高盛发布研报称，维持对洛阳钼业（603993）(03993)的"买入"评级，目标价从10.8港元升至19港元。洛 阳钼业按中国会计准则计算第三季纯利同比增长96%至56.1亿元人民币，首三季经常性净利润为141亿 元人民币，胜预期，并相当于该行全年预测的约75%及市场预期的约82%。 因应首三季表现及该行对铜价的最新预测，该行将洛钼2025至2027年经常性盈利预测上调8%至32%， 同时将2028至2030年铜产量预测上调30%至100万吨，预期铜价上升及钴价复苏将推动洛钼2025至2026 年经常性利润年均复合增长率达38%，加上2028年实现100万吨铜产量及Cangrejos金铜项目投产的预 期，将驱动2028至2029年盈利增长。 ...

因应首三季表现及该行对铜价的最新预测，该行将洛钼2025至2027年经常性盈利预测上调8%至32%， 同时将2028至2030年铜产量预测上调30%至100万吨，预期铜价上升及钴价复苏将推动洛钼2025至2026 年经常性利润年均复合增长率达38%，加上2028年实现100万吨铜产量及Cangrejos金铜项目投产的预 期，将驱动2028至2029年盈利增长。 智通财经APP获悉，高盛发布研报称，维持对洛阳钼业(03993)的"买入"评级，目标价从10.8港元升至19 港元。洛阳钼业按中国会计准则计算第三季纯利同比增长96%至56.1亿元人民币，首三季经常性净利润 为141亿元人民币，胜预期，并相当于该行全年预测的约75%及市场预期的约82%。 ...

Core Viewpoint - Goldman Sachs reports that Luoyang Molybdenum (603993)(3993.HK) achieved a 96% year-on-year increase in net profit for the third quarter, exceeding expectations for the first three quarters [1] Financial Performance - The net profit for the first three quarters surpassed expectations, prompting Goldman Sachs to revise its earnings forecasts for Luoyang Molybdenum for 2025 to 2027 [1] - The forecast for copper production from 2028 to 2030 has been significantly increased [1] Market Drivers - The anticipated rise in copper prices and recovery in cobalt prices are expected to drive profit growth for Luoyang Molybdenum in the coming years [1] - The commencement of production at the Cangrejos gold-copper project is also expected to further enhance profitability [1] Investment Rating - Goldman Sachs maintains a "Buy" rating for Luoyang Molybdenum and has raised the target price to HKD 19 [1]

Core Viewpoint - Goldman Sachs reports that Luoyang Molybdenum (3993.HK) achieved a 96% year-on-year increase in net profit for Q3, reaching 5.61 billion RMB, with recurring net profit for the first three quarters at 14.1 billion RMB, exceeding expectations [1] Financial Performance - The recurring net profit for the first three quarters is approximately 75% of Goldman Sachs' full-year forecast and about 82% of market expectations [1] - The company’s Q3 net profit growth is attributed to rising copper prices and a recovery in cobalt prices [1] Earnings Forecast - Goldman Sachs has raised its recurring profit forecast for Luoyang Molybdenum for 2025 to 2027 by 8% to 32% [1] - The copper production forecast for 2028 to 2030 has been increased by 30% to 1 million tons [1] Growth Drivers - The expected average compound annual growth rate (CAGR) for recurring profits from 2025 to 2026 is projected to be 38% due to rising copper prices and cobalt price recovery [1] - The anticipated production of 1 million tons of copper in 2028 and the launch of the Cangrejos gold-copper project are expected to drive profit growth from 2028 to 2029 [1] Investment Rating - Goldman Sachs maintains a "Buy" rating for Luoyang Molybdenum, raising the target price from 10.8 HKD to 19 HKD [1]

Group 1 - Copper stocks collectively rose, with notable increases: China Daye Non-Ferrous Metals up 10% to HKD 0.099, Luoyang Molybdenum up 7.28% to HKD 17.38, Jiangxi Copper up 4.29% to HKD 35.04, and Zijin Mining up 4.29% to HKD 35.04 [1] - The U.S.-China trade talks in Kuala Lumpur led to preliminary consensus on several key economic issues, indicating a potential easing of tariff pressures [1] - The Grasberg copper mine has no news on resuming production, contributing to tight copper supply and challenging smelting profit environments, with downstream consumption not meeting last year's levels during the traditional peak season [1] Group 2 - Downstream acceptance of copper prices is gradually improving, with better procurement reported this week [2] - Codelco plans to raise the copper surcharge for the European market to USD 345 per ton by 2026, marking a historical high and reflecting market concerns over tight copper supply next year [2] - The long-term outlook for copper prices remains positive, with the sector's valuation at historically low levels, suggesting a buy adjustment [2]

Core Viewpoint - UBS report indicates that Luoyang Molybdenum's net profit attributable to shareholders reached 14.3 billion yuan in the first three quarters of this year, representing a year-on-year growth of 73%, already achieving 87% of market's full-year expectations and 80% of UBS's forecast [1] Financial Performance - In Q3 alone, the net profit was 5.6 billion yuan, showing a year-on-year increase of 96% and a quarter-on-quarter increase of 19%, exceeding market expectations by approximately 1 billion yuan [1] - Cobalt sales in Q3 reached 5,000 tons, significantly higher than market expectations and up from 2,200 tons in Q2 [1] - The effective tax rate dropped from 37% in Q2 to 27% in Q3, indicating a reduction in tax expenses by 900 million yuan compared to the previous quarter [1] Market Reaction - UBS anticipates a positive response from investors due to Luoyang Molybdenum's performance exceeding expectations [1] - The target price is set at 20.5 HKD with a "Buy" rating [1]

Core Viewpoint - Luoyang Molybdenum (03993.HK) opened nearly 5% higher and is currently up 4.94%, trading at 17 HKD with a transaction volume of 36.83 million HKD [1] Group 1 - The stock price of Luoyang Molybdenum has shown a significant increase, indicating positive market sentiment [1] - The trading volume of 36.83 million HKD reflects active investor interest in the stock [1] - The current price movement suggests potential bullish trends for the company in the short term [1]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. reported strong financial performance for the first three quarters, achieving record high net profit and revenue growth, indicating robust operational efficiency and market demand [1] Financial Performance - For the first three quarters, the company achieved operating revenue of 145.485 billion yuan and a net profit attributable to shareholders of 14.280 billion yuan, representing a year-on-year increase of 72.61% [1] - The third quarter alone saw a net profit of 5.608 billion yuan, marking a significant year-on-year growth of 96.40% [1] - Revenue from the mining segment reached 56.594 billion yuan, accounting for nearly 40% of total revenue, with the copper segment contributing 38.618 billion yuan, which is over 68% of the mining revenue [1] Investment Projects - The company’s board approved an investment of 1.084 billion USD for the construction of the KFM Phase II project in the Democratic Republic of the Congo, with a construction period of 2 years and expected completion in 2027 [1] - The KFM Phase II project is anticipated to add a raw ore processing capacity of 7.26 million tons per year, with an expected average annual production of 100,000 tons of copper metal upon reaching full capacity [1]

Core Viewpoint - Luoyang Molybdenum's strong financial performance in the first three quarters of the year, with significant revenue and profit growth, indicates a robust operational capacity and strategic investments in expansion projects [1] Financial Performance - The company reported a revenue of 145.485 billion yuan for the first three quarters, with a net profit attributable to shareholders of 14.280 billion yuan, marking a year-on-year increase of 72.61% [1] - The third quarter alone saw a profit of 5.608 billion yuan, reflecting a substantial year-on-year growth of 96.40% [1] - Revenue from the mining segment reached 56.594 billion yuan, accounting for nearly 40% of total revenue, with the copper segment contributing 38.618 billion yuan, representing over 68% of the mining revenue [1] Investment and Expansion - The company's board approved an investment of 1.084 billion USD for the construction of the KFM Phase II project in the Democratic Republic of the Congo [1] - The project is expected to take two years to complete, with a target operational date in 2027, and aims to increase the ore processing capacity by 7.26 million tons per year, adding an average of 100,000 tons of copper metal annually upon reaching full capacity [1]

Group 1 - China and the US reached a preliminary consensus on several important economic and trade issues during talks held in Kuala Lumpur, focusing on maritime logistics, shipbuilding, tariff extensions, fentanyl cooperation, agricultural trade, and export controls [1] Group 2 - Kweichow Moutai Group announced a major personnel change, with Chen Hua appointed as the new chairman, marking the fourth leadership change in five years [2] Group 3 - The State Council emphasized the need for a moderately loose monetary policy to support the real economy and enhance financial services [4] - The State Council plans to develop strong policies, reforms, and projects to implement the strategic goals set by the 20th National Congress [6] Group 4 - The total assets of state-owned enterprises (excluding financial enterprises) reached 401.7 trillion yuan, with state-owned financial enterprises holding assets of 487.9 trillion yuan [12] Group 5 - In the semiconductor sector, a breakthrough was achieved in photoresist technology, with the market expected to grow to over 11.4 billion yuan in 2024 and 12.3 billion yuan in 2025 [13] Group 6 - Domestic oil prices are expected to decrease, with a potential reduction of 0.22-0.24 yuan per liter, leading to savings of approximately 11.5 yuan for a full tank in small cars [14] Group 7 - The pet industry is witnessing significant mergers, with Yiyi Co. planning to fully acquire Gao Ye Jia, marking a major move into the pet food sector [19] Group 8 - CITIC Securities became the first domestic brokerage to surpass 2 trillion yuan in total assets, reporting a net profit of 23.16 billion yuan for the first three quarters, a year-on-year increase of 37.86% [18] Group 9 - The third quarter financial reports showed significant growth for several companies, including Shengsheng Real Estate with a 331.66% increase in revenue and WuXi AppTec with an 84.84% increase in net profit [31][32] - Zhuhai Huajun reported a 189.72% increase in net profit for the third quarter, while Luoyang Molybdenum reported a 96.40% increase [33][34] - Wentech Technology achieved a record high in semiconductor revenue for a single quarter, with a 279% increase in net profit [35]