Group 1: Performance of Henan A-Share Listed Companies - In the first half of 2025, 111 Henan A-share listed companies reported that nearly 80% achieved profitability, with overall revenue and net profit reaching new highs [2] - The number of companies with revenue exceeding 10 billion yuan increased to 13, indicating strong growth in the region [2] - Among these, Muyuan Foods achieved a revenue of 76.463 billion yuan, a year-on-year increase of 34.46%, and a net profit of 10.53 billion yuan, up 1169.77% [4] Group 2: Innovations in Traditional Industries - Muyuan Foods has transformed traditional pig farming through technology, leading to significant improvements in efficiency and productivity [4] - The company has developed smart pig farming facilities that maintain optimal conditions for pig health, contributing to its market leadership [4] - Other companies in Henan are also focusing on enhancing traditional industries, gaining attention from capital markets [4] Group 3: Growth in Green Industries - The green industry in Henan has seen significant growth, with sales revenue in ecological protection and environmental governance increasing by 16.1% [11] - The sales revenue of the energy-saving and environmental protection industry grew by 21.9%, indicating a shift towards sustainable practices [11] - Jin Dan Technology is leveraging modern biotechnology to convert corn into high-value biodegradable materials, showcasing innovation in the green sector [8][10] Group 4: New Quality Industries - Companies like Zhongchuang Zhiling are advancing in new quality industries, with a revenue of 19.982 billion yuan, a year-on-year increase of 5.42% [12] - The company is investing in AI chip technology to enhance its capabilities in smart mining and digital factories [12] - The focus on R&D is evident, with Henan A-share companies collectively spending 10.861 billion yuan on research and development in the first half of 2025 [13] Group 5: Mergers and Acquisitions Policy - The Henan provincial government has introduced policies to support mergers and acquisitions among listed companies, aiming to optimize resource allocation and promote high-quality development [14] - This initiative is expected to facilitate the transformation and upgrading of traditional industries while fostering the growth of emerging sectors [14] - The emphasis on mergers and acquisitions aligns with the strategic goals of economic transformation in Henan [14]

事件: 2025年上半年实现营业收入947.73亿元，同比-7.83%；实现归母净利润86.71亿元，同比+60.07%；实现扣非净 利润87.24亿元，同比+55.08%。 点评： 公司上半年业绩超预期主要系各板块产量超计划完成 公司各产品产量全部达成上半年度目标，实现时间过半任务超半。其中，产铜35.36万吨，同比增长约 12.68%，计划完成率达56%；产钴6.11万吨，同比增长约13.05%。钼、钨、铌、磷肥等产品产量均超过年度目 标的50%。 2025年上半年，铜、钴、钼铁、仲钨酸铵、磷酸一铵价格均上涨 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 （1）TFM已形成年产45万吨铜与3.7万吨钴的产能规模。（2）KFM项目目前具备年产15万吨铜、5万吨钴以上 的 ...

Group 1: Key Insights on Luoyang Molybdenum Industry - Luoyang Molybdenum achieved a net profit of 8.671 billion yuan in H1 2025, representing a year-on-year increase of 60.07% [5] - The company's performance exceeded expectations due to production surpassing planned targets across various segments [5] - Prices for copper, cobalt, molybdenum iron, ammonium paratungstate, and monoammonium phosphate all increased during H1 2025 [5] Group 2: Key Insights on Yuntou Holdings - Yuntou Holdings reported revenue of 11.4 billion yuan in H1 2025, a year-on-year growth of 3.59% [5] - The net profit attributable to shareholders was 511 million yuan, up 12.60% year-on-year [5] - In Q2 2025, the company experienced a revenue decline of 5.99% year-on-year, but net profit still grew by 6.94% [5] Group 3: Key Insights on Shandong Pharmaceutical Glass - Shandong Pharmaceutical Glass reported H1 2025 revenue of 2.37 billion yuan, down 8.2% year-on-year [6] - The net profit attributable to shareholders decreased by 21.9% to 370 million yuan [6] - The company plans to distribute a dividend of 0.28 yuan per share, yielding a dividend rate of 1.2% [6] Group 4: Key Insights on TBEA Co., Ltd. - TBEA Co., Ltd. achieved total revenue of 48.401 billion yuan in H1 2025, a year-on-year increase of 1.12% [7] - The net profit attributable to shareholders was 3.184 billion yuan, reflecting a 5.00% increase year-on-year [7] - In Q2 2025, the company reported a slight revenue decrease of 1.03% compared to the previous quarter [7] Group 5: Key Insights on Rongtai Co., Ltd. - Rongtai Co., Ltd. reported total revenue of 1.34 billion yuan in H1 2025, a year-on-year increase of 16.6% [8] - The net profit attributable to shareholders was 98 million yuan, up 13.3% year-on-year [8] - In Q2 2025, the company achieved revenue growth of 6.2% year-on-year [8] Group 6: Key Insights on Shoulv Hotel - Shoulv Hotel reported H1 2025 revenue of 3.661 billion yuan, a decrease of 1.93% year-on-year [9] - The net profit attributable to shareholders increased by 11.08% to 397 million yuan [9] - In Q2 2025, the company experienced a slight revenue growth of 0.42% year-on-year [9] Group 7: Key Insights on Jingxin Pharmaceutical - Jingxin Pharmaceutical reported H1 2025 revenue of 2.017 billion yuan, down 6.20% year-on-year [10] - The net profit attributable to shareholders was 388 million yuan, a decrease of 3.54% [10] - The company’s operating cash flow decreased by 17.48% year-on-year [10]

Investment Rating - The report maintains a "Buy" investment rating for the gold, copper, aluminum, tin, and antimony sectors, indicating a positive outlook for these industries [12]. Core Views - The report highlights that the Federal Reserve's interest rate cuts and the upcoming domestic demand peak are expected to support the prices of precious metals, particularly gold and silver [4][5]. - It anticipates a strong demand season for copper and aluminum, with prices expected to rise due to supply constraints and seasonal demand [5][9]. - The report notes that tin prices are likely to show resilience due to tight supply conditions, while antimony prices are under pressure from weak demand [10][11]. Summary by Sections 1. Market Performance - The non-ferrous metals sector (Shenwan) saw a 3.37% increase in the week from August 25 to August 29, outperforming the broader market [21]. - The top-performing sub-sectors included rare earths (+17.19%), tungsten (+14.70%), and silver (+12.45%) [21]. 2. Macroeconomic and Industry News - China's industrial profits for July showed a year-on-year decline of 1.5%, an improvement from the previous month's decline of 4.3% [27]. - The U.S. second-quarter core PCE price index was reported at 2.5%, aligning with expectations, indicating stable inflation [27]. 3. Precious Metals Market Data - London gold prices rose to $3,429.15 per ounce, an increase of $90.85 (2.72%) from August 21 [30]. - Silver prices also increased to $38.80 per ounce, up $1.24 (3.29%) [30]. 4. Industrial Metals Data - Copper prices on the LME closed at $9,875 per ton, up $150 (1.54%) from August 22 [41]. - Aluminum prices in China were reported at 20,720 yuan per ton, a slight decrease of 30 yuan [42]. 5. Industry Ratings and Investment Strategies - The report maintains a "Buy" rating for gold, copper, aluminum, tin, and antimony sectors, reflecting a favorable investment outlook [12]. - Specific stocks recommended include Zijin Mining, Zhongjin Gold, and Huaxi Securities among others [13].

洛阳钼业上半年净利润达86.7亿元人民币(下同)，同比增长60%。若剔除一次性项目，经常性净利润为 86.2亿元，同比增长52%，高于市场预期，但较该行预期低8%，主要因刚果(金)业务销售成本高于预 期。 高盛发布研报称，对洛阳钼业（603993）(03993)2025至27年经常性盈利预测上调5%至9%，H股目标价 由9.5港元升至10.8港元，洛钼A股(603993.SH)目标价由11.5元人民币升至13元人民币;预期铜价及其他稀 有金属价格上升，将推动今年全年经常性利润增长38%，维持"买入"评级。 ...

公司名稱: 洛陽欒川鉬業集團股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03993 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,933,468,000 | RMB | | 0.2 RMB | | 786,693,600 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 3,933,468,000 | RMB | | 0.2 RMB | | 786,693,600 | | 2. 股份分類 | 普通股 | 股份類別 ...

| 600884 | 杉杉股 | 3.10 | 6.92 | 6484.36 | 4.49 | | --- | --- | --- | --- | --- | --- | | | 份 | | | | | | 000603 | 盛达资 | 9.99 | 4.57 | 4545.90 | 7.94 | | | 源 | | | | | | 605376 | 博迁新 | 3.05 | 3.89 | 4152.53 | 8.09 | | | 材 | | | | | | 601061 | 中信金 | 3.22 | 10.26 | 3514.16 | 7.37 | | | 属 | | | | | | 300919 | 中伟股 | 1.31 | 2.33 | 2783.03 | 3.49 | | | 份 | | | | | | 601618 | 中国中 | 0.59 | 0.95 | 1987.47 | 3.43 | | | 冶 | | | | | | | 寒锐钴 | | | | | | 300618 | 业 | 10.14 | 15.50 | 1883.93 | 1.02 | | 603568 | 伟明环 | 0.42 | ...

Group 1 - As of September 1, the metal cobalt concept increased by 3.05%, ranking 6th among concept sectors, with 31 stocks rising, including Zhejiang Fu Holdings and China Ruilin hitting the daily limit, while Hanrui Cobalt and Luoyang Molybdenum saw significant gains of 10.14%, 9.47%, and 8.25% respectively [1] - The metal cobalt sector experienced a net outflow of 530 million yuan in main funds today, with 13 stocks receiving net inflows, and 6 stocks seeing inflows exceeding 50 million yuan, led by Huayou Cobalt with a net inflow of 489 million yuan [2] - The top net inflow rates were recorded for China Ruilin, Zhejiang Fu Holdings, and Hainan Mining, with rates of 30.50%, 12.57%, and 7.87% respectively [3] Group 2 - The top gainers in the metal cobalt sector included Huayou Cobalt with a 4.52% increase, Luoyang Molybdenum at 9.47%, and Zhejiang Fu Holdings at 10.08% [3] - The stocks with the largest net outflows included Beikong Technology at -3.94%, Dadi Bear at -2.63%, and Green Beauty at -1.21% [5] - The overall performance of the metal cobalt sector reflects a mixed sentiment, with significant gains in some stocks while others faced notable declines [1][5]

2025 年 9 月 1 日 公司研究 上半年产量超计划完成，公司业绩超预期 ——洛阳钼业（603993.SH）2025 年半年报点评 要点 事件 : 2025 年上半年实现营业收入 947.73 亿元，同比-7.83%；实现归母净利润 86.71 亿元，同比+60.07%；实现扣非净利润 87.24 亿元，同比+55.08%。 点评： 公司上半年业绩超预期主要系各板块产量超计划完成。公司各产品产量全部达成 上半年度目标，实现时间过半任务超半。其中，产铜 35.36 万吨，同比增长约 12.68%，计划完成率达 56%；产钴 6.11 万吨，同比增长约 13.05%。钼、钨、 铌、磷肥等产品产量均超过年度目标的 50%。 2025 年上半年，铜、钴、钼铁、仲钨酸铵、磷酸一铵价格均上涨。2025 年上半 年，伦敦金属交易所现货铜均价为 9,431 美元/吨，同比上涨 3.75%；Fastmarkets 标准级钴金属低幅价格升至平均 13.16 美元/磅，同比上涨 7.69%，钼铁均价约 22.88 万元/吨，同比小幅上升 1.37%；仲钨酸铵(APT)均价 22.23 万元/吨，同 比上涨 12.39%；铌铁均 ...

Group 1 - The A-share market's non-ferrous metal sector has shown strong performance, with several companies experiencing significant stock price increases, including Xiaocheng Technology rising nearly 14% and multiple companies hitting the daily limit up [1][2] - In the first half of 2025, non-ferrous metal commodity prices are on an upward trend, contributing to the profitability of the industry. Over 60% of listed companies in this sector reported year-on-year earnings growth, and 90% achieved positive net profits [1] - The outlook for the second half of the year remains optimistic regarding gold and copper price trends, suggesting that the strong performance in the non-ferrous metal sector may continue [1] Group 2 - Notable stock performances include Xiaocheng Technology with a market cap of 6.151 billion and a year-to-date increase of 53.87%, and Xibu Gold with a market cap of 20 billion and a year-to-date increase of 91.86% [2] - Other companies such as Shengda Resources, Hunan Silver, and Huayu Mining also reported significant stock price increases, with year-to-date gains ranging from approximately 39.21% to 152.90% [2] - The overall market capitalization of the non-ferrous metal sector companies reflects strong investor interest, with several companies exceeding market caps of 100 billion [2]