截至2025年8月28日 10:26，国证有色金属行业指数(399395)上涨0.50%，成分股中国稀土(000831)上涨 8.28%，金力永磁(300748)上涨7.25%，电投能源(002128)上涨3.45%，铂科新材(300811)上涨3.28%，山 东黄金(600547)上涨3.11%。有色ETF基金(159880)上涨0.56%，最新价报1.43元。 有色ETF基金(159880)，场外联接A：021296；联接C：021297；联接I：022886。022886)。 消息面上，稀土永磁板块快速走强，中国稀土盘中涨停，此前北方稀土等稀土企业半年度业绩大增，显 示稀土行业景气度积极向好。8月22日，三部门发布《稀土开采和稀土冶炼分离总量调控管理暂行办 法》，稀土行业迎来多重利好。 有色ETF基金紧密跟踪国证有色金属行业指数，国证有色金属行业指数参照国证行业分类标准，选取归 属于有色金属行业的规模和流动性突出的50只证券作为样本，反映了沪深北交易所有色金属行业上市公 司的整体收益表现，向市场提供细分行业的指数化投资标的。 数据显示，截至2025年7月31日，国证有色金属行业指数(399395)前十大 ...

Core Viewpoint - The interim report of Luoyang Molybdenum (603993.SH) reveals the impact of the cobalt export ban from the Democratic Republic of Congo (DRC) on the company's performance, with cobalt production increasing but sales declining due to the ban [1][19]. Group 1: Financial Performance - Luoyang Molybdenum achieved a revenue of 94.773 billion yuan, a year-on-year decrease of 7.83%, while net profit attributable to shareholders reached 8.671 billion yuan, a significant increase of 60.07% [2]. - The company's mining segment generated revenue of 39.402 billion yuan, a year-on-year increase of 25.64%, while the trading segment saw a revenue decline of 11.44% [4]. - The overall gross profit margin increased to 21.15%, up by 4.6 percentage points from the previous year, driven by a shift in revenue structure and a decrease in operating costs [5][10]. Group 2: Production and Sales Dynamics - Cobalt production reached 61,100 tons, a year-on-year increase of 13.05%, but sales fell by 9.27% to 46,200 tons due to the DRC's export ban [1][16]. - Copper production was 353,570 tons, with sales of 322,616 tons, leading to a significant increase in inventory levels for both copper and cobalt, exceeding 30% [17][18]. - The company reported that production and sales do not follow the same rhythm, with production aligned with guidance while sales are adjusted based on market conditions [17] . Group 3: Strategic Developments - Luoyang Molybdenum is expanding into gold mining, having announced a 3 billion yuan acquisition of Ecuador's Odin Mining, aiming for production of approximately 11.5 tons of gold annually by 2029 [20][21]. - The company plans to diversify its portfolio by focusing on copper and gold as its primary growth areas, while also considering smaller metal varieties for expansion [24]. - The management changes, including the appointment of experienced executives, are expected to drive the company's strategic shift towards becoming a platform-type mining company [21][25]. Group 4: Market Outlook and Challenges - The company remains optimistic about the demand for copper and cobalt in the second half of the year, despite potential impacts from the DRC's cobalt export ban [32][34]. - The future performance of Luoyang Molybdenum will depend on product price trends, the outcome of the DRC's export policies, and the company's ability to manage operating costs effectively [30][36][38]. - Analysts have raised their profit forecasts for the company, reflecting a positive outlook despite the ongoing geopolitical and market uncertainties [40].

Core Viewpoint - The rapid increase in mining capacity in the Democratic Republic of Congo (DRC) has led to significant energy demands that the local power grid cannot meet, resulting in challenges for mining operations [1][4][5]. Group 1: Mining Capacity and Energy Demand - Since 2021, local mining companies in DRC have increased production capacity from 1 million tons to over 3 million tons, but the energy supply remains inadequate [1][4]. - The copper and cobalt mining processes are highly energy-intensive, with electricity consumption accounting for 60%-70% of the production process [4]. - The DRC's hydropower capacity increased from 2,700 MW to approximately 3,200 MW between 2021 and 2023, with annual generation rising from about 12 TWh to between 14 TWh and 16 TWh [4]. Group 2: Challenges in Power Supply - Mining companies face significant challenges due to limited access to hydropower, leading to reliance on expensive diesel generators and solar storage systems [6][8]. - The average annual diesel procurement cost for mining companies is around $2 million, with power supply interruptions occurring more than once a day [8][9]. - The cost of electricity for mineral development accounts for 20%-30% of total operating costs, with metal mining (copper, aluminum, lead) electricity costs comprising 15%-25% [9]. Group 3: Equipment and Operational Adjustments - KFM has implemented a strategy to procure diesel generators and optimize equipment selection to mitigate the impact of power outages [13][14]. - The company has purchased 13 diesel generators to ensure production continuity during power interruptions, despite the cost being 2-3 times higher than normal electricity [13]. - KFM has also modified equipment to improve operational efficiency, such as enhancing the cooling systems of diesel generators to achieve a 40% increase in performance [18]. Group 4: Future Power Solutions - To address long-term power supply issues, the company is constructing a 200 MW hydropower station, expected to begin operations in 2028 [21][22]. - The company is also exploring larger hydropower projects to meet future production demands of 800,000 to 1 million tons [22].

"如果不自主规划、建设，当地电力缺口会比较大。电力不足，就会影响矿山生产。现实情况是，刚果（金）能供应的电量相对有限，还常出现停电、限电 等情况。"洛阳钼业KFM铜钴矿（下称"KFM"）设备动力厂厂长助理李明洋向经济观察报表示。 2020年底，洛阳钼业以5.5亿美元从FCX（自由港集团）手中收购了位于刚果（金）KTM95%的权益，并于2023年正式投产。KFM连同不远处的TFM共有6条 生产线，具备年产65万吨以上铜的能力。 为保障生产，有着多条输电线路的KFM正想方设法布局更多电力资源，比如以柴油发电机为主的柴发系统，水电站等。 刚果（金）—赞比亚铜钴矿带，长逾700公里，宽约150公里，横跨赞比亚与刚果（金）两国，是全球最大的沉积型铜钴成矿带。截至2021年，该矿带已公开 探获的铜金属量达1.91亿吨，钴金属量1404万吨。 2021年至今，刚果（金）当地矿业企业产能从年产百万吨迅速增长至超过300万吨，但当地的电网基础远远满足不了庞大的能源需求。 铜钴矿的采选、冶炼均属于高耗电工艺，尤其是电积铜工艺，耗电量占到整个生产环节的60%—70%。根据国务院去年发布的《2024年-2025年节能降碳行动 方案》 ...

Core Viewpoint - The company, Luoyang Molybdenum Co., Ltd., is a significant player in the non-ferrous metal mining industry, focusing on various metals including molybdenum, tungsten, cobalt, and copper, with a comprehensive integrated industrial chain [2] Company Overview - Luoyang Molybdenum is one of the top five molybdenum producers globally and the largest tungsten producer, as well as the second-largest cobalt and niobium producer [2] - The company is also the second-largest producer of phosphate fertilizer in Brazil, holding 100% indirect rights to the CIL phosphate mine, covering the entire phosphate industry chain [2] Production and Financial Performance - The company has seen a significant increase in gold production, with a guidance of 25,000 to 27,000 ounces for 2023, representing a year-on-year growth of 56% to 69% [2] - For the first half of 2025, the company reported a revenue of 94.77 billion yuan, a year-on-year decrease of 7.83%, while the net profit attributable to shareholders increased by 60.07% [7] Market Activity - On August 27, the company's stock fell by 2.82%, with a trading volume of 2.86 billion yuan and a market capitalization of 250.53 billion yuan [1] - The stock has experienced a net outflow of 348 million yuan from main funds, indicating a reduction in investment interest [3][4] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 15.95%, with the average circulating shares per person remaining at zero [6] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some increasing their holdings [7]

Core Viewpoint - The company reported a decline in revenue but significant growth in net profit and non-recurring net profit for the first half of 2025, indicating strong operational efficiency and cost management despite challenging market conditions [1][4]. Financial Performance - For the first half of 2025, the company achieved revenue of 94.773 billion yuan, a year-on-year decrease of 7.83% [1] - The net profit attributable to shareholders was 8.671 billion yuan, up 60.07% year-on-year, while the non-recurring net profit was 8.724 billion yuan, an increase of 55.08% year-on-year [1] - In Q2 2025, revenue was 48.767 billion yuan, down 13.99% year-on-year but up 6.00% quarter-on-quarter [1] Production and Pricing - The company saw production increases in copper and cobalt, with copper production at 353,600 tons and cobalt at 61,100 tons for the first half of 2025, representing year-on-year increases of 12.68% and 13.05% respectively [2] - The average spot price for copper in Q2 2025 was 78,000 yuan per ton, down 2.1% year-on-year, while the average spot price for cobalt was 238,800 yuan per ton, up 8.3% year-on-year [2] Cost Management and Profitability - The unit costs for copper and cobalt were 37,000 yuan per ton and 47,300 yuan per ton respectively, with year-on-year increases of 20.80% for copper and a decrease of 4.00% for cobalt [2] - The gross margin for copper and cobalt businesses was 53.63% and 61.83% respectively, with year-on-year increases of 1.27 percentage points and 19.65 percentage points [2] Strategic Expansion - The company completed the acquisition of Lumina Gold, which owns 100% of the Cangrejos gold mine in Ecuador, with a gold resource of 638 tons and an expected mine life of 26 years, positioning gold as a potential second growth driver [3] Financial Ratios - The overall gross margin for the first half of 2025 was 21.15%, an increase of 2.77 percentage points year-on-year [4] - The net profit margin for the first half of 2025 was 10.39%, up 4.23 percentage points year-on-year [4] - The company's debt ratio was 50.15%, a decrease of 9.01 percentage points year-on-year, indicating a strong balance sheet [4] - The return on equity (ROE) was 11.75%, an increase of 3.01 percentage points year-on-year [4] Investment Outlook - Given the production increases in copper and cobalt, the company has revised its net profit forecasts for 2025-2027 upwards, maintaining a "buy" rating [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][24]. Core Views - The company achieved a 60% year-on-year increase in net profit attributable to shareholders in H1 2025, reaching 8.67 billion yuan, driven by rising copper and cobalt prices alongside increased production [6][24]. - The company is actively pursuing a goal of reaching a copper production capacity of 1 million tons, with significant projects like KFM Phase II and TFM Phase III expected to commence production after 2027 [20][24]. - The report highlights that the company has successfully completed the acquisition of the Ecuadorian gold mine and is progressing with its development, aiming for production before 2029 [6][24]. Financial Performance - In Q2 2025, the company reported a net profit of 4.73 billion yuan, a 41.2% increase year-on-year and a 19.7% increase quarter-on-quarter [6][24]. - The copper production in Q2 2025 was 183,000 tons, a 10% increase year-on-year, while copper sales reached 199,000 tons, marking a 6.7% year-on-year increase and a significant 60.5% quarter-on-quarter increase [2][7]. - The company expects net profits for 2025-2027 to be 16.315 billion, 17.752 billion, and 18.924 billion yuan respectively, with year-on-year growth rates of 20.6%, 8.8%, and 6.6% [24][25]. Cost and Pricing - The copper production cost in Q2 2025 was calculated at 32,015 yuan per ton, indicating potential for cost reduction in the future [8][9]. - The report indicates that for every 5,000 yuan increase in copper price, the company's net profit would increase by 1.4 billion yuan [20][24]. Market Position and Future Outlook - The company is positioned as one of the few large copper mining companies maintaining high growth in copper production, with expectations to reach 800,000 to 1 million tons by 2028 [20][24]. - The report emphasizes the company's strong operational leverage to copper and cobalt prices, which could significantly enhance profitability [24].

Core Viewpoint - Luoyang Molybdenum Co., Ltd. is experiencing fluctuations in financing and stock performance, with a notable increase in net profit despite a decrease in revenue [1][2]. Financing Summary - On August 26, Luoyang Molybdenum had a financing buy-in of 291 million yuan and a financing repayment of 258 million yuan, resulting in a net financing buy of 32.47 million yuan [1]. - The total financing balance as of August 26 is 19.61 billion yuan, which accounts for 0.93% of the circulating market value, indicating a low financing balance compared to the past year [1]. - The company repaid 93,100 shares in short selling on the same day, with a short selling amount of 84,400 yuan, while the remaining short selling volume is 1.647 million shares, exceeding the 90th percentile of the past year [1]. Company Profile - Luoyang Molybdenum, established on December 22, 1999, and listed on October 9, 2012, primarily engages in the mining, selection, deep processing, and trading of rare metals such as molybdenum, tungsten, and gold [2]. - The revenue composition includes refined metal product trading (48.56%), concentrate product trading (38.31%), copper (27.14%), cobalt (6.04%), molybdenum (3.12%), phosphorus (2.23%), niobium (1.88%), tungsten (1.17%), and others (0.11%) [2]. Financial Performance - For the first half of 2025, Luoyang Molybdenum reported a revenue of 94.773 billion yuan, a year-on-year decrease of 7.83%, while the net profit attributable to shareholders increased by 60.07% to 8.671 billion yuan [2]. - The company has distributed a total of 21.562 billion yuan in dividends since its A-share listing, with 10.576 billion yuan distributed in the last three years [3]. Shareholding Structure - As of June 30, 2025, the number of shareholders decreased by 15.95% to 237,500, with an average of 0 circulating shares per person [2]. - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 6.948 million shares, and various ETFs that have also increased their positions [3].

格隆汇8月27日丨根据联交所最新权益披露资料显示，2025年8月21日，洛阳钼业(03993.HK)遭JPMorgan Chase & Co.以每股均价10.7237港元减持好仓706.86 万股，涉资约7580.2万港元。 减持后，JPMorgan Chase & Co.最新持好仓数目为233,272,833股，持好仓比例由6.11%下降至5.93%。 | 張格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | --- | --- | --- | --- | --- | --- | --- | | | | 泉内 | 股份數目 | | (語參閱十犹*詩 | 有投票權股 期(日 / 月 / | | | | | | | | 份自分比 年) | | CS20250826E00238 | JPMorgan Chase & Co. 7,068,632(L) | 1201(L) | | HKD 10.7237 | 233.272.833(L) | 5.93(L)21/08/2025 | | | | | | ...

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