从基金十大重仓股角度 数据显示，国海富兰克林基金旗下1只基金重仓洛阳钼业。国富焦点驱动混合A（000065）三季度持有 股数1.86万股，占基金净值比例为0.54%，位居第六大重仓股。根据测算，今日浮盈赚取约1.43万元。 11月25日，洛阳钼业涨5.02%，截至发稿，报16.12元/股，成交18.64亿元，换手率0.67%，总市值 3448.76亿元。 资料显示，洛阳栾川钼业集团股份有限公司位于河南省洛阳市栾川县城东新区画眉山路伊河以北，成立 日期1999年12月22日，上市日期2012年10月9日，公司主营业务涉及主要从事钼、钨及黄金等稀贵金属 的开采、选冶、深加工、贸易、科研等。生产所需原辅材料、机械设备、仪器仪表、零配件的进口(上 述进出口项目凭资格证书经营)。金属贸易。主营业务收入构成为：精炼金属产品贸易48.56%，精矿产 品贸易38.31%，铜27.14%，钴6.04%，钼3.12%，磷2.23%，铌1.88%，钨1.17%，其他(补充)0.11%。 国富焦点驱动混合A（000065）成立日期2013年5月7日，最新规模4981.09万。今年以来收益2.89%，同 类排名7082/8136；近一 ...

Core Viewpoint - On November 24, 2023, Luoyang Molybdenum Co., Ltd. executed a block trade involving 900,000 shares at a transaction value of 13.815 million yuan, with a transaction price of 15.35 yuan per share, indicating stable trading activity in the stock market [1]. Group 1: Trading Activity - A block trade of 900,000 shares was recorded on November 24, with a total transaction value of 13.815 million yuan [1]. - The transaction price of 15.35 yuan per share reflects no premium or discount compared to the closing price on that day [1]. - Over the past three months, the stock has seen a total of 12 block trades, accumulating a total transaction value of 277 million yuan [1]. Group 2: Stock Performance - The closing price of Luoyang Molybdenum on the day of the block trade was 15.35 yuan, representing a 1.12% increase [1]. - The stock experienced a trading volume of 2.496 billion yuan on that day, with a net inflow of 39.6892 million yuan in main capital [1]. - Over the past five days, the stock has declined by 4.36%, with a total net outflow of 1.238 billion yuan [1]. Group 3: Margin Trading Data - The latest margin financing balance for Luoyang Molybdenum is 3.332 billion yuan, which has decreased by 261 million yuan over the past five days, reflecting a decline of 7.26% [1]. Group 4: Company Background - Luoyang Molybdenum Co., Ltd. was established on December 22, 1999, with a registered capital of 4.2788620352 billion yuan [1].

11月24日，洛阳钼业大宗交易成交90万股，成交额1381.5万元，占当日总成交额的0.55%，成交价15.35 元，较市场收盘价15.35元持平。 | 交易日期 证券简称 | | 蓬券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | 奥出营业部 | 是否为专场 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-11-24 | 洛阳相业 | 603993 | 15.35 1381.5 | 90 | 机构专用 | 母唇表酒店塑胶的 | | Ka | ...

Investment Rating - The investment rating for CMOC is "Buy" with a target price of HK$20.60, indicating an expected total return of 22.0% including a dividend yield of 2.3% [6][8]. Core Insights - CMOC's net profit in 3Q25 exceeded market expectations, driven by a lower effective tax rate, realized cobalt sales, and strong minor metals prices [2]. - The company anticipates sustainable copper output growth due to technology upgrades, with a guidance of 0.8-1.0 million tonnes (mnt) for 2028E and the KFM phase 2 project expected to operate in 1H27E with an average output of 100,000 tonnes per annum (ktpa) [3]. - Copper production costs have decreased year-over-year in 9M25 due to increased output and cost control measures [4]. - Cobalt output is expected to remain stable despite potential adjustments in production methods, with a total cobalt quota of over 30,000 tonnes allocated for TFM and KFM projects in 2026E [5]. Financial Performance - CMOC's market capitalization is approximately HK$368.41 billion (US$47.40 billion) [6]. - The net financial expenses have decreased year-over-year in 9M25 due to the repayment of long-term debt [5]. - The DCF valuation methodology used yields a fair-value target price of HK$20.60, based on an 11% weighted average cost of capital (WACC) [8].

Core Viewpoint - Luoyang Molybdenum Co., Ltd. experienced a decline of 0.57% in stock price, closing at 15.79 yuan, with significant block trades occurring on November 20 [1] Trading Activity - A total of 3 block trades were executed, with a combined trading volume of 2.99 million shares and a total transaction value of 47.21 million yuan [1] - The first trade involved 490,000 shares at a price of 15.79 yuan, totaling 7.73 million yuan, with a premium rate of 0.00% [1] - The second trade involved 1.3 million shares at the same price, totaling 20.53 million yuan, also with a premium rate of 0.00% [1] - The third trade involved 1.2 million shares, totaling 18.95 million yuan, maintaining a premium rate of 0.00% [1] Recent Trading Trends - Over the past three months, the stock has recorded 11 block trades with a cumulative transaction value of 263 million yuan [1] - In the last five trading days, the stock has seen a cumulative decline of 6.24%, with a net outflow of 1.241 billion yuan in principal funds [1]

Group 1 - The core transaction of Luoyang Molybdenum involved 2.99 million shares traded on November 20, with a total transaction value of 47.21 million yuan, accounting for 2.59% of the total trading volume for the day [1] - The transaction price was 15.79 yuan, which remained stable compared to the market closing price of 15.79 yuan [1] Group 2 - Specific trading details include a transaction amount of 20.527 million yuan for 130 shares, and another transaction amount of 18.948 million yuan for 120 shares, both at the same price of 15.79 yuan [2] - Additional transactions included a volume of 773.71 thousand shares for a total of 7.7371 million yuan, also at the price of 15.79 yuan [2]

Core Viewpoint - The company, Luoyang Molybdenum Co., Ltd., is a significant player in the non-ferrous metals industry, particularly in cobalt, tungsten, and gold production, with a focus on expanding its precious metals business and enhancing its market position [2][7]. Company Overview - Luoyang Molybdenum Co., Ltd. is the second-largest cobalt producer globally, with cobalt products sold in international markets [2]. - The company is involved in the mining and processing of various metals, including copper, molybdenum, tungsten, cobalt, niobium, and phosphorus, and is recognized as one of the top five molybdenum producers and the largest tungsten producer globally [2][7]. - The company has a comprehensive integrated industrial chain and is also the second-largest producer of phosphorus fertilizer in Brazil [2]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 145.485 billion yuan, a year-on-year decrease of 5.99%, while the net profit attributable to shareholders increased by 72.61% to 14.280 billion yuan [8]. - 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 [9]. Production and Growth - The company owns 80% of the NPM copper-gold mine in Australia, with gold equity production of 16,000 ounces in 2022 and a guidance of 25,000 to 27,000 ounces for 2023, representing a year-on-year increase of 56% to 69% [3]. - In 2025, the company successfully completed the acquisition of Ecuador's Odin Mining (KGHM Gold Mine) and is advancing development work with plans to commence production by 2029 [3]. Shareholder and Market Activity - As of September 30, 2025, the company had 304,200 shareholders, an increase of 28.08% from the previous period [8]. - The main shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable changes in their holdings [9]. Market Position - The company operates within the non-ferrous metals sector, specifically in industrial metals like copper, and is associated with various investment concepts such as niobium and MSCI China [8].

Core Viewpoint - On November 18, Luoyang Molybdenum Co., Ltd. experienced a decline of 3.05% in stock price with a trading volume of 3.052 billion yuan, indicating a significant market reaction [1] Financing Summary - On the same day, the company had a financing buy-in amount of 190 million yuan and a financing repayment of 294 million yuan, resulting in a net financing outflow of 105 million yuan [1] - As of November 18, the total financing and securities lending balance for Luoyang Molybdenum was 3.486 billion yuan, with the financing balance of 3.470 billion yuan accounting for 1.28% of the circulating market value, which is above the 90th percentile of the past year [1] - The company repaid 323,500 shares in securities lending and sold 36,900 shares, with the selling amount calculated at 574,200 yuan, while the remaining securities lending volume was 1.012 million shares, with a balance of 15.7467 million yuan, also above the 70th percentile of the past year [1] Company Overview - Luoyang Molybdenum Co., Ltd. was established on December 22, 1999, and listed on October 9, 2012, primarily engaged in the mining, selection, deep processing, trading, and research of rare 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] - For the period from January to September 2025, the company reported operating revenue of 145.485 billion yuan, a year-on-year decrease of 5.99%, while the net profit attributable to shareholders increased by 72.61% to 14.280 billion yuan [2] Shareholder Structure - As of September 30, 2025, the top ten circulating shareholders of Luoyang Molybdenum included Hong Kong Central Clearing Limited as the fourth largest shareholder with 695 million shares, an increase of 47.472 million shares from the previous period [3] - The fifth largest shareholder, Huaxia SSE 50 ETF, held 134 million shares, a decrease of 3.6543 million shares, while Huatai-PB CSI 300 ETF held 120 million shares, a decrease of 5.1787 million shares [3] - E Fund CSI 300 ETF entered as a new shareholder with 86.4742 million shares [3]

CMOC Group Limited* 審計及風險委員會工作細則 （2025年11月17日第七屆董事會第五次臨時會議通過） 證券代碼：603993.SH 03993.HK 證券簡稱：洛陽鉬業 （中英文版本如有歧義，概以中文版本為準） 1 | 第一章 | 總則 | 3 | | --- | --- | --- | | 第二章 | 人員組成 | 3 | | 第三章 | 職責及權限 | 5 | | 第四章 | 會議召開 | 9 | | 第五章 | 議事與表決程序 | 11 | | 第六章 | 會議決議與會議記錄 | 13 | | 第七章 | 附則 | 14 | 第一章 總則 第二章 人員組成 第五條 審計及風險委員會至少須有三名成員，成員須全部為本公司非執行 董事，其中過半數委員為獨立非執行董事，並必須有一名獨立非執 行董事委員具備適當專業資格，或具備適當的會計或相關的財務管 理專長。委員由董事會委任。審計及風險委員會成員應當為不在公 司擔任高級管理人員的董事。 3 第一條 為完善洛陽欒川鉬業集團股份有限公司（以下簡稱「公司」）財務和風 險管理體系，強化公司董事會專業決策功能，確保董事會對公司日 常管理的有效監督，公 ...

CMOC Group Limited* 提名及管治委員會工作細則 （2025年11月17日第七屆董事會第五次臨時會議通過） 證券代碼：603993.SH 03993.HK 證券簡稱：洛陽鉬業 （中英文版本如有歧義，概以中文版本為準） | 第一章 | 總則 | 1 | | --- | --- | --- | | 第二章 | 人員組成 | 1 | | 第三章 | 職責及權限 | 3 | | 第四章 | 會議召開 | 5 | | 第五章 | 議事與表決程序 | 7 | | 第六章 | 會議決議與會議記錄 | 9 | | 第七章 | 附則 | 10 | 第一章 總則 第一條 為完善洛陽欒川鉬業集團股份有限公司（以下簡稱「公司」）法人治 理結構，確保公司治理及管控架構的合理性和有效性；增強董事會選舉高級管理 人員程序的科學性、民主性和規範性，公司董事會特決定設立提名及管治委員會 （以下簡稱「提名及管治委員會」），作為公司董事會的審議機構和授權督辦機構。 第二條 為使提名及管治委員會規範、高效地開展工作，公司董事會根據 《中華人民共和國公司法》（以下簡稱「《公司法》」）等有關法律、法規和規範性文 件，香港聯合交易所有限公 ...