股票代码：603993 股票简称：洛阳钼业 编号：2025—058 洛阳栾川钼业集团股份有限公司 第七届董事会第五次临时会议决议公告 洛阳栾川钼业集团股份有限公司（以下简称"本公司"或"公司"） 第七届董事会第五次临时会议通知于 2025 年 11 月 13 日以电子邮件 方式发出，会议于 2025 年 11 月 17 日以现场结合通讯方式召开。会 议应参加董事 7 名，实际参加董事 7 名。本次会议的召集、召开符合 相关法律法规和本公司《公司章程》及有关规定，会议决议合法、有 效。会议由公司董事长刘建锋先生主持，经与会董事充分讨论，审议 通过如下议案： 一、审议通过关于提名本公司第七届董事会非执行董事候选人的 议案。 该议案已经提名及管治委员会审议通过，董事会同意提名马飞先 生为公司第七届董事会非执行董事候选人。任期自股东大会批准之日 详见公司于上海证券交易所发布的相关公告。 二、审议通过取消监事会并修订《公司章程》以及同步完善和新 增内控制度的议案。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 1 起至 2026 年 ...

Core Insights - Luoyang Molybdenum Co., Ltd. experienced a slight decline of 0.36% in stock price on November 14, with a trading volume of 3.322 billion yuan [1] - The company reported a net financing outflow of approximately 38.41 million yuan on the same day, indicating a higher level of financing activity compared to the previous year [1] Financing and Margin Trading - On November 14, Luoyang Molybdenum had a financing buy-in of 378 million yuan, with a total financing balance of 3.593 billion yuan, representing 1.23% of its market capitalization [1] - The financing balance is at a high level, exceeding the 90th percentile of the past year [1] - The company also saw a securities lending activity with 118,200 shares repaid and 16,100 shares sold, resulting in a selling amount of approximately 270,200 yuan [1] - The securities lending balance stood at 17.379 million yuan, also at a high level, exceeding the 70th percentile of the past year [1] Company Overview - Luoyang Molybdenum, established on December 22, 1999, and listed on October 9, 2012, primarily engages in the mining, processing, and trading of precious metals such as molybdenum, tungsten, and gold [2] - The company's 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] - For the period from January to September 2025, Luoyang Molybdenum reported a revenue of 145.485 billion yuan, a year-on-year decrease of 5.99%, while net profit attributable to shareholders increased by 72.61% to 14.280 billion yuan [2] Shareholder and Dividend Information - 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 number of shareholders increased to 304,200, reflecting a growth of 28.08% [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 695 million shares, an increase of 47.472 million shares from the previous period [3]

Group 1 - The gold concept sector experienced a significant decline, dropping by 2.39% [1] - Among the companies, Yuguang Gold Lead fell by 4.73%, Shenda Resources decreased by 4.56%, and Luoyang Molybdenum dropped by 4.53% [1] - Other companies such as Pengxin Resources, Zhaojin Gold, and Hunan Silver also saw declines exceeding 3% [1]

Group 1 - The core viewpoint of the news highlights a significant increase in lithium carbonate futures, with a peak rise of 8% and a closing increase of 7.24%, reaching 93,660 yuan/ton, which has positively impacted related lithium mining sectors [1] - The China Automotive Power Battery Industry Innovation Alliance reported that in October, the domestic power battery installation volume reached 84.1 GWh, a month-on-month increase of 10.7% and a year-on-year increase of 42.1%, with lithium iron phosphate batteries accounting for 80.3% of the total [2] - The new energy vehicle market is experiencing a consumption peak due to the adjustment of the vehicle purchase tax and the traditional year-end sales season, with October's production and sales of new energy vehicles reaching 1.772 million and 1.715 million units, respectively [2] Group 2 - The CSI Rare Metals Theme Index (930632) has shown strong performance, with a 2.91% increase, and its top ten weighted stocks account for 60% of the index, including companies like Northern Rare Earth and Ganfeng Lithium [3][5] - The recent demand for lithium salts is expected to grow due to the new energy storage installation target of 180 GW by 2027, as outlined in the National Development and Reform Commission's action plan [2] - The Rare Metals ETF (561800) has risen by 3.11%, reflecting the overall performance of the rare metals sector, which includes mining, smelting, and processing companies [1][5]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1]. Core Views - The non-ferrous metals sector saw a weekly increase of 1.07% from November 10 to November 14, outperforming the overall market index [14]. - Precious metals, particularly gold, are expected to maintain a bullish outlook in the medium term despite short-term fluctuations due to changing interest rate expectations [4][49]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.18%, while the non-ferrous metals sector ranked 16th among 31 sectors, outperforming the index by 1.25 percentage points [14]. - Precious metals increased by 2.77%, energy metals by 2.47%, and industrial metals by 1.56%, while small metals and new materials declined by 1.42% and 3.22%, respectively [14]. Industrial Metals - **Copper**: Prices rose with LME copper at $10,846 per ton (up 1.41%) and SHFE copper at ¥86,900 per ton (up 1.12%). Supply remains weak, with Codelco's September production down 7.2% year-on-year [2][31]. - **Aluminum**: LME aluminum reached $2,859 per ton (up 1.41%), driven by increased demand from the electric vehicle sector, where sales exceeded 50% of total new car sales in October [3][35]. - **Zinc**: Prices fell with LME zinc at $3,015 per ton (down 1.70%) and SHFE zinc at ¥22,470 per ton (down 1.30%). Zinc inventories increased, indicating a bearish trend [41]. - **Tin**: LME tin rose to $36,860 per ton (up 2.90%) due to reduced exports from Indonesia, which halved in October [45]. Precious Metals - **Gold**: COMEX gold closed at $4,084.40 per ounce (up 1.91%), while SHFE gold was at ¥953.20 per gram (up 3.47%). The resumption of U.S. government operations alleviated liquidity concerns, boosting prices [4][49]. - The Federal Reserve's hawkish comments and the lack of supporting economic data have led to a decrease in December rate cut expectations from 95% to around 50%, causing some price corrections in precious metals [50]. Inventory Changes - Copper inventories decreased, with LME at 135,700 tons (down 0.13%) and SHFE at 109,400 tons (down 4.89%) [29][34]. - Aluminum inventories increased slightly, with LME at 552,400 tons (up 0.57%) and SHFE at 114,900 tons (up 1.38%) [35].

Investment Rating - The report maintains an "Accumulate" rating for the copper industry [6]. Core Viewpoints - Short-term copper prices are expected to fluctuate, but there is optimism for an upward trend due to demand recovery. As of November 14, 2025, SHFE copper closed at 86,900 CNY/ton, up 1.12% from November 7, and LME copper closed at 10,846 USD/ton, up 1.41% [1]. - Supply remains tight as Freeport has reduced copper production for 2025-2026, while cable companies are seeing a recovery in operating rates amid rising copper prices. The demand-supply balance is expected to remain tight, supporting further price increases [1][4]. Summary by Sections Inventory - Domestic copper social inventory decreased by 1.1%, while LME copper inventory fell by 0.4%. As of November 14, 2025, domestic port copper concentrate inventory was 648,000 tons, up 2.9% from the previous week [2][26]. - Global electrolytic copper inventory totaled 621,000 tons as of November 10, 2025, up 2.5% from November 3. LME copper global inventory was 136,000 tons, down 0.4% [2][26]. Supply - The price difference between refined and scrap copper increased by 500 CNY/ton this week, reaching 3,488 CNY/ton as of November 14, 2025 [2][55]. - China's copper concentrate production in July 2025 was 138,000 tons, down 6.3% month-on-month and 1.6% year-on-year [2][47]. Smelting - The TC spot price decreased by 0.5 USD/ton this week, with the current TC spot price at -41.82 USD/ton, the lowest since September 2007 [3][62]. - China's electrolytic copper production in October 2025 was 1.0916 million tons, down 2.6% month-on-month but up 9.6% year-on-year [3][67]. Demand - Cable companies' operating rates increased by 0.9 percentage points this week, reaching 64.36% as of November 13, 2025 [3][76]. - Air conditioning production is expected to decline year-on-year by 23.7% in November, 12.8% in December, but improve by 16.1% in January 2026 [3][94]. Futures - SHFE copper active contract positions decreased by 6% this week, with a total position of 192,000 lots as of November 14, 2025 [4][33]. Investment Recommendations - The report suggests that with tightening supply and improving demand, copper prices are likely to continue rising. Recommended stocks include Zijin Mining, Western Mining, Luoyang Molybdenum, and Jincheng Mining, with a focus on Tongling Nonferrous Metals [4][5].

Investment Rating - The report maintains a "Buy" rating for the industry, highlighting several companies as key investment opportunities [6][7]. Core Views - The report emphasizes that the end of the U.S. government shutdown and improving liquidity will support price performance in the metals market. It notes that macroeconomic factors, including weak economic data and interest rate cut expectations, will continue to influence metal prices positively [2][4]. Summary by Sections 1. Industry and Stock Performance - The Shanghai Composite Index fell by 0.18%, while the SW Nonferrous Index rose by 0.20% during the week [3]. - Precious metals like gold and silver saw significant increases, with gold up by 1.91% and silver by 4.51% [3]. 2. Base Metals 2.1 Industrial Metals - Copper prices are supported by a decline in the U.S. consumer confidence index and expectations of interest rate cuts, despite a decrease in import volumes due to operational inefficiencies at Tanzanian ports [4][48]. - Aluminum production capacity remained stable, with domestic supply holding firm. However, demand is expected to weaken as the market transitions from peak to off-peak seasons [4][27]. - The report recommends companies such as Luoyang Molybdenum, Zijin Mining, and China Aluminum for investment [4]. 2.2 Energy Metals - The report is optimistic about energy metals, particularly lithium and cobalt, due to sustained demand from the energy storage sector and electric vehicles. Cobalt prices are expected to rise due to supply shortages [5]. - Key companies recommended include Huayou Cobalt and Tianqi Lithium [5]. 2.3 Precious Metals - The report anticipates continued upward movement in gold and silver prices, driven by central bank purchases and weakening U.S. dollar credit. It highlights geopolitical tensions as a significant factor influencing precious metal prices [5][80]. - Recommended companies in this sector include Western Gold and Shandong Gold [5]. 3. Price and Inventory Changes - The report provides detailed price changes for various metals, noting that aluminum prices are expected to range between 21,700 and 22,400 CNY/ton, while copper is projected to fluctuate between 86,000 and 89,000 CNY/ton [28][49]. - Inventory levels for aluminum and copper have shown mixed trends, with some increases in LME stocks for zinc and lead [14][50]. 4. Company Earnings Forecasts - The report includes earnings per share (EPS) forecasts for several companies, with Zijin Mining projected to have an EPS of 1.21 CNY in 2024, and Huayou Cobalt expected to reach 2.50 CNY [6].

Investment Rating - The report maintains a "Market Weight" rating for the non-ferrous metals industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [64]. Core Views - The non-ferrous metals industry has shown resilience, with a 0.99% increase over the past two weeks, outperforming the CSI 300 index by 1.15 percentage points [3][13]. - The report highlights a positive outlook for copper due to increasing demand in the renewable energy sector, despite a projected global copper surplus of 178,000 tons in 2025 [6][59]. - Precious metals are experiencing volatility, with gold prices expected to rise again after a period of fluctuation, supported by declining dollar credit and reduced risk aversion [60][61]. - The energy metals sector is benefiting from new regulations in lithium mining, which are expected to support prices and production costs [61]. Summary by Sections Market Review - As of November 13, 2025, the non-ferrous metals industry has increased by 3.08% this month and 81.32% year-to-date, ranking first among 31 industries [13][18]. - The energy metals sector rose by 5.68% this month, while the precious metals sector increased by 2.28% [18]. Price Analysis - As of November 13, 2025, LME prices are as follows: copper at $10,859/ton, aluminum at $2,877/ton, lead at $2,075/ton, zinc at $3,040.50/ton, nickel at $14,955/ton, and tin at $37,065/ton [24][59]. - COMEX gold is priced at $4,174.50/oz, and silver at $52.23/oz as of November 13, 2025 [35][41]. Industry News - The International Copper Study Group (ICSG) forecasts a 1.4% growth rate for global copper mines in 2025, primarily due to significant accidents at major mines [59]. - New regulations in Jiangxi province regarding lithium mining are expected to increase production costs, thereby supporting lithium prices [53][61]. Company Announcements - Western Mining (601168) and Luoyang Molybdenum (603993) are recommended for attention due to their strong performance and growth potential in the non-ferrous metals sector [62][59].

- The report introduces a quantitative model named "250-day new high distance" to monitor market trends and identify investment hotspots. The model is based on momentum and trend-following strategies, which have been proven effective in previous studies. It calculates the distance between the latest closing price and the highest closing price in the past 250 trading days using the formula: $ 250\text{-day new high distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max}(\text{Close}, 250)} $ where $\text{Close}_{t}$ represents the latest closing price, and $\text{ts\_max}(\text{Close}, 250)$ is the maximum closing price over the past 250 trading days. If the latest closing price reaches a new high, the distance is 0; otherwise, it is a positive value indicating the degree of pullback [11][19][27] - The model is evaluated positively for its ability to track market trends and identify leading stocks that are consistently reaching new highs. It is inspired by methodologies from notable researchers and practitioners such as George (2004), William O'Neil, and Mark Minervini, who emphasize the importance of monitoring stocks near their 52-week highs [11][18][19] - The report also introduces a screening method for "stable new high stocks," focusing on stocks with smooth price paths and consistent momentum. The screening criteria include analyst attention (at least five buy or overweight ratings in the past three months), relative price strength (top 20% in 250-day returns), price path smoothness (measured by price displacement ratio), and trend continuation (average 250-day new high distance over the past 120 days and past five days). Stocks meeting these criteria are ranked, and the top 50% are selected [25][27][28] - The backtesting results show that 1080 stocks reached 250-day new highs in the past 20 trading days. Among them, the highest numbers are in the basic chemicals, machinery, and electric power equipment & new energy sectors. The highest proportions are in coal, steel, and non-ferrous metals sectors. Additionally, 39 stocks were identified as "stable new high stocks," with the majority belonging to cyclical and manufacturing sectors [19][20][28] - Key metrics for indices include the 250-day new high distance for major indices as of November 14, 2025: Shanghai Composite Index (0.97%), Shenzhen Component Index (3.71%), CSI 300 (2.52%), CSI 500 (4.15%), CSI 1000 (1.90%), CSI 2000 (0.66%), ChiNext Index (6.40%), and STAR 50 Index (11.56%) [12][13][32] - Key metrics for industries include the 250-day new high distance for sectors such as textiles & apparel (0.00%), light manufacturing (0.08%), comprehensive (0.06%), transportation (0.14%), and steel (0.36%) [13][15][32] - Key metrics for concepts include the 250-day new high distance for HJT batteries, home furnishings, forestry, equal-weight micro-cap stocks, energy storage, oil & gas, and lithium mining concepts, which are relatively close to their 250-day highs [15][17][32]

Group 1 - The report tracks stocks, industries, and sectors that are reaching new highs, indicating market trends and hotspots [1][4][26] - As of November 14, 2025, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index at 0.97%, Shenzhen Component Index at 3.71%, CSI 300 at 2.52%, and others [6][26] - Among the CITIC first-level industry indices, textiles and apparel, light industry manufacturing, comprehensive, transportation, and steel industries are closest to their 250-day new highs, while food and beverage, comprehensive finance, defense, automotive, and computer industries are further away [9][26] Group 2 - A total of 1,080 stocks reached a 250-day new high in the past 20 trading days, with the highest number in the basic chemical, machinery, and electric power equipment and new energy sectors [2][14][26] - The highest proportion of new high stocks is found in the coal, steel, and non-ferrous metal industries, with respective proportions of 50.00%, 39.62%, and 37.90% [14][26] - By sector distribution, the cyclical and manufacturing sectors had the most new high stocks, with 358 and 304 stocks respectively [17][26] Group 3 - The report identifies 39 stocks that have shown stable new highs, with the majority coming from the cyclical and manufacturing sectors, specifically in basic chemicals and machinery [19][22][27] - The selection criteria for stable new high stocks include analyst attention, relative strength of stock prices, price path smoothness, and continuity of new highs [21][27] - The report emphasizes the importance of tracking leading stocks that consistently reach new highs as indicators of market and industry trends [13][27]