Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - Short-term lithium salt prices are under pressure for a phase adjustment, particularly due to limited acceptance of high prices by downstream sectors, while the long-term price center for lithium has significantly shifted upward [4] - Cobalt prices remain relatively stable due to tight supply of intermediate products and support from smelting costs, despite weak terminal demand [4] - The lithium and cobalt sectors are seen as having clear investment value, with recommendations for active positioning [9] Summary by Sections 1. Cycle Assessment: Emotional Catalysts for Price Fluctuations - Lithium carbonate prices experienced a peak and subsequent decline, with lithium concentrate prices rising to $1980 per ton, up $100 from the previous week [14] - The market for cobalt salts is subdued, with production pressures evident and smelting plant prices increasing [14] 2. Core Data on New Energy Materials: Mixed Production Changes and Price Increases - December lithium carbonate production increased by 4% month-on-month and 42% year-on-year, while hydroxide production rose by 2% month-on-month and 30% year-on-year [25][24] - Cobalt intermediate products saw a 21.20% decrease in inventory in December, while cobalt metal inventories showed no significant reduction [62][68] 3. Lithium Salt Import and Export Data - In November, lithium carbonate exports surged by 209% month-on-month and 249% year-on-year, while imports fell by 8% month-on-month but rose by 15% year-on-year [40][41] 4. Weekly Data on Lithium Salts: Slight Production Increase and Inventory Decrease - Weekly production of lithium carbonate rose by 0.31%, and inventory decreased by 0.24% [52][53] 5. Downstream Material Inventory: Decrease in Phosphate Iron Lithium and Ternary Material Inventory - Phosphate iron lithium inventory decreased by 0.21%, and ternary material inventory decreased by 0.95% [59][60] 6. Price Trends of New Energy Metal Materials: Most Prices Increased - The average price of battery-grade lithium carbonate rose by 20.11%, while industrial-grade lithium carbonate increased by 20.42% [71][72]

Core Viewpoint - Luoyang Molybdenum (603993.SH) has solidified its position among the top ten global mining companies, with a market capitalization reaching 530 billion yuan, reflecting a significant increase from 487.4 billion yuan a week prior [1][19]. Financial Performance - The company forecasts a net profit attributable to shareholders of 20 billion to 20.8 billion yuan for 2025, representing a year-on-year growth of 47.8% to 53.7% [2][19]. - Luoyang Molybdenum will become the fourth mining company in A-share history to achieve an annual profit exceeding 20 billion yuan [20]. Production and Revenue Drivers - The rise in market value is closely linked to the company's stable growth in performance, primarily driven by the KFM and TFM mines, which are significant sources of copper and cobalt profits [4][21]. - For the first half of 2025, copper and cobalt products are expected to contribute approximately 67.8% to the company's gross profit [22]. - However, copper production is projected to be 741,100 tons in 2025, with a growth rate dropping from 65% to around 14%, while cobalt production is expected to be 117,500 tons, with a growth rate of 2.9% [6][24]. Price Dynamics - Price increases for copper and cobalt are anticipated to be the main drivers of profit growth, with copper prices expected to rise by 42.3% in 2025 and cobalt prices by 36.6% [7][25]. - The company attributes its expected profit increase to both volume and price growth, alongside effective cost management [7][25]. Future Growth Potential - In 2026, Luoyang Molybdenum plans to increase copper production to between 760,000 and 820,000 tons, reflecting a growth of approximately 50,000 tons [8][26]. - The company will also add gold business to its portfolio, with an acquisition of Equinox Gold Corp. expected to yield 6 to 8 tons of gold, valued at around 7.3 billion yuan [9][27]. Strategic Positioning - If the company maintains its profit growth, it could set a new record in the non-ferrous metal industry by achieving two consecutive years of net profits exceeding 20 billion yuan [11][29]. - Luoyang Molybdenum's strategy mirrors that of diversified mining companies, focusing on multiple metal resources to mitigate risks associated with price fluctuations [13][32]. Comparison with Peers - The company is narrowing the production gap with Zijin Mining, with copper production differences decreasing to around 350,000 tons by 2025 [14][32]. - However, Luoyang Molybdenum's gold production remains significantly lower than Zijin Mining's, which is projected to reach 900 tons in 2025 [15][33]. Financial Flexibility - The company has accumulated substantial funds, allowing for more flexible future acquisitions, including a recent board approval for using idle funds for structured deposits up to 20 billion yuan [16][34][35].

Core Viewpoint - The A-share market is experiencing an increase in performance announcements as the deadline for annual report forecasts approaches, with over 280 companies having disclosed their 2025 annual report forecasts by January 16, 2023, accounting for nearly 5.2% of the total market [1][10]. Group 1: Performance Forecasts - Nearly 140 companies have reported positive forecasts for 2025 net profit attributable to shareholders, representing about 47.6% of all companies that have disclosed forecasts. The breakdown includes 26.9% expecting profit increases, 14.7% slight increases, 5.6% turning profitable, and 0.3% continuing profitability [3][12]. - Approximately half of the companies are expected to incur losses in 2025, with categories including continued losses (19.6%), first-time losses (10.5%), reduced losses (8.7%), increased losses (4.9%), and profit reductions (4.5%) [3][12]. Group 2: Industry Distribution - The sectors with the highest number of companies reporting positive forecasts include basic chemicals, electronics, automotive, biomedicine, and machinery, which together account for nearly 56.6% of the positive forecasted companies [3][12]. - In terms of loss forecasts, the sectors with the highest concentration of expected losses include electronics, electrical equipment, construction decoration, machinery, and biomedicine, with coal, steel, construction materials, and real estate also showing significant loss ratios [4][13]. Group 3: Notable Companies - Eleven companies are expected to report net profits exceeding 5 billion yuan for 2025, with Zijin Mining leading at 51 billion yuan, followed by Luoyang Molybdenum, Luxshare Precision, WuXi AppTec, Muyuan Foods, and Baofeng Energy, all exceeding 10 billion yuan [7][16]. - Among the companies with the highest expected profit growth, 48 are projected to see their profits double, with Huisheng Biological, Zhongtai Shares, SAIC Motor, Baive Storage, and Huazheng New Materials leading the list [7][16].

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has solidified its position among the top ten global mining companies, with a market capitalization reaching 530 billion yuan, reflecting a significant increase in its stock price and overall performance [1][3]. Financial Performance - The company expects its net profit attributable to shareholders to reach between 20 billion and 20.8 billion yuan in 2025, representing a year-on-year growth of 47.8% to 53.7% [3]. - Luoyang Molybdenum is projected to become the fourth mining company in A-share history to achieve an annual profit exceeding 20 billion yuan [3]. - The company's main profit sources are copper and cobalt products, which contributed approximately 67.8% of the gross profit in the first half of 2025 [5]. Production and Growth - Copper production is expected to reach 741,100 tons in 2025, with a growth rate of around 14%, while cobalt production is projected at 117,500 tons, with a growth rate of 2.9% [6][9]. - The company has seen significant increases in copper and cobalt production in recent years, with copper output rising from 233,000 tons in 2021 to 419,500 tons in 2023, reflecting a growth rate of 51.44% [6]. Price Dynamics - Price increases for copper and cobalt are expected to drive profitability, with copper prices projected to rise by 42.3% in 2025 and cobalt prices by 36.6% [7][9]. - The stable production costs at the upstream mining level allow the company to convert a significant portion of price increases into profits [9]. Strategic Development - Luoyang Molybdenum's growth strategy involves diversifying its product offerings, similar to other leading global mining companies, which typically focus on multiple metals [18]. - The company plans to enhance its production capacity, targeting copper output of 760,000 to 820,000 tons in 2026, alongside the introduction of gold production following its acquisition of Equinox Gold Corp. [11][12]. Market Position - The company is rapidly closing the gap with Zijin Mining in copper production, with a projected difference of around 350,000 tons by 2025 [19]. - Luoyang Molybdenum's strategic acquisitions and financial resources position it well for future growth and potential mergers in the gold sector [19].

记者丨 董鹏 编辑丨朱益民 洛阳钼业（603993.SH），全球矿业市值十强的地位愈发稳固。 1月16日早盘，该公司股价小幅上涨，最新市值增至5300亿元。一周前，mining.com网站发布的全球矿业50强榜单中，洛阳钼业曾以4874亿元 的总市值升至第10位。 1月16日， 洛阳钼业股价一度涨超4%，截至收盘涨幅收窄至0.83%，最新市值为5030亿元。 不断抬升的市值，与公司稳定增长的业绩密不可分。 根据15日晚间披露的业绩预告，公司预计2025年归属上市公司股东的净利润将达到200亿元到208亿元，同比增长47.8%到53.7%。 这也是A股市场有史以来，第四家年度盈利突破200亿元的矿业公司。 2022年，紫金矿业(601899.SH)、天齐锂业(002466.SZ)与赣锋锂业(002460.SZ)盈利曾达到这一水平，但受到金、铜、锂价格波动影响，这几 家公司盈利走势、市值表现差异越来越大。 这背后，也是企业发展路径上的差异，是选择单一品种向产业链上下游纵向延伸，还是将业务重心集中在上游矿端，通过多个矿种资源的布局 进行横向拓展。 不同时期，评价标准不同，答案也不相同，只能说主流的全球化矿业龙头更倾 ...

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《洛陽鉬業關於對外擔保計劃的公告》。 承董事會命 洛陽欒川鉬業集團股份有限公司 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* （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 劉建鋒 董事長 中華人民共和國河南省洛陽市， 二零二六年一月十六日 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—005 洛阳栾川钼业集团股份有限公司 关于对外担保计划的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 重要内容提示： 股票代码：603993 股票简称：洛阳钼业 编号：2026—005 洛阳栾川钼业集团股份有限公司 关于对外担保计划的公告 一、担保审批及授权情况 2025年5月30日，公司2024年年度股东大会审议通过《关于本公 被担保方：相关全资子公司 本次担保金额：洛阳栾川钼业集团股份有限公司（以下简称"公 司"）直接或通过全资子公司（含直接及间接全资子公司，下同） 为其他全资子公司合计提供总额预计不超过33亿元的担保。 本次担保不涉及反担保。 截至本公告披露日公司无逾期担保。 本次担保计划部分被担保方为资产负债率超过70%的全资子公司； 截至本公告披露日，公司对外担保总额占公司最近一期经审计净 资产的24.24%。敬请投资者注意相关风险。 司2025年度对外担保额度预计的议案》，同意授权董事会或董事会授 权人士（及该等授权人士的转授权人士）批准公司直接或通过全资子 公司（含直接及间接全资子公司，下同）或控股子公司（含直接及间 接控股子公司，下同）为其他全资子公司、控股子公 ...

Core Viewpoint - The A-share market is experiencing an increase in performance announcements as the deadline for annual report forecasts approaches, with over 280 companies having disclosed their 2025 annual report forecasts by January 16, representing nearly 5.2% of the total market [1]. Group 1: Performance Forecasts - Nearly half of the disclosed companies have positive performance forecasts for 2025, with around 140 companies (47.6%) expecting an increase, slight increase, turnaround, or continued profit [3]. - The breakdown of positive forecasts includes 26.9% expecting an increase, 14.7% a slight increase, 5.6% a turnaround, and 0.3% continued profit [3]. - Conversely, about half of the companies are expected to incur losses in 2025, with 19.6% continuing losses, 10.5% first-time losses, 8.7% reduced losses, 4.9% increased losses, and 4.5% reduced forecasts [3]. Group 2: Industry Distribution - The sectors with the highest number of companies expecting positive performance include basic chemicals, electronics, automotive, pharmaceutical biology, and machinery, accounting for nearly 56.6% of the positive forecast companies [3]. - In terms of loss forecasts, the sectors with the highest concentration of expected losses are electronics, electrical equipment, construction decoration, machinery, and pharmaceutical biology [4]. Group 3: Individual Company Performance - Among the disclosed forecasts, 11 companies are expected to have a net profit (lower limit) exceeding 5 billion yuan, with Zijin Mining leading at 51 billion yuan [8]. - Other notable companies with significant profit forecasts include Luoyang Molybdenum, Luxshare Precision, WuXi AppTec, Muyuan Foods, and Baofeng Energy, all exceeding 10 billion yuan [8]. - A total of 48 companies are expected to see their profit growth double, with Kewen Biological, Zhongtai Shares, SAIC Motor, and Bawei Storage among the top performers [8]. Group 4: Turnaround Companies - There are 16 companies expected to turn around from losses, with Kewen Biological leading with a projected profit growth of over 10 times [10]. - Other companies with significant turnaround forecasts include Zhongtai Shares, Huazheng New Materials, and Haowu Shares, all showing growth rates above 2 times [10]. - The sectors with the most turnaround companies include machinery, basic chemicals, agriculture, automotive, and others [10].

Core Viewpoint - BlackRock has increased its long position in Luoyang Luanchuan Molybdenum Co., Ltd. - H shares from 7.97% to 8.08% as of January 12, 2026 [1] Company Summary - BlackRock's stake in Luoyang Luanchuan Molybdenum Co., Ltd. has seen a rise, indicating a growing confidence in the company's prospects [1]

Core Viewpoint - Luoyang Molybdenum (603993.SH) has solidified its position among the top ten global mining companies, with a market capitalization reaching 530 billion yuan, following a recent ranking by mining.com that placed it at the 10th position with a total market value of 487.4 billion yuan [1][2]. Financial Performance - The company expects its net profit attributable to shareholders to reach between 20 billion to 20.8 billion yuan in 2025, representing a year-on-year growth of 47.8% to 53.7% [2]. - Luoyang Molybdenum is the fourth mining company in A-share history to achieve an annual profit exceeding 20 billion yuan [3]. Production and Revenue Drivers - The rise in market value is closely linked to the company's stable growth in performance, primarily driven by the large-scale output from the KFM and TFM mines, which are significant sources of copper and cobalt profits [4]. - In the first half of 2025, copper and cobalt products are expected to contribute approximately 67.8% of the company's gross profit [5]. Production Forecasts - For 2025, the company forecasts copper production of 741,100 tons, with a growth rate dropping to around 14% from the previous year's 65% [7]. - The cobalt production is projected to be 117,500 tons, with a growth rate of 2.9% [7]. Price Dynamics - Price increases for copper and cobalt are anticipated to be the main drivers of profit growth, with copper prices expected to rise by 42.3% in 2025 and cobalt prices by 36.6% [9][10]. - The company benefits from stable production costs due to its position at the upstream of the supply chain, allowing it to convert price increases into profits effectively [10]. Strategic Development - Luoyang Molybdenum's growth strategy involves a diversified approach, focusing on multiple metal resources rather than a single commodity, similar to other leading global mining companies [3][18]. - The company plans to enhance its production capacity, targeting an increase in copper output to between 760,000 and 820,000 tons in 2026, along with the introduction of gold production following a recent acquisition [12][13]. Competitive Positioning - The company is narrowing the production gap with Zijin Mining, with copper production differences expected to decrease to around 350,000 tons by 2025 [22]. - Luoyang Molybdenum's gold production is currently lower than Zijin Mining, but the company is likely to pursue further acquisitions to enhance its gold resource base [23][24].