Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Shandong Gold, Zijin Mining, and others [3][6]. Core Views - The report highlights that the Federal Reserve's interest rate cut and balance sheet expansion are favorable for precious metals, with expectations of further rate cuts in 2026 [1][35]. - For industrial metals, the report notes that copper inventories are increasing in the U.S., while non-U.S. regions face supply tightness, which could lead to a short squeeze [2]. - The aluminum market is supported by positive macroeconomic policies and low inventory levels, leading to a strong price floor [2]. - Nickel prices are expected to remain low due to seasonal demand weakness [2]. - Lithium prices are experiencing fluctuations due to supply disruptions, while cobalt supply is set to increase with the resumption of exports from the Democratic Republic of Congo [2]. Summary by Sections Precious Metals - The Federal Reserve's recent actions are expected to boost liquidity and support precious metal prices [1][35]. - The market anticipates two rate cuts in 2026, which could influence precious metal investments positively [1][35]. Industrial Metals - **Copper**: U.S. copper inventories are rising, while low inventories in non-U.S. regions raise concerns about supply [2]. - **Aluminum**: The aluminum market is experiencing a strong price support due to positive economic data and low inventory levels [2]. - **Nickel**: Nickel prices are projected to remain low as demand enters a seasonal downturn [2]. Energy Metals - **Lithium**: Prices are fluctuating due to supply disruptions, with recent increases in lithium carbonate prices [2]. - **Cobalt**: The resumption of cobalt exports from the Democratic Republic of Congo is expected to stabilize supply and maintain high price levels [2]. Key Companies to Watch - The report suggests monitoring companies such as Shandong Gold, Zijin Mining, and others for potential investment opportunities [1][2][6].

Investment Rating - The industry rating is "Recommended" [3] Core Views - Short-term lithium prices are expected to remain volatile, with a positive outlook on antimony, cobalt, tungsten, and tin due to a reassessment of strategic metal values [1][2][7] - Supply concerns in the nickel market are supported by the lack of new approvals from Indonesia's RKAB, which may lead to price stabilization [1][28] - The cobalt market is expected to see continued price increases due to structural supply tightness, with Congo's export regulations impacting availability [2][5][16] - Antimony prices are anticipated to converge towards higher overseas prices due to export controls and tight domestic supply [6][17] - The lithium market is experiencing a strong demand backdrop, with expectations of continued inventory depletion supporting prices [7][17] - The rare earth market is tightening due to Vietnam's export ban, which is expected to support prices [9][18] - Tin prices are supported by ongoing supply concerns from overseas sources, particularly from Myanmar and Congo [11][20] - Tungsten prices are expected to remain supported due to supply constraints and regulatory controls [12][21] - The uranium market is facing supply tightness, which is likely to support prices amid geopolitical uncertainties [14][22] Summary by Sections Nickel and Cobalt Industry Update - Nickel prices are under pressure due to stable demand but cautious purchasing from smelters, with LME nickel closing at $14,420 per ton, down 2.04% [1][28] - Cobalt prices are expected to rise further, with Congo's export regulations causing supply constraints [2][5][16] Antimony Industry Update - Domestic antimony prices are lower compared to international prices, but supply tightness is expected to support future price increases [6][17] Lithium Industry Update - Lithium carbonate prices have increased, with a strong demand outlook from the electric vehicle sector [7][17] Rare Earth Industry Update - Vietnam's recent export ban on rare earths is expected to tighten global supply and support prices [9][18] Tin Industry Update - Tin prices are supported by supply concerns from Myanmar and Congo, with LME tin prices rising to $41,905 per ton [11][20] Tungsten Industry Update - Tungsten prices are expected to remain high due to supply constraints and regulatory measures [12][21] Uranium Industry Update - The uranium market is facing supply tightness, with prices supported by geopolitical factors and production delays [14][22]

行业周报 | 有色金属 2026 经济开局定调+美联储降息扩表，看好有色景气上行 证券研究报告 2025 年 12 月 14 日 有色金属行业周报（2025.12.8 -2025.12.14） 核心结论 本周核心关注一：政治局会议定调明年经济工作，实施更加积极有为的宏观 政策 2026 年经济工作的政策基调已经明确，会议指出，做好明年经济 工作，要实施更加积极有为的宏观政策，增强政策前瞻性针对性协 同性，持续扩大内需、优化供给，做优增量、盘活存量，因地制宜 发展新质生产力，纵深推进全国统一大市场建设，持续防范化解重 点领域风险，着力稳就业、稳企业、稳市场、稳预期，推动经济实 现质的有效提升和量的合理增长，保持社会和谐稳定，实现"十五 五"良好开局。2026 年是"十五五"开局之年，政策取向将直接 影响未来五年经济发展的节奏与质量。政策基调将更为积极，重点 解决经济运行中的结构性矛盾，通过更加精准有效的政策组合拳， 激发经济增长新动能。 本周核心关注二：美联储继续降息，同时重启扩表 12 月 11 日凌晨，美联储宣布将联邦基金利率目标区间下调 0.25 个百分点至 3.5%-3.75%，符合市场预期。其中声明新 ...

Investment Rating - The report maintains a "Buy" rating for all key companies listed, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [2][4]. Core Views - The report highlights that the metal prices are expected to continue rising due to the resonance of domestic and foreign fiscal and monetary policies, with a focus on the upcoming economic growth under the "14th Five-Year Plan" [8][21]. - The report emphasizes the strong demand in the lithium battery sector and the ongoing supply constraints in cobalt, indicating a bullish outlook for energy metals [8][83]. Summary by Sections Industry and Stock Performance - The report notes a decline in the Shanghai Composite Index by 0.34% and a 1.10% drop in the SW Nonferrous Index during the week [8]. - Key stocks in the nonferrous metal sector showed varied performance, with significant recommendations for companies like Zijin Mining and Luoyang Molybdenum [2][11]. Base Metals - Aluminum prices decreased by 0.88% to $2875 per ton, while copper prices fell by 0.96% to $11552.5 per ton, with zinc prices increasing by 1.31% to $3139 per ton [12][21]. - The report indicates that the domestic aluminum production capacity is stable at 44.39 million tons, with a slight increase in operational capacity due to high profits [21][23]. Precious Metals - Gold prices increased by 2.42% to $4329.80 per ounce, and silver prices rose by 5.59% to $62.09 per ounce, driven by the Federal Reserve's interest rate cuts [12][68]. - The report suggests a bullish outlook for gold and silver prices, supported by central bank purchases and weakening dollar credit [68][69]. Energy Metals - The lithium market is experiencing stable growth in supply, while demand from the energy storage sector continues to rise, leading to a positive outlook for lithium prices [8][83]. - Cobalt supply remains tight, with the Congo's cobalt export quotas expected to impact the market dynamics positively [8][83]. Other Minor Metals - The report discusses the fluctuations in prices for minor metals, including molybdenum and tungsten, with significant price increases noted for tungsten [15][83]. - The overall sentiment in the minor metals market remains cautious, with a focus on supply-demand dynamics and policy changes [55][85].

据天眼查APP显示，洛阳栾川钼业集团股份有限公司成立于1999年12月22日，注册资本427886.20352万 人民币。（数据宝） 12月12日洛阳钼业大宗交易一览 洛阳钼业12月12日大宗交易平台共发生3笔成交，合计成交量428.90万股，成交金额7540.07万元。成交 价格均为17.58元。从参与大宗交易营业部来看，机构专用席位共出现在3笔成交的买方或卖方营业部 中，合计成交金额为7540.07万元，净买入7540.07万元。 进一步统计，近3个月内该股累计发生16笔大宗交易，合计成交金额为3.58亿元。 证券时报·数据宝统计显示，洛阳钼业今日收盘价为17.58元，上涨0.69%，日换手率为1.49%，成交额为 45.86亿元，全天主力资金净流入9664.10万元，近5日该股累计下跌4.56%，近5日资金合计净流出11.45 亿元。 两融数据显示，该股最新融资余额为33.24亿元，近5日增加7960.16万元，增幅为2.45%。 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （ ...

来源：洛阳钼业 在分红方面，公司多次承诺，2024-2026年连续三年现金分红占当年归母净利润比例超40%，以实际行 动回馈股东。 秉持公开、坦诚、透明等原则，洛阳钼业近年来搭建起完善的海内外传播平台——官方微信、官方网 站、东方财富号、同顺号、抖音号、视频号、Facebook、X、领英、Youtube等，并第一时间向公众传递 经营、品牌、ESG等相关信息。 此外，随着多位行业精英加入，洛阳钼业核心管理团队全部落位，下阶段将按既定战略继续有序推进管 理机制变革、精细化运营管理等命题，目标是建立精益运营的生产方式，打造全球性的平台型组织，驱 动新一轮高速增长。 除了权威财经媒体，洛阳钼业近期也频获市场认可。洛阳钼业稍早前被首次纳入到富时中国A50指数， 并已是上证50指数、沪深300指数和中证全指的成分股。在Mining.com截至9月30日的最新全球矿企（市 值）50强排名中，洛阳钼业上升至第12位，在中国矿业公司中排名第二。 近日，洛阳钼业荣获南方财经全媒体集团·21世纪经济报道颁发的"2025年度卓越董事会"奖。与此同 时，洛阳钼业还获得智通财经颁发的2025精英董秘奖，《证券市场周刊》金曙光·ESG实践 ...

有色金属行业 标配（维持） 有色金属行业双周报（2025/11/28-2025/12/11） 行 业 美联储 12 月如期降息 25 基点，持续关注后续降息节奏 2025 年 12 月 12 日 投资要点： 分析师：许正堃 SAC 执业证书编号： 行情回顾。截至2025年12月11日，申万有色金属行业近两周上涨4.79%，跑赢 沪深300指数3.97个百分点，在申万31个行业中排名第3名。截至2025年12月 11日，近两周有色金属行业子板块中，工业金属板块上涨5.97%，小金属板块 上涨5.55%，能源金属板块上涨3.72%，金属新材料板块上涨3.54%，贵金属板 块上涨0.19%。 周 报 有色金属行业重要新闻及观点 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 S0340523120001 电话：0769-23320072 邮箱： xuzhengkun@dgzq.com.cn 行 业 研 究 资料来源：东莞证券研究所，iFind 申万有色金属行业指数走势 工业金属。宏观层面，当地时间12月11日，美联储 ...

Group 1 - The core viewpoint of the news is the release of the "Shandong Province Copper Industry High-Quality Development Action Plan (2025-2027)", aiming for a total output value of over 200 billion yuan by 2027, with a focus on technological innovation and equipment strength [1] - The plan emphasizes enhancing the resilience and safety of the supply chain, positioning Shandong as a globally competitive copper smelting base and a leading domestic hub for high-end copper material R&D and application [1] - The demand for copper is expected to grow steadily, driven by traditional demand from domestic power grid investments and high growth in emerging countries, maintaining over 70% of the demand share [1] Group 2 - AI and new energy investments are expected to structurally improve demand, with the share of AI-related demand for copper projected to increase from 16% to 22% by 2030 [1] - Despite optimistic supply conditions with the resumption of major global copper mines, the copper market is expected to remain in a tight balance, with a growing supply gap in the long term as mine supply decreases [1] - Short-term global copper inventory adjustments and ongoing supply shortages at copper mines are likely to support rising copper prices, with investment opportunities identified in companies such as Zijin Mining, Luoyang Molybdenum, and Jiangxi Copper [2]

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [5] Core Views - The company has established a world-class resource moat through exceptional counter-cyclical acquisition capabilities and a governance structure combining private mechanisms with industrial resources [5] - The core copper-cobalt segment is experiencing capacity release and rising copper prices, with significant growth potential from the TFM and KFM mines in the Democratic Republic of Congo [5] - The diversified asset portfolio includes copper-cobalt, molybdenum-tungsten, niobium-phosphate, and gold, providing both high growth potential and safety margins [5] Summary by Sections Company Overview - The company is a global leader in the production of copper, cobalt, molybdenum, tungsten, and niobium, with operations across Asia, Africa, South America, and Europe [4][16] - It has undergone three ownership reforms since 2004, establishing a governance structure that is agile and well-suited for international competition [17][25] Copper-Cobalt Segment - The company acquired the TFM copper mine in 2016 and the KFM copper-cobalt mine in 2020, positioning itself as a major player in the global copper and cobalt markets [4][5] - The TFM mine is expected to reach an annual copper production capacity of 450,000 tons and cobalt production of 37,000 tons by 2024 [4] Molybdenum-Tungsten Segment - The domestic molybdenum-tungsten business provides stable cash flow and profit margins, with the potential for a strategic revaluation of tungsten prices due to limited supply growth [4][5] Niobium-Phosphate Segment - The acquisition of Brazilian niobium-phosphate assets has made the company the second-largest niobium producer globally, with production expected to exceed 10,000 tons in 2024 [4][5] Gold Segment - The company successfully acquired the Cangrejos gold mine in Ecuador, which is projected to become a significant profit contributor with substantial gold and copper reserves [7][5] Trade Business - The acquisition of IXM, a major global base metals trader, has enabled the company to integrate mining and trading operations, enhancing its market intelligence and operational synergies [7][5]

Core Viewpoint - The non-ferrous metal sector is experiencing a significant inflow of capital, with the Non-Ferrous 50 ETF (159652) seeing a net inflow of over 150,000 yuan and a cumulative net subscription exceeding 200 million yuan over the past five days, indicating strong investor interest [1][3]. Group 1: Market Performance - As of December 12, the Non-Ferrous 50 ETF (159652) opened strong, rising by 0.26% and briefly exceeding 1% during the morning session [1]. - The performance of the underlying index components is mixed, with companies like Zhongjin Gold and Shandong Gold rising over 2%, while companies such as Ganfeng Lithium and Tianqi Lithium fell over 3% [2][3]. - The ETF has shown a consistent trend of capital inflow, with a net subscription of 100,000 units during the session, reflecting ongoing investor confidence [1]. Group 2: Price Trends and Influences - The non-ferrous metal sector, particularly silver and copper, has seen significant price increases, with copper prices up 35% year-to-date, potentially marking the largest annual gain since 2009 [5]. - Silver prices have also reached historical highs, with a year-to-date increase exceeding 100% [5]. - The macroeconomic environment, including the Federal Reserve's interest rate cuts, is expected to continue supporting the prices of precious metals [6][7]. Group 3: Future Outlook - Looking ahead to 2026, the non-ferrous metal sector is expected to be driven by macroeconomic factors and fundamental supply-demand dynamics, with a focus on the weakening of the US dollar and ongoing supply constraints [6][7]. - The anticipated increase in demand for industrial metals, driven by new growth areas, is expected to enhance price elasticity [6]. - The copper market is projected to face supply constraints, with a slight increase in global copper production expected but limited by high disturbance rates [8]. Group 4: Investment Opportunities - The Non-Ferrous 50 ETF (159652) is highlighted as a leading investment vehicle, with a high concentration of strategic metals such as copper and gold, and a significant portion of its index comprising these metals [10][12]. - The ETF's index has a copper content of 31% and gold content of 14%, making it attractive for investors looking to capitalize on the non-ferrous metal supercycle [12]. - The ETF has demonstrated superior performance with a cumulative return leading its peers since 2022, driven by earnings rather than valuation expansion [14].