2025 年半年度业绩预增公告 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个别及连带责任。 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： 1、预计 2025 年上半年实现归属于上市公司股东的净利润为 82 亿元到 91 亿元,与上年同期（法定披露数据，下同）相比增加 27.83 亿元到 36.83 亿元，同比增加 51.37%到 67.98%。 股票代码：603993 股票简称：洛阳钼业 编号：2025—040 洛阳栾川钼业集团股份有限公司 2、预计 2025 年上半年实现归属于上市公司股东的扣除非经常性 损益的净利润 83 亿元到 92 亿元，与上年同期相比增加 26.75 亿元到 35.75 亿元，同比增加 47.55%到 63.55%。 一、本期业绩预告情况 （一）业绩预告期间：2025年1月1日至2025年6月30日。 （二）业绩预告情况 1 1、预计 2025 年上半年实现归属于上市公司股东的净利润为 82 亿元到 9 ...

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [14][15]. Core Views - The report indicates that the gold market will continue to rise due to the Federal Reserve's ongoing interest rate cuts [14]. - Short-term demand for copper and aluminum may weaken, but the long-term supply-demand balance is expected to tighten [15]. - Tin prices are expected to fluctuate due to a tight supply situation, while antimony prices are projected to remain weak in the short term but supported by long-term supply constraints [15]. Summary by Sections 1. Market Performance - The non-ferrous metals sector (Shenwan) saw a weekly increase of 3.75%, outperforming other sectors [23]. - The top-performing sub-sectors included rare earths (+18.65%), magnetic materials (+11.28%), and silver (+8.35%) [23]. 2. Precious Metals - London gold price was $3352.10 per ounce, up $20.20 from July 4, with a 0.61% increase [34]. - London silver price reached $37.5 per ounce, increasing by 0.62% from July 4 [34]. - The report notes that the Federal Reserve's differing views on inflation may impact precious metals, but a bullish trend is anticipated [6][34]. 3. Copper and Aluminum - LME copper closed at $9640 per ton, down $240 from July 4, a decrease of 2.43% [41]. - Domestic aluminum price was 20760 RMB per ton, with a slight increase of 0.05% [42]. - The report highlights that short-term copper and aluminum prices may face downward pressure due to weak demand [15][41]. 4. Tin and Antimony - Domestic refined tin price was 266820 RMB per ton, down 0.37% from July 4 [43]. - Antimony price was 185500 RMB per ton, reflecting a decrease of 1.80% [15][43]. - The report suggests that while demand is weak, supply constraints may support tin prices in the future [15]. 5. Recommended Stocks - The report recommends specific stocks in the gold sector, including Zhongjin Gold and Shandong Gold, and in the copper sector, including Zijin Mining and Western Mining [15][17].

China Copper Equities Turning point China The long expected US import tax on copper is finally here: On Tuesday 8 July, US President Trump announced plans to implement a 50% tariff on imported copper and the tariff may be implemented as soon as this month (see Copper: Trump announces 50% import tariff, 9 July). The US imports around 50% of its refined copper demand per year, predominantly from Chile (65%), Canada (17%), and Mexico (9%). Given the impending tariffs, Comex copper prices have spiked over 10% s ...

行 业 及 产 业 有色金属 2025 年 07 月 13 日 证券分析师 郭中伟 A0230524120004 guozw@swsresearch.com 马焰明 A0230523090003 maym@swsresearch.com 陈松涛 A0230523090002 chenst@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 郭中耀 A0230124070003 guozy@swsresearch.com 联系人 郭中耀 (8621)23297818× guozy@swsresearch.com 美国铜关税超预期，关注供需支撑 看好 ——金属&新材料行业周报20250707-20250711 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 ⚫ 一周行情回顾：据 ifind，环比上周 1）上证指数上涨 1.09%，深证成指上涨 1.78%，沪深 300 上涨 0.82%，有色金属（申万）指数上涨 1.02% ...

有色金属周报 20250713 美进口关税扰动铜价，金银价格企稳上行 2025 年 07 月 13 日 ➢ 本周（07/07-07/11）上证综指上涨 1.09%，沪深 300 指数上涨 0.82%，SW 有 色指数上涨 1.02%，贵金属 COMEX 黄金变动+1.03%，COMEX 白银变动+5.49%。 工业金属 LME 铝、铜、锌、铅、镍、锡价格分别变动+0.17%、-1.92%、+0.09%、- 1.94%、-0.16%、-0.61%，工业金属库存 LME 铝、铜、锌、铅、镍、锡分别变动 +9.99%、15.27%、-6.30%、-5.28%、+1.83%、-6.64%。 ➢ 工业金属：美国大幅提升铜进口关税，Comex 和 LME、上交所铜价走势分化， 国补政策刺激国内宏观持续向好，看好工业金属价格。铜方面，美国宣布 8 月可能提高 进口关税到 50%，Comex 铜价大幅上行，同时贸易流的改变也打压了 LME 和上交所 铜价。本周 SMM 进口铜精矿指数（周）报-43.79 美元/吨，环比增加 0.46 美元/吨。 需求端开工继续下行，SMM 铜线缆企业开工率 71.52%，环比上升 3.7pc ...

Group 1: Liquidity and Scale of Rare Metal ETFs - The rare metal ETF had an intraday turnover of 3.5%, with a transaction volume of 30.73 million yuan [3] - Over the past week, the average daily transaction volume of the rare metal ETF reached 37.71 million yuan, ranking first among comparable funds [3] - In the past year, the rare metal ETF's scale increased by 16.82 million yuan, also ranking first among comparable funds [3] - The latest margin buying amount for the rare metal ETF reached 2.08 million yuan, with a margin balance of 21.28 million yuan [3] Group 2: Performance and Returns - As of July 10, the net value of the rare metal ETF increased by 30.36% over the past year [3] - The highest monthly return since inception was 24.02%, with the longest consecutive monthly gains being 3 months and the longest gain percentage being 14.06% [3] - The average return during the rising months was 7.76% [3] Group 3: Industry Insights and Recommendations - The lithium sector is currently in a bottom oscillation phase, with solid-state battery industrialization accelerating and energy storage demand expected to surge [3] - The new energy storage installations are projected to grow by 140% year-on-year in 2024, which may serve as a core catalyst [3] - Companies with strong cost control in lithium extraction from salt lakes and those with overseas resource layouts are recommended for attention [3] Group 4: Rare Earth Market Dynamics - The implementation of the Rare Earth Management Regulations is expected to enhance compliance capacity concentration, with a growth rate of 5.9% in 2024 [4] - The supply-demand gap for praseodymium and neodymium oxide is anticipated to widen starting in 2025, with a focus on light rare earth leading enterprises [4] - The strategic position of rare earths is significant due to U.S. tariff policies, which may positively impact company performance [4] Group 5: Key Stocks in Rare Metal Sector - The top ten weighted stocks in the CSI Rare Metal Theme Index include Salt Lake Co., Northern Rare Earth, Luoyang Molybdenum, and others, accounting for 54.07% of the total weight [4] - Notable stock performances include Northern Rare Earth with a 9.85% increase and Salt Lake Co. with a 0.86% increase [6] Group 6: Investment Opportunities - Investors can also participate in the rare metal sector through the Rare Metal ETF linked fund (014111) [7]

洛阳钼业 20250709 摘要 美国对铜加征 25%关税超出市场预期，生效时间提前，可能影响全球铜 物流，但对需求和供应影响有限。若智利获得豁免或分批加征关税，铜 价可能出现反弹，每次下跌或为买入机会。 洛阳钼业已成为全球最大的钴生产商，2024 年钴产量占全球 38%，占 刚果金 50%，市场龙头地位稳固。钨库存销售完毕后，三季度利润或受 影响，但上半年利润已基本抵去年全年。 洛阳钼业铜矿产量增速在全球铜矿企业中领先，未来五年预计年均复合 增速约 9%，主要增长来自 TFM 矿的扩张和 KFM 项目的贡献，目标是 2028 年实现 80-100 万吨产能。 KFM 项目表现超预期，年产能已提升至 20 万吨以上，品位和产量均超 出预期，且该项目距离 TFM 仅 30 公里，可共享基础设施，人员和设备。 公司收购厄瓜多尔金矿，黄金储量 638 吨，品位较低，但体量大、埋藏 浅、剥采比低，预计 2028 年投产，年产 11.6 吨黄金，设计寿命超过 20 年。 洛阳钼业未来五年计划以 9%的年化增长率扩展铜矿年产能，主要依赖 现有项目扩张，确定性高、风险小。 铜价每上涨 5,000 元人民币/吨，公司利润增加 ...

Core Viewpoint - The China Securities Index for the subdivided non-ferrous metal industry has shown significant growth, with a 3.10% increase over the past month and a 13.89% increase year-to-date, indicating a strong performance in this sector [1][2]. Group 1: Index Performance - The China Securities Index for subdivided non-ferrous metals rose by 1.28% to 6711.19 points, with a trading volume of 39.135 billion yuan [1]. - The index has increased by 13.83% over the past three months [1]. - The index is composed of seven sub-indices, reflecting the overall performance of larger, more liquid listed companies in related industries [1]. Group 2: Index Composition - The top ten holdings in the index include Zijin Mining (15.24%), Northern Rare Earth (5.39%), and Luoyang Molybdenum (4.48%) [1]. - The index's holdings are primarily concentrated in the Shanghai Stock Exchange (64.67%) and the Shenzhen Stock Exchange (35.33%) [1]. Group 3: Industry Breakdown - The index's sample holdings are predominantly in the raw materials sector (99.39%), with a small representation in the industrial sector (0.61%) [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. Group 4: Related Funds - Public funds tracking the subdivided non-ferrous metal index include several products from Huaxia and Huitianfu, indicating investor interest in this sector [2].

股票代码：603993 股票简称：洛阳钼业 编号：2025—039 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： 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19亿元的担保。 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21.62%。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 ...

Group 1 - The core viewpoint of the article highlights the performance of the China Hong Kong 300 Resource Index, which has shown a 2.39% increase over the past month, a 22.23% increase over the past three months, and a 9.29% increase year-to-date [1] - The index is composed of securities from various industry themes such as banking, transportation, resources, infrastructure, logistics, and leisure, reflecting the overall performance of different thematic listed companies in the Hong Kong market [1] - The index's top ten holdings include China National Offshore Oil (29.27%), PetroChina (13.19%), Zijin Mining (10.84%), China Shenhua Energy (9.38%), Sinopec (9.08%), China Hongqiao Group (4.51%), China Coal Energy (3.47%), Zhaojin Mining (3.08%), Luoyang Molybdenum (2.86%), and Yanzhou Coal Mining (2.39%) [1] Group 2 - The industry composition of the index shows that oil and gas account for 51.92%, precious metals for 15.97%, coal for 15.72%, industrial metals for 14.86%, rare metals for 0.91%, and other non-ferrous metals and alloys for 0.62% [2] - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2]