Core Viewpoint - Luoyang Molybdenum Co., Ltd. has shown significant stock price appreciation and strong financial performance, indicating potential investment opportunities in the company [2][3]. Company Overview - Luoyang Molybdenum Co., Ltd. was established on December 22, 1999, and listed on October 9, 2012. The company is primarily engaged in the mining, selection, deep processing, trading, and research of precious metals such as molybdenum, tungsten, and gold [2]. - The company's main business 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]. Stock Performance - As of September 11, Luoyang Molybdenum's stock price increased by 99.94% year-to-date, with a 2.81% rise over the last five trading days, 19.87% over the last 20 days, and 70.60% over the last 60 days [2]. - On September 11, the stock price reached 12.79 CNY per share, with a trading volume of 8.27 billion CNY and a turnover rate of 0.37%, resulting in a total market capitalization of 273.63 billion CNY [1]. Financial Performance - For the first half of 2025, Luoyang Molybdenum achieved operating revenue of 94.77 billion CNY, a year-on-year decrease of 7.83%, while the net profit attributable to shareholders increased by 60.07% to 8.67 billion CNY [2]. - The company has distributed a total of 21.56 billion CNY in dividends since its A-share listing, with 10.58 billion CNY distributed over the past three years [3]. Shareholder 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, holding 648 million shares, and various ETFs such as Huaxia SSE 50 ETF and Huatai-PineBridge CSI 300 ETF, which have increased their holdings [3].

Group 1 - Non-ferrous stocks are rising against the market trend, with China Hongqiao up 4.96% to HKD 25.4, Jiangxi Copper up 4.43% to HKD 25.46, China Aluminum up 3.49% to HKD 7.11, and Luoyang Molybdenum up 3.14% to HKD 12.49 [1] - Changjiang Securities reports that the net profit of the base metals sector is expected to grow by 27% year-on-year in the first half of 2025, with a net profit of CNY 37.644 billion in Q2 2025, reflecting a 14% year-on-year and 15% quarter-on-quarter increase [1] - The growth in the first half of 2025 is attributed to a phase of upward resonance in the manufacturing sectors of China and the US, along with expectations of interest rate cuts by the Federal Reserve, leading to an increase in base metal prices [1] Group 2 - CITIC Securities indicates that the significant underperformance of the US non-farm payroll data ahead of the Federal Reserve's meeting makes a rate cut announcement almost certain, with an 80% probability of three rate cuts within the year [2] - The prices of industrial metals are influenced by both financial and commodity attributes, with the Federal Reserve entering a rate-cutting cycle and global copper and aluminum inventories at relatively low levels [2] - The recovery of the Chinese economy, combined with the demand boost from the renewable energy sector, is expected to improve the demand for copper and aluminum [2]

Group 1: Macro Strategy and Market Overview - The report emphasizes the importance of coordinated fiscal and monetary policies to support economic recovery amid a complex market environment [3] - In the equity market, major indices experienced slight adjustments, with the ChiNext Index rising by 2.35% in the first week of September [3] - The central bank maintained a loose liquidity environment, with the DR007 rate staying below 1.5% [3] Group 2: Pharmaceutical Industry Insights - The weight loss market is rapidly growing, with over 2.6 billion people affected by overweight/obesity globally as of 2020, projected to exceed 4 billion by 2035 [5] - Novo Nordisk's oral version of semaglutide has been accepted for FDA review, marking a significant advancement in the oral GLP-1 weight loss drug market [5] - Data underperformance in oral GLP-1 pipelines may accelerate domestic BD opportunities, with potential for local drug companies to achieve significant results [5] Group 3: Energy Sector Analysis - U.S. shale oil companies have reduced capital expenditure and production guidance for 2025, indicating a cautious outlook [6][8] - The report predicts that if WTI prices remain below $60 per barrel, shale oil production may decline significantly [8] - OPEC+ is expected to increase production, potentially leading to oversupply and price corrections in the fourth quarter [9] Group 4: Chemical Industry Developments - China has become the world's largest new energy storage market, with installed capacity reaching 73.76 million kilowatts by the end of 2024 [11] - Prices for paraquat have risen due to strong demand and tight supply, while epoxy chloropropane market transactions have increased [11] Group 5: Retail Sector Performance - Chongqing Department Store reported a revenue of 8 billion yuan in H1 2025, a 10% year-on-year decline, but net profit increased by 8.7% [12] - The company has successfully adjusted 32 stores, resulting in a 53% increase in customer traffic [12] Group 6: Company-Specific Insights - Milky Way's net profit is expected to grow from 6.6 billion to 9.3 billion yuan from 2025 to 2027, with a target price of 81.49 yuan based on a PE of 16 [42][43] - China Ruyi's revenue for H1 2025 reached 2.206 billion yuan, a 19.93% increase, with a net profit turnaround to 1.228 billion yuan [36][37]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7] Core Views - The company's H1 performance exceeded expectations, with a historical high in net profit and a strong long-term growth outlook [5][6] - The copper and cobalt business continues to contribute positively with both volume and price increases, supported by operational improvements and market conditions [5] - The acquisition of the Ecuadorian Odin Mining (KGHM) is expected to enhance the company's resource portfolio, with plans for gold production starting by 2029 [5] Financial Performance - In H1 2025, the company achieved revenue of 94.773 billion yuan, a year-over-year decrease of 7.83%, while total profit reached 14.903 billion yuan, an increase of 33.62%, and net profit attributable to shareholders was 8.671 billion yuan, up 60.07% [1] - The company's asset-liability ratio stands at 50.15%, a decrease of 9.01 percentage points year-over-year [1] Production and Efficiency - The company produced 353,600 tons of copper, a year-over-year increase of 12.68%, and 61,100 tons of cobalt, up 13.05%, both exceeding production guidance [2] - Other products such as molybdenum, tungsten, niobium, and phosphate also showed significant production progress, with completion rates above 50% [2] Cost Management - Operating costs for H1 2025 were 74.727 billion yuan, a decrease of 10.96% year-over-year, attributed to improved recovery rates and reduced procurement costs [3] - Financial expenses decreased by 43.96% year-over-year due to a reduction in borrowing scale and interest expenses [4] Future Projections - The company expects continued growth in revenue and net profit, with projections for net profit attributable to shareholders increasing to 16.7 billion yuan in 2025, 19 billion yuan in 2026, and 21.1 billion yuan in 2027 [5][6] - The estimated P/E ratios for 2025, 2026, and 2027 are 16x, 14x, and 13x respectively [5]

Core Insights - Luoyang Molybdenum Co., Ltd. has been recognized in the Wind ESG "AAA" rating and has made it to the top 100 list of best practices in ESG among large-cap companies for 2025 [1] Environmental Performance - The company has achieved a leading environmental performance, with copper product carbon emissions density lower than 70% of global mining companies, 36% of global renewable energy usage, and 81% of water being recycled [1] - Luoyang Molybdenum has initiated greenhouse gas scope 3 accounting and disclosed its data and methodology for the first time, along with a complete TCFD report [1] Social Responsibility - The company emphasizes employee rights protection and community investment, implementing localized and diversified employment strategies to create an inclusive work environment [2] - In 2024, all mining sites passed ISO45001 occupational health and safety certification, and the company contributed approximately 191 billion yuan to the global economy, with 292 million yuan invested in community development projects [2] Governance and Economic Practices - Luoyang Molybdenum has established a clear three-tier ESG governance structure involving the board, executive management, and business units, with senior management responsible for ESG strategy and policy execution [2] - The company is committed to ethical business practices in its operations and supply chain, emphasizing anti-corruption, protection of trade secrets, conflict of interest disclosures, and prohibition of improper transactions [2] Recognition and Future Commitment - The company has received external recognition for its ESG performance, maintaining an AA rating from MSCI ESG for three consecutive years, ranking in the top 11% of the global non-ferrous metals industry [3] - Luoyang Molybdenum aims to continue implementing high-standard ESG principles across its global mining sites and share development outcomes with stakeholders [3]

香港联交所最新资料显示，9月4日，摩根大通增持洛阳钼业（603993）(03993)294.3812万股，每股均价 12.113港元，总金额约为3565.84万港元。增持后最新持股数目约为2.38亿股，最新持股比例为6.04%。 ...

Group 1 - Morgan Stanley increased its stake in Luoyang Molybdenum Co., Ltd. by purchasing 2.943812 million shares at an average price of HKD 12.113 per share, totaling approximately HKD 35.6584 million [1] - After the purchase, Morgan Stanley's total shareholding in Luoyang Molybdenum reached approximately 238 million shares, representing a holding percentage of 6.04% [1]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has shown significant stock performance with a year-to-date increase of 100.41%, despite a recent decline of 7.24% over the last five trading days [1] Company Overview - Luoyang Molybdenum Co., Ltd. is primarily engaged in the mining, selection, deep processing, trading, and research of precious metals such as molybdenum, tungsten, and gold [1] - The company was established on December 22, 1999, and went public on October 9, 2012 [1] - The main revenue sources include 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%) [1] Financial Performance - For the first half of 2025, Luoyang Molybdenum achieved operating revenue of 94.773 billion yuan, a year-on-year decrease of 7.83%, while 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] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 15.95% to 237,500, with an average of 0 shares per shareholder [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 648 million shares, and several ETFs such as Huaxia SSE 50 ETF and Huatai-PineBridge CSI 300 ETF, which have increased their holdings [3]

Company Overview - Luoyang Molybdenum Co., Ltd. is primarily engaged in the mining, selection, deep processing, trading, and research of precious metals such as molybdenum, tungsten, and gold [1] - The company was established on December 22, 1999, and was listed on October 9, 2012 [1] - The main business 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%) [1] Stock Performance - As of September 8, Luoyang Molybdenum's stock price was 12.64 CNY per share, with a market capitalization of 270.42 billion CNY [1] - The stock has increased by 97.59% year-to-date, but has decreased by 6.58% in the last five trading days [1] - The stock has shown a 28.72% increase over the last 20 days and a 66.40% increase over the last 60 days [1] Financial Performance - For the first half of 2025, Luoyang Molybdenum reported operating revenue of 94.773 billion CNY, a year-on-year decrease of 7.83% [2] - The net profit attributable to shareholders for the same period was 8.671 billion CNY, reflecting a year-on-year increase of 60.07% [2] Shareholder Information - As of June 30, 2025, the number of shareholders was 237,500, a decrease of 15.95% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and several ETFs, with notable increases in holdings [3]

Group 1: Industrial Metals - The expectation of a Federal Reserve interest rate cut has increased, combined with the seasonal demand in September and October, leading to strong upward momentum in industrial metal prices [1][2] - Copper prices are supported by a decrease in electrolytic copper production expected in October, with the SMM import copper concentrate index reporting a weekly increase of $0.63 to -$40.85 per ton [2] - Aluminum production has slightly increased to 847,300 tons, with domestic electrolytic aluminum social inventory at 626,000 tons, indicating a slight accumulation of 6,000 tons [2] Group 2: Energy Metals - The supply of cobalt raw materials continues to decrease, suggesting a potential surge in cobalt prices, while lithium demand is expected to strengthen during the traditional peak season [3] - The market is entering a phase of increased supply and demand for lithium, with expectations of a tight supply situation, leading to a sustained strong price for lithium carbonate [3] - Nickel prices are expected to rise due to limited supply from nickel salt plants and high raw material costs, with ongoing demand from downstream enterprises [3] Group 3: Precious Metals - The weak U.S. employment data and inflation aligning with expectations have bolstered confidence in a Federal Reserve rate cut, leading to an upward shift in gold and silver prices [4] - The legal and economic uncertainties from tariff disputes are expected to increase safe-haven demand, supporting gold prices [4] - Central bank gold purchases and weakening U.S. dollar credit are anticipated to drive gold prices higher, presenting opportunities for investment in the gold sector [4]