Core Viewpoint - Five stocks received buy ratings from institutions today, with Aerospace Electronics, Far East Holdings, and Zhenhua Heavy Industries being newly covered by institutions [1] Group 1: Institutional Ratings - Today's institutional reports included five buy ratings, with Zhenhua Heavy Industries and Far East Holdings receiving the highest attention, each having one buy rating record [1] - Among the buy ratings, three were first-time coverage by institutions, involving Aerospace Electronics and Far East Holdings [1] Group 2: Market Performance - Stocks with buy ratings from institutions averaged a 0.20% increase today, outperforming the Shanghai Composite Index [1] - The stocks with the largest declines included Zhenhua Heavy Industries, Far East Holdings, and Luoyang Molybdenum, with declines of 4.53%, 3.08%, and 2.40% respectively [1] Group 3: Institutional Buy Rating Records - The following stocks received buy ratings today: - Jack Technology: Buy rating from Huatai Securities, target price of 55.44 yuan, latest closing price of 39.18 yuan [2] - Zhenhua Heavy Industries: Upgrade to Accumulate by Guojin Securities, latest closing price of 4.64 yuan [2] - Far East Holdings: Buy rating from Zheshang Securities, latest closing price of 7.55 yuan [2] - Aerospace Electronics: Upgrade to Accumulate by Xiangcai Securities, latest closing price of 17.40 yuan [2] - Luoyang Molybdenum: Buy rating from Western Securities, latest closing price of 17.50 yuan [2]

果然财经|10.15亿美元！洛阳钼业收购4座巴西在产金矿 12月15日，洛阳栾川钼业集团股份有限公司发布公告称，控股子公司洛阳钼业控股有限公司及其下属新 设全资子公司与加拿大上市公司 Equinox Gold Corp.及其全资子公司Leagold Mining Corporation签署协 议。据智通财经，将以总计10.15亿美元的对价收购位于巴西三个金矿资产的100%权益，包括Aurizona 金矿、RDM 金矿以及Bahia综合矿区。 果然财经|10.15亿美元！洛阳钼业收购4座巴西在产金矿 大众报业·齐鲁壹点13:30 | 拟申报高校设置事项基本信息 | | --- | | 序号 建校基础 办学体制 办学层次 名称 | | 1 茶鲁中医药学院 山东中医药高等专科学校 本科 公办 | | 2 临沂工学院 断建 民办非营利性 本料 | | 广东惠州一山坡于14日晚突发火灾 当地回应:火势当晚扑灭 无人员伤亡 | 热门评论我要评论 微信扫码 移动端评论 暂无评论 鲁ICP备15022957号-13 鲁公网安备 37010202002220号 鲁新网备案号201000101 电信增值业务许可证： 鲁B2-20 ...

Core Viewpoint - The company, Luoyang Molybdenum Co., Ltd., is experiencing fluctuations in stock performance, with a recent decline of 2.40% and a market capitalization of 374.4 billion yuan, indicating potential investment opportunities and risks in the metals sector [1]. Company Overview - Luoyang Molybdenum is the world's second-largest cobalt producer, primarily selling cobalt products like cobalt hydroxide in international markets [2]. - The company operates in the non-ferrous metal mining industry, focusing on the extraction, smelting, and deep processing of various metals, including copper, molybdenum, tungsten, cobalt, niobium, and phosphorus [2]. - It ranks among the top five molybdenum producers globally and is the largest tungsten producer, as well as a leading producer of copper and niobium [2]. Financial Performance - For the first nine months of 2025, the company reported a revenue of 145.485 billion yuan, a year-on-year decrease of 5.99%, while the net profit attributable to shareholders increased by 72.61% to 14.280 billion yuan [8]. - The company has distributed a total of 21.562 billion yuan in dividends since its A-share listing, with 10.576 billion yuan distributed over the past three years [9]. Production and Growth Prospects - The company holds an 80% stake in the NPM copper-gold mine in Australia, with gold production guidance for 2023 set at 25,000 to 27,000 ounces, representing a year-on-year increase of 56% to 69% [3]. - In 2025, the company successfully completed the acquisition of Ecuador's Odin Mining (KGHM Gold Mine) and is advancing development plans with a target to commence production by 2029 [3]. Market Position and Shareholder Information - As of September 30, 2025, the company had 304,200 shareholders, an increase of 28.08% from the previous period [8]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable changes in holdings among the top shareholders [9].

Core Viewpoint - The non-ferrous metals industry is expected to enter a new upward cycle, driven by macroeconomic recovery, supply chain disruptions, and liquidity easing from the Federal Reserve's interest rate cuts, which will enhance metal prices and industry performance [1]. Group 1: Market Performance - As of December 16, 2025, the non-ferrous metals industry index (399395) showed mixed performance among its constituent stocks, with Zhongtung High-tech (000657) leading the gains at 3.05%, followed by Yahua Group (002497) at 2.25%, and Xiamen Tungsten (600549) at 0.59% [1]. - The overall market is experiencing a pullback, but funds are strategically positioning in the non-ferrous sector [1]. Group 2: Future Outlook - According to China Galaxy Securities, the industry is expected to stabilize in 2024, with macroeconomic expectations improving in 2025, alongside supply chain disruptions due to resource control policies in other countries [1]. - The anticipated liquidity easing from the Federal Reserve's rate cuts is expected to drive up non-ferrous metal prices and enhance the profitability of non-ferrous metal companies, continuing the upward trend in the industry [1]. - The narrative around copper supply remains positive, and cobalt prices are expected to rise under policy adjustments in the Democratic Republic of Congo [1]. - The strategic value of rare earths is increasing, with a favorable supply-demand balance [1]. Group 3: ETF and Index Information - The non-ferrous ETF (159880) closely tracks the non-ferrous metals industry index, which includes 50 prominent securities in the sector, reflecting the overall performance of listed companies in the non-ferrous metals industry [2]. - As of November 28, 2025, the top ten weighted stocks in the non-ferrous metals industry index accounted for 52.34% of the index, including companies like Zijin Mining (601899) and China Aluminum (601600) [2].

Group 1 - The company announced the acquisition of 100% equity in three gold mining assets in Brazil from Equinox Gold for a total consideration of $1.015 billion, which includes an upfront payment of $900 million and contingent payments of up to $115 million based on gold sales in the first operational year post-transaction [1][4] - The acquisition agreement was signed on December 14, 2025, and is expected to be completed in the first quarter of 2026, pending necessary regulatory approvals [4] - This acquisition follows a previous purchase of the Odin Mine in Ecuador in April 2025, and is expected to increase the company's annual gold production by approximately 8 tons, with total production potentially exceeding 20 tons after the Odin Mine commences operations [4] Group 2 - The company was listed on the Hong Kong Stock Exchange in 2007 and on the Shanghai Stock Exchange in 2012, ranking 145th in the 2024 Fortune China 500 and 621st in the 2024 Forbes Global 2000 [5] - In 2024, the company's revenue reached 213.029 billion yuan, marking the first time it surpassed the 200 billion yuan threshold, making it the first enterprise in Henan Province to achieve this milestone [5]

西部证券研报指出，经公司董事会批准，洛阳钼业将以总计10.15亿美元的对价收购加拿大矿业企业 Equinox Gold位于巴西三个金矿资产的100%权益，包括Aurizona金矿、RDM金矿以及Bahia综合体。交 易预计于26年第一季度完成交割，尚需获得巴西反垄断机构和中国相关监管部门的审批。金矿业务再获 成长，铜金双极格局再提速。2025年以来，洛钼加速黄金资产布局，上半年收购了厄瓜多尔金矿、年末 继续加码巴西项目，持续兑现"多品种、多国家、多阶段"的并购规划。待厄瓜多尔奥丁矿业投产后，叠 加巴西在产金矿，公司黄金年产量将近20吨。有望开启第二成长曲线。维持"买入"评级。 ...

Group 1 - The core announcement is that Luoyang Molybdenum plans to acquire Canadian mining company Equinox Gold for $1.015 billion, focusing on four gold mining assets in Brazil [1][3] - The acquisition is expected to add approximately 8 tons to the company's annual gold production after completion [1] - The deal involves acquiring 100% equity of two wholly-owned subsidiaries of EQX, which include the Aurizona mine, RDM mine, and Bahia complex, with the transaction expected to close in Q1 2026, pending regulatory approvals [3] Group 2 - The acquired assets have significant resource reserves, with a total gold resource of 5.013 million ounces and an average grade of 1.88 grams per ton [3] - The gold reserves amount to 3.873 million ounces, with an average grade of 1.45 grams per ton, and projected gold production of 247,300 ounces in 2024, increasing to 250,000 to 270,000 ounces in 2025 [3] - This acquisition follows Luoyang Molybdenum's earlier purchase of the Cangrejos gold mine in Ecuador, indicating a strategic expansion in the gold sector [4]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. announced the acquisition of gold mining assets from Equinox Gold Corp. for a total consideration of $1.015 billion, which includes a $900 million upfront payment and up to $115 million contingent on sales after one year [2][3] Group 1 - The acquisition involves 100% equity in three gold mining assets located in Brazil: Aurizona Gold Mine, RDM Gold Mine, and Bahia Complex [2][3] - The agreement was signed on December 14, 2025, by Luoyang Molybdenum's subsidiary and Equinox Gold's subsidiaries [2] - This is not the first acquisition of South American gold mining assets by Luoyang Molybdenum, as it previously completed the acquisition of Lumina Gold, gaining 100% equity in the Cangrejos Project in Ecuador [3]

Group 1 - On December 15, Luoyang Molybdenum Co., Ltd. saw a stock increase of 1.99% with a trading volume of 4.581 billion yuan, while the net financing buy was -1.79 billion yuan after a financing buy of 265 million yuan and a repayment of 444 million yuan [1] - As of December 15, the total margin balance for Luoyang Molybdenum was 3.281 billion yuan, with the financing balance of 3.259 billion yuan accounting for 1.04% of the circulating market value, indicating a high level compared to the past year [1] - The company had a short selling activity on December 15, with 37,300 shares repaid and 39,700 shares sold, resulting in a selling amount of 711,800 yuan, while the short selling balance was 22.665 million yuan, also at a high level compared to the past year [1] Group 2 - Luoyang Molybdenum, established on December 22, 1999, and listed on October 9, 2012, primarily engages in the mining, selection, and processing of rare metals such as molybdenum, tungsten, and gold [2] - The company's revenue composition includes 48.56% from refined metal product trading, 38.31% from ore product trading, and smaller percentages from copper, cobalt, molybdenum, phosphorus, niobium, tungsten, and others [2] - As of September 30, 2025, Luoyang Molybdenum reported a revenue of 145.485 billion yuan, a year-on-year decrease of 5.99%, while the net profit attributable to shareholders was 14.280 billion yuan, reflecting a year-on-year increase of 72.61% [2] Group 3 - Since its A-share listing, Luoyang Molybdenum has distributed a total of 21.562 billion yuan in dividends, with 10.576 billion yuan distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the fourth largest shareholder with 669.5 million shares, an increase of 47.472 million shares from the previous period [3] - Other notable shareholders include Huaxia SSE 50 ETF and Huatai-PB CSI 300 ETF, with changes in their holdings compared to the previous period [3]

Core Viewpoint - Luoyang Molybdenum's acquisition of two subsidiaries from EQX for $1.015 billion will enhance its gold mining assets, particularly in Brazil, and is expected to significantly contribute to the company's revenue growth in the coming years [1][6]. Group 1: Acquisition Details - The acquisition includes 100% equity of two subsidiaries, which will provide full ownership of four gold mines in Brazil, namely Aurizona and RDM [1][6]. - The targeted companies reported a combined revenue of over 4.1 billion yuan and a net profit of approximately 1 billion yuan in the first nine months of the year [1][6]. - The gold assets have a resource volume of 5.013 million ounces and an average grade of 1.88 g/t, which is higher than the global average of 1.06 g/t [7]. Group 2: Future Growth Projections - The acquisition is expected to fill the revenue gap for Luoyang Molybdenum in 2026, contributing an estimated revenue increase of 5.5 billion yuan and a net profit increase of 1.35 billion yuan [11]. - The company anticipates that its annual gold production will reach approximately 20 tons, combining output from the newly acquired assets and the Cangrejos gold mine in Ecuador [7][8]. - Future projects, including the KFM Phase II and TFM expansion, are expected to further enhance production capacity, with KFM Phase II projected to add 100,000 tons of copper annually by 2027 [11][12]. Group 3: Strategic Positioning - Luoyang Molybdenum aims to establish a diversified resource portfolio across multiple countries and commodities, focusing on copper and gold while also considering other metals like molybdenum and tungsten [10][11]. - The company has become a leading player in the copper and cobalt markets, and with the new gold assets, it is positioned to compete with major domestic gold mining companies [8][10]. - The stable geopolitical environment in Brazil and the rich resources of the acquired gold mines are seen as advantageous for long-term operations [7].