| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | | 026-02-02 | 洛阳相业 | 603993 | 2164.82 22.09 | 98 | 公司管家材料 | 發動產發酵製品 | หล | 2月2日，洛阳钼业大宗交易成交98万股，成交额2164.82万元，占当日总成交额的0.18%，成交价22.09 元，较市场收盘价22.09元持平。 ...

Group 1 - The core view is optimistic about the value enhancement of Luoyang Molybdenum, driven by rising copper and gold prices, with the company being a domestic leader in the copper mining industry and showing good growth potential [1] - The company has exceeded production expectations at its Congo copper mine, with a clear expansion plan, achieving a net profit of 5.7-6.5 billion yuan in Q4 2025, up from 5.6 billion yuan in Q3 2025, attributed to rising metal prices [1] - The company plans to increase copper production to 760,000-820,000 tons in 2026, with ongoing projects aimed at reaching a target of 800,000-1,000,000 tons by 2028 [1] Group 2 - The company is transitioning to a "copper + gold" dual-drive model, having announced a $1.015 billion acquisition of EQX's assets, which include gold mines in Brazil, expected to produce 6-8 tons of gold in 2026 [2] - This acquisition follows a previous purchase of Lumina, which has significant gold resources, indicating the company's commitment to expanding its gold segment [2] Group 3 - The outlook for copper and gold prices is positive, with expectations of copper prices exceeding $15,000 per ton from 2025 to 2028, driven by limited supply and increasing demand [3] - The global demand for copper is projected to grow by 3.3% year-on-year, while supply growth is limited to 2.4%, potentially leading to a supply shortage [3] Group 4 - The company has adjusted its profit forecasts, expecting net profits of 20.4 billion, 32.4 billion, and 36.1 billion yuan for 2025-2027, reflecting increases of 6%, 26%, and 27% respectively [4] - The target price for the company's A/H shares has been set at 35.83 yuan and 33.95 HKD, based on a 23.7X PE for 2026, with a premium rate adjustment reflecting the company's growth potential [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The report is optimistic about the value enhancement of the company, driven by the upward price cycle of copper and gold, the company's leading position in the domestic copper mining industry, and its strategic shift towards a "copper + gold" valuation model [1][4] - The company has exceeded its copper production guidance for 2025, achieving a total copper output of 740,000 tons, significantly above the initial guidance of 600,000 to 660,000 tons, with plans to further increase production in 2026 [2][5] - The company is actively expanding its gold segment, having recently acquired 100% equity in gold mining assets in Brazil, which is expected to contribute 6-8 tons of gold production in 2026 [3][5] Summary by Sections Copper and Gold Price Outlook - The report anticipates a bullish trend for both copper and gold prices, with expectations for copper prices to exceed $15,000 per ton from 2025 to 2028, driven by limited supply growth and increasing demand [4][5] - The report highlights that global central banks may continue to increase their gold reserves, supporting long-term price increases for gold [4] Production and Financial Forecasts - The company is projected to achieve net profits of RMB 204 billion, RMB 324 billion, and RMB 361 billion for the years 2025 to 2027, reflecting adjustments of +6%, +26%, and +27% respectively [5][11] - The target price for the company's A shares is set at RMB 35.83 and HKD 33.95 for H shares, based on a price-to-earnings ratio of 23.7x for 2026 [5][7] Market Position and Competitive Analysis - The company is positioned as a leading player in the domestic copper mining sector, with a strong growth trajectory and a strategic focus on diversifying into gold mining [1][3] - The report compares the company's valuation favorably against peers, maintaining a premium due to its growth potential and market leadership [5][12]

大摩ESG量化混合A（009246）成立日期2020年7月16日，最新规模2.64亿。今年以来收益8.79%，同类 排名3163/8866；近一年收益41.37%，同类排名3167/8126；成立以来收益21.07%。 大摩ESG量化混合A（009246）基金经理为余斌。 从基金十大重仓股角度 数据显示，摩根士丹利基金旗下1只基金重仓洛阳钼业。大摩ESG量化混合A（009246）四季度增持3.56 万股，持有股数17.49万股，占基金净值比例为1.33%，位居第七大重仓股。根据测算，今日浮亏损失约 25.01万元。 截至发稿，余斌累计任职时间11年273天，现任基金资产总规模14.45亿元，任职期间最佳基金回报 94.7%， 任职期间最差基金回报-92.52%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 1月29日，洛阳钼业跌5.32%，截至发稿，报25.45元/股，成交100.93亿元，换手率2.13%，总市值 5444.8 ...

Core Viewpoint - Morgan Stanley has raised its profit forecast for Luoyang Molybdenum (03993) by 27% to 30% for the next two years, and increased the target prices for Luoyang Molybdenum's A-shares and H-shares to 30 RMB and 30 HKD respectively, maintaining an "Overweight" rating [1] Group 1: Company Updates - The acquisition of the Brazilian gold mine has been successfully completed, with management targeting gold production of 6 to 8 tons this year and aiming to reach 20 tons by 2030 [1] - Details regarding this year's copper production guidance have been supported by process optimization and the increase in capacity from the KFM Phase II project [1]

摩根大通发布研报称，上调对洛阳钼业（603993）(03993)今明两年盈利预测27%至30%，并将洛阳钼业 (603993.SH)A股及洛钼H股目标价，分别由24元人民币及24港元，上调至30元人民币及30港元，重 申"增持"评级。 小摩表示，洛钼完成巴西金矿收购后，于周日(25日)举行电话会议，该行上周亦接待其投资者关系团 队。该行指，有关会议进一步强化该行对洛钼策略与营运的正面看法。主要业务更新包括：巴西金矿收 购顺利完成，管理层目标今年黄金产量6至8吨，并于2030年前达20吨;以及今年铜产量指引细节，由工 艺优化及KFM二期产能上升所支持。 ...

每经AI快讯，洛阳钼业(03993.HK)尾盘涨超5%，截至发稿涨5.51%，报24.14港元，成交额13亿港元。 （文章来源：每日经济新闻） ...

Core Viewpoint - Luoyang Molybdenum (603993) (03993) experienced a significant stock price increase, rising over 6% and currently trading at 24.14 HKD with a transaction volume of 1.3 billion HKD following the completion of its acquisition of 100% equity in Aurizona Gold Mine, RDM Gold Mine, and Bahia Integrated Mining Area from Equinox Gold Corp [1] Group 1: Acquisition Details - The acquisition of the four gold mines was completed on January 23, and these mines are all currently producing gold [1] - The company expects to generate an annual gold production of 6 to 8 tons from these mines by 2026 [1] Group 2: Market Analysis and Forecast - JPMorgan released a report indicating a positive outlook on the company's strategy and operations following a conference call [1] - The management aims for a gold production target of 6 to 8 tons this year and plans to reach 20 tons by 2030 [1] - The bank has raised its profit forecasts for Luoyang Molybdenum for the next two years by 27% to 30% and has adjusted the target prices for both A-shares and H-shares [1]

Core Viewpoint - Luoyang Molybdenum's stock rose over 6% following the completion of its acquisition of 100% equity in Aurizona Gold Mine, RDM Gold Mine, and Bahia Complex from Equinox Gold Corp, expected to contribute 6-8 tons of gold annually by 2026 [1] Group 1: Acquisition Details - The acquisition of the gold mines was completed on January 23 [1] - The four gold mines are all operational and will enhance the company's gold production capacity [1] Group 2: Financial Projections - JPMorgan upgraded its earnings forecast for Luoyang Molybdenum by 27% to 30% for the next two years [1] - The company aims for a gold production target of 6 to 8 tons this year and 20 tons by 2030 [1] - The guidance for copper production is supported by process optimization and increased capacity from the KFM Phase II project [1] Group 3: Market Reaction - As of the report, Luoyang Molybdenum's stock was trading at 24.14 HKD with a trading volume of 1.3 billion HKD [1]

Group 1 - Core viewpoint: Morgan Stanley expresses a positive outlook on Luoyang Molybdenum's strategy and operations following the completion of its acquisition of a gold mine in Brazil [1] - Business update: The acquisition of the Brazilian gold mine has been successfully completed, with management targeting gold production of 6 to 8 tons this year and aiming for 20 tons by 2030 [1] - Copper production guidance: The details for this year's copper production guidance are supported by process optimization and the increase in capacity from the KFM Phase II project [1] - Earnings forecast adjustment: Morgan Stanley raised its earnings forecast for Luoyang Molybdenum for the next two years by 27% to 30% [1] - Target price revision: The target prices for Luoyang Molybdenum's A-shares and H-shares have been increased from 24 yuan and 24 HKD to 30 yuan and 30 HKD, respectively, while maintaining a "buy" rating [1]