000 tons, while demand from the wire and cable sector shows a slight recovery [33]. - The aluminum sector is experiencing a tightening supply-demand balance, with production capacity constraints expected to support long-term price increases [48]. Growth Cycle Investment Analysis - The report suggests that after interest rate cuts, the valuation center is likely to shift upward, recommending investments in stable supply-demand sectors within the new energy manufacturing industry [3].

Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry [6] Core Viewpoints - The report indicates that negative feedback is intensifying, leading to potential price fluctuations. As industrial product prices rise, domestic downstream negative feedback is increasing, resulting in accelerated inventory accumulation. Recent margin increases by CME and SHFE for certain products may lead to significant short-term price volatility in industrial metals. However, the overall bullish trend for industrial products remains unchanged under the expectation of supportive policies [3][9] Summary by Sections 1. Cycle Assessment - Liquidity expectations are reverting, which does not hinder the long-term bullish logic. Recent statements from Trump favoring Hassett for the National Economic Council position have increased market expectations for the new Fed chair. The probability of a Fed rate cut in April has dropped to 30%. This has led to potential price fluctuations in precious metals due to a weakened narrative around short-term rate cuts [9][13] 2. Industry and Stock Performance - The non-ferrous metals sector rose by 3.03% in the week ending January 16, ranking third among all industries [18] 3. Precious Metals - Short-term narratives around rate cuts are faltering, leading to potential price volatility in precious metals. As of January 16, SHFE gold rose by 2.57% to 1,032.32 CNY per gram, while COMEX gold increased by 2.62% to 4,590.00 USD per ounce. The report notes that the People's Bank of China increased its gold reserves to 7,415 million ounces, marking a continuous increase for 14 months [14][29] 4. Copper - The report highlights that negative feedback is intensifying, leading to increased price volatility for copper. As of January 16, SHFE copper fell by 0.63% to 100,770 CNY per ton, while LME copper decreased by 1.50% to 12,803 USD per ton. The report also notes a significant increase in global visible copper inventory [17][28] 5. Aluminum - The aluminum processing sector shows resilience, with profitability per ton of aluminum expected to remain high. As of January 16, SHFE aluminum fell by 1.66% to 23,925 CNY per ton. The report indicates that the average profit for the aluminum industry is around 7,868 CNY per ton [16][89]

Group 1: Market Performance - The CSI Nonferrous Metals Industry Theme Index (000811) increased by 0.15%, with notable gains from companies such as Zhongfu Industrial (+6.41%) and Tianshan Aluminum (+4.06%) [1] - The Nonferrous 50 ETF (159652) rose by 0.16%, closing at 1.89 yuan, and has seen a cumulative increase of 3.35% over the past week, ranking in the top half among comparable funds [1] - The trading volume for the Nonferrous 50 ETF reached 1.72 billion yuan, with a turnover rate of 3.04% [1] Group 2: Fund Flow and Scale - The latest scale of the Nonferrous 50 ETF reached 5.792 billion yuan, marking a one-year high, with a total of 3.077 billion shares outstanding [2] - The fund experienced a net inflow of 1.11 billion yuan, with a total of 6.32 billion yuan net inflow over the past five trading days, averaging 1.26 billion yuan per day [2] - The leveraged funds have been actively investing, with a net purchase of 5.8525 million yuan this month and a current financing balance of 98.3112 million yuan [2] Group 3: Company Performance - Northern Rare Earth announced an expected net profit of 2.176 to 2.356 billion yuan for 2025, representing a year-on-year growth of 116.67% to 134.60% [2] - Luoyang Molybdenum Company projected a net profit of 20 to 20.8 billion yuan for 2025, reflecting a growth of 47.8% to 53.71% year-on-year, driven by increased product prices and effective cost control [3] Group 4: Industry Trends - The prices of key metals such as tungsten, molybdenum, and rare earths have risen due to increased overseas strategic reserve demand and tighter domestic export controls [4] - The global demand for rare earths is expected to grow significantly, driven by emerging sectors like electric vehicles and robotics, leading to a potential supply-demand gap starting in 2026 [3] - The Nonferrous 50 ETF (159652) is positioned to benefit from a comprehensive coverage of various metal sectors, including gold, copper, aluminum, lithium, and rare earths, amidst a super cycle in nonferrous metals [4][8]

Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry [6] Core Viewpoints - The report indicates that negative feedback is intensifying, leading to potential price fluctuations. As industrial product prices rise, domestic downstream negative feedback is increasing, resulting in accelerated inventory accumulation. Recent margin increases by CME and SHFE for certain products may lead to significant short-term price volatility in industrial metals. However, the overall bullish trend for industrial products remains unchanged under the support of domestic and international policies [3][9] Summary by Sections 1. Cycle Assessment - Liquidity expectations are rebounding, which does not hinder the long-term bullish logic. Recent statements from Trump favoring Hassett for the National Economic Council chair have increased market expectations for the next Federal Reserve chair. The probability of a rate cut in April has dropped to 30%. This may lead to price fluctuations in precious metals due to the weakened short-term rate cut narrative. In the industrial sector, as prices rise, negative feedback from domestic downstream is intensifying, and inventory is accumulating rapidly [9][13] 2. Industry and Stock Performance - The non-ferrous metals sector rose by 3.03% in the week ending January 16, ranking third among all industries [18] 3. Precious Metals - Short-term rate cut narratives are challenged, leading to potential price fluctuations in precious metals. For the week ending January 16, SHFE gold rose by 2.57% to 1,032.32 CNY per gram, while COMEX gold increased by 2.62% to 4,590.00 USD per ounce. SHFE silver surged by 20.03% to 22,483.00 CNY per kilogram, and COMEX silver rose by 12.30% to 89.19 USD per ounce [14][15][29] 4. Copper - Negative feedback is intensifying, leading to increased price volatility for copper. For the week ending January 16, SHFE copper fell by 0.63% to 100,770 CNY per ton, while LME copper decreased by 1.50% to 12,803 USD per ton. The supply side remains tight, and the transmission to the smelting end is approaching [17][28] 5. Aluminum - The processing operation remains resilient, and the profit per ton of aluminum is expected to stay high. For the week ending January 16, SHFE aluminum fell by 1.66% to 23,925 CNY per ton, while LME aluminum decreased by 0.06% to 3,134 USD per ton. The processing operation rate slightly increased to 60.2%, with overall inventory accumulating [16][89]