Group 1 - The core viewpoint of the article emphasizes the critical role of cobalt in maintaining the stability, safety, and overall electrochemical performance of layered structures, particularly in ternary systems [1] Group 2 - The company, Luoyang Molybdenum, responded to investor inquiries on an interactive platform regarding the importance of cobalt [1] - The stability of cobalt's role in ternary systems remains solid, indicating its continued relevance in the industry [1]

Investment Rating - The report maintains a "Positive" rating for the steel industry and a "Positive" rating for the non-ferrous metals industry, with "Buy" ratings for specific companies including Luoyang Molybdenum (603993), Zhongjin Gold (600489), Huayou Cobalt (603799), Zijin Mining (601899), and China Aluminum (601600) [7][8]. Core Insights - The steel industry is expected to see improved profitability due to the implementation of steady growth policies, with demand in shipbuilding and construction likely to increase. The focus on "equipment upgrades" and "low-carbon transformation" is anticipated to become a development hotspot [4][7]. - In the copper sector, supply constraints from major overseas mines are expected to support copper prices, while demand is projected to rise due to its importance in power grids, electric vehicles, and AI servers. The macroeconomic environment is turning favorable, suggesting a positive outlook for the copper industry [4][7]. - The aluminum market is experiencing upward price pressure primarily from macro liquidity expectations, although this may weaken as the market digests these macro benefits [4][7]. - Gold prices are expected to fluctuate based on U.S. economic data and Federal Reserve interest rate decisions, with long-term demand driven by central bank purchases and geopolitical factors [4][7]. - The rare earth sector is seeing a strategic elevation due to export controls, with potential revaluation of related companies. The development of humanoid robots and new energy sectors is expected to provide new demand momentum [4][7]. - The cobalt market is anticipated to remain tight due to significant production constraints from the Democratic Republic of Congo, with demand driven by electric vehicles and consumer electronics [4][7]. Summary by Sections Steel - The steel industry is facing increasing fundamental pressures as the demand season deepens, with current supply-demand conflicts not being pronounced. Short-term steel prices are expected to fluctuate [3][18]. - As of December 5, the total steel inventory decreased by 2.46% compared to the previous month, while production rates showed a decline [26][24]. - The comprehensive steel price index on December 5 was 3,473.59 CNY/ton, reflecting a 0.60% increase from the previous month [31][32]. Copper - The copper market is supported by supply disruptions from major mines, with domestic copper inventories declining. The LME copper price on December 5 was 11,600 USD/ton, up 5.83% from the previous month [33][37]. - The copper smelting fees are reported at -42.83 USD/ton, indicating a tightening market [34][37]. Aluminum - The aluminum sector is experiencing a slight decrease in processing rates, with the LME aluminum price at 2,900 USD/ton, up 1.38% from the previous month [39][42]. - The overall market sentiment is influenced by expectations of macroeconomic liquidity, although this may lead to reduced upward price momentum in the short term [39][42]. Precious Metals - Gold prices are expected to remain volatile ahead of key economic data releases, with the COMEX gold price at 4,227.70 USD/oz, down 0.67% from the previous month [44][45]. - The silver market is showing positive trends, with prices increasing by 3.00% on COMEX [45]. Rare Earths and Other Metals - The rare earth sector is under scrutiny due to export control measures, with strategic importance increasing. The demand from new technologies is expected to drive future growth [4][7]. - The lithium market is currently in a tight supply-demand situation, with prices for battery-grade lithium at 94,500 CNY/ton, reflecting a 0.53% increase [48][49].

Core Viewpoint - Luoyang Molybdenum Co., Ltd. (603993) reported that as of September 30, 2025, the total number of shareholders is 304,200, and investors are advised to monitor the company's regular reports for updates on shareholder numbers [1] Summary by Category - **Company Information** - The total number of shareholders for Luoyang Molybdenum is 304,200 as of September 30, 2025 [1]

沪指12月9日下跌0.37%，申万所属行业中，今日上涨的有5个，涨幅居前的行业为综合、通信，涨幅分 别为3.45%、2.23%。跌幅居前的行业为有色金属、钢铁，跌幅分别为3.03%、2.47%。有色金属行业位 居今日跌幅榜首位。 资金面上看，两市主力资金全天净流出529.92亿元，主力资金净流入的行业仅有3个，商贸零售行业净 流入资金11.43亿元；综合行业净流入资金4.32亿元；银行行业净流入资金7057.87万元。 主力资金净流出的行业有28个，有色金属行业主力资金净流出规模居首，全天净流出资金79.37亿元， 其次是计算机行业，净流出资金为56.16亿元，净流出资金较多的还有机械设备、非银金融、电力设备 等行业。 有色金属行业今日下跌3.03%，全天主力资金净流出79.37亿元，该行业所属的个股共138只，今日上涨 的有16只；下跌的有122只。以资金流向数据进行统计，该行业资金净流入的个股有30只，其中，净流 入资金超3000万元的有5只，净流入资金居首的是中钨高新，今日净流入资金1.22亿元，紧随其后的是 盛达资源、博迁新材，净流入资金分别为8111.54万元、4330.22万元。有色金属行业资金净 ...

Group 1 - The copper metal concept sector experienced a decline of 2.58%, ranking among the top losers in the market, with companies like China Metallurgical Group and *ST Zhengping hitting the daily limit down [1] - Major companies in the copper sector that saw significant declines include Luoyang Molybdenum (-6.10%), China Metallurgical Group (-10.03%), and Jiangxi Copper (-6.06%) [2][3] - Conversely, a few companies in the sector saw gains, with ST HZ rising by 4.86%, Shengda Resources by 3.61%, and Zhongtung High-tech by 2.86% [1][5] Group 2 - The copper metal concept sector faced a net outflow of 5.915 billion yuan, with 67 stocks experiencing outflows, and 15 stocks seeing outflows exceeding 100 million yuan [2] - Luoyang Molybdenum led the outflows with 771 million yuan, followed by China Metallurgical Group and Zijin Mining, each with 486 million yuan [2] - On the other hand, stocks like Zhongtung High-tech, Shengda Resources, and Zhangyuan Tungsten saw net inflows of 122 million yuan, 81.115 million yuan, and 31.799 million yuan respectively [5]

香港交易及結算所有限公司和香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 CMOC Group Limited* （於中華人民共和國註冊成立的股份有限公司） （股份代號：03993） 有關投資有限合夥基金之補充公告 茲提述本公司日期為二零二五年十二月二日之公告（「該公告」），內容有關本集團 訂立合夥協議並向該基金投資。除另有界定者外，本公告所用詞彙與該公告所界 定者具有相同涵義。 除該公告所提供之資料外，本公司謹此提供額外資料如下： 該基金之進一步資料 該基金的投資目標為主要通過進行適用法律及經營範圍所允許的股權及股權相關 投資，為投資人實現良好的資本收益。誠如該公告所披露，該基金主要專注於科 技、醫療健康、消費品和零售三大朝陽產業。在物色合適的投資標的時，該基金 將考慮的因素包括但不限於：(i)投資標的管理團隊的誠信與能力；(ii)投資標的市 場容量、在行業的地位以及業務運營增長潛力；(iii)交易條款是否有利；及(iv)預 期收益水平。 普通合夥人及管理人之進一步資料 於 ...

Core Viewpoint - The new cobalt export regulations introduced by the Democratic Republic of Congo (DRC), the world's largest cobalt supplier, are causing widespread concern in the global mining and lithium battery industries due to increased uncertainty in an already strained supply chain [3]. Group 1: Regulatory Changes - The DRC has replaced its export ban with a quota system since October, which has introduced temporary royalty fees and complex processes, further complicating the cobalt supply chain [3]. - The core controversy revolves around the calculation details of the export royalty fee, specifically the 10% prepayment requirement based on sales value [3]. Group 2: Industry Reactions - Industry executives are confused about whether the 10% royalty fee will be deducted from the last export transaction amount before the February export ban, which significantly impacts companies' capital costs [3]. - Since the implementation of the quota system on October 16, companies have been required to prepay 10% of the sales value as a royalty fee, but the latest regulations lack clarity on the calculation basis, increasing companies' hesitance to act [3].

每经AI快讯，洛阳钼业(03993.HK)午后一度跌超7%，截至发稿跌6.74%，报17.86港元，成交额10.37亿 港元。 （文章来源：每日经济新闻） ...

此次新规的核心争议点集中在出口特许权使用费的核算细节上。一位匿名矿业高管向媒体透露，行业普 遍困惑于预缴的10%特许权使用费计算基准——企业迫切希望明确，该费用是否会扣除2月出口禁令实 施前最后一次出口的交易金额，这直接关系到企业的资金占用成本。据了解，刚果(金)自10月16日起实 施钴出口配额制时，便要求企业在发运前预缴10%销售价值的特许权使用费，此次最新规定未对核算基 准作出明确说明，加剧了企业的观望情绪。 消息面上，据矿权资源网报道，12月8日市场消息，全球最大钴供应国刚果(金)出台的最新钴出口规 定，正引发全球矿业及锂电产业链的广泛担忧。该国自10月以配额制替代出口禁令后，新增的临时特许 权使用费要求及复杂流程，让本就紧绷的钴供应链再添不确定性，而此前钴价已从年初低谷实现翻倍上 涨。 洛阳钼业（603993）(03993)午后跌超7%，截至发稿，跌6.74%，报17.86港元，成交额10.37亿港元。 ...

Core Viewpoint - The recent cobalt export regulations from the Democratic Republic of Congo (DRC), the world's largest cobalt supplier, are causing widespread concern in the global mining and lithium battery industries, particularly affecting companies like Luoyang Molybdenum Co., Ltd. (03993) which saw its stock drop significantly [1] Group 1: Market Reaction - Luoyang Molybdenum's stock fell over 7% in the afternoon trading session, closing down 6.74% at HKD 17.86, with a trading volume of HKD 1.037 billion [1] Group 2: Regulatory Changes - The DRC has implemented a new cobalt export regulation that replaces the previous export ban with a quota system, introducing additional temporary fees and complex processes that add uncertainty to the already tight cobalt supply chain [1] - The core controversy of the new regulation revolves around the calculation details of the export permit fee, specifically the 10% prepayment requirement based on sales value, which has left the industry confused [1] Group 3: Industry Concerns - Industry executives are seeking clarity on whether the prepayment fee will be deducted from the last export transaction amount before the February export ban, as this directly impacts companies' capital costs [1] - Since the implementation of the cobalt export quota system on October 16, companies have been required to prepay 10% of the sales value as a permit fee, but the latest regulations have not clarified the calculation basis, increasing companies' cautious sentiment [1]