Core Viewpoint - The company, Luoyang Molybdenum Co., Ltd., is a significant player in the non-ferrous metal mining industry, focusing on the production of molybdenum, tungsten, and precious metals like gold, with a strong emphasis on expanding its precious metal business [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, smelting, deep processing, and trading of precious metals [7]. - 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%) [7]. Production and Financial Performance - The company holds an 80% stake in the NPM copper-gold mine in Australia, with gold equity production guidance for 2023 set at 25,000 to 27,000 ounces, representing a year-on-year increase of 56% to 69% [2]. - For the first half of 2025, the company 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 [8]. - The company is the second-largest producer of phosphorus fertilizer in Brazil and has a complete phosphorus industry chain, with phosphorus-related product revenue of 2.834 billion yuan in 2017, accounting for 11.82% of total revenue [3]. Market Activity - On September 22, the company's stock rose by 1.60%, with a trading volume of 2.481 billion yuan and a market capitalization of 271.922 billion yuan [1]. - The company has experienced a net outflow of 7.6914 million yuan from major funds today, with a continuous reduction in major fund positions over the past three days [4][5]. Shareholder Information - 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 [8]. - Major shareholders include Hong Kong Central Clearing Limited, which holds 648 million shares, and Huaxia SSE 50 ETF, which holds 138 million shares, both of which have increased their holdings compared to the previous period [9].

Core Viewpoint - Luoyang Molybdenum (603993) (03993) has seen a stock price increase of over 3%, currently trading at 12.85 HKD with a transaction volume of 574 million HKD, driven by strong resource assets and positive market outlook [1] Group 1: Company Assets and Resources - The company possesses globally scarce high-quality copper and cobalt mining assets, with significant resource reserves and development prospects [1] - The two core mining areas in the Democratic Republic of Congo (DRC), TFM and KFM, have a combined copper resource of 34.44 million tons and cobalt resource of 5.4 million tons [1] - The acquisition of the Ecuador Cangrejos gold mine, with a gold resource of 638 tons, is expected to expand the company's resource portfolio and is projected to start production before 2029, with an annual gold output of 11.5 tons [1] Group 2: Market Outlook and Analyst Ratings - Morgan Stanley has issued a report indicating that Luoyang Molybdenum's stock price is expected to rise in the next 30 days, maintaining a buy rating with a target price of 11.7 HKD [1] - The DRC has extended its cobalt export ban until October 15, with subsequent implementation of quotas, which could significantly impact global cobalt supply, as the DRC accounts for 70% of the world's cobalt supply [1] - If Luoyang Molybdenum receives a proportional quota, potential sales for Q4 2025 could be approximately 8,600 tons, and around 43,600 tons for 2026-2027 [1]

Core Viewpoint - Luoyang Molybdenum (03993) has seen a stock price increase of over 3%, attributed to its ownership of high-quality copper and cobalt mining assets, with expectations for further price appreciation in the next 30 days according to Morgan Stanley [1] Group 1: Company Assets - The company possesses globally scarce high-quality copper and cobalt mining assets, with significant resource reserves and development prospects [1] - The two core mining areas in the Democratic Republic of Congo (DRC), TFM and KFM, have a combined copper resource of 34.44 million tons and cobalt resource of 5.4 million tons [1] - The company is diversifying its portfolio with assets in Brazil (niobium and phosphate) and China (molybdenum and tungsten), creating a counter-cyclical resource combination [1] Group 2: Future Growth Potential - The acquisition of the Ecuador KGH gold mine, with a gold resource of 638 tons, is expected to expand the company's resource base, with production anticipated to start before 2029, yielding an annual output of 11.5 tons of gold [1] - Morgan Stanley's report indicates that the DRC's cobalt export ban has been extended to October 15, with subsequent implementation of quotas, which could significantly impact global cobalt supply [1] - If Luoyang Molybdenum receives a proportional quota, potential sales for Q4 2025 could reach approximately 8,600 tons, and around 43,600 tons for 2026-2027 [1]

该行指，刚果民主共和国宣布将钴出口禁令延长至10月15日，随后将实施出口配额，2026至2027年配额 将为正常产量的40%。大摩表示，假设洛阳钼业能获得与国家层面相似的配额比例，其潜在销售量可能 在2025年第四季为约8,600吨，在2026至2027年为约4.36万吨，预期钴供应将受到重大影响，因为刚果民 主共和国占全球供应的70%。 智通财经APP获悉，摩根士丹利发布研报称，相信洛阳钼业(03993)未来30日内股价将绝对上涨，估计此 情境有约70%至80%(或非常可能)的概率，维持"增持"评级及目标价11.7港元，此按现金流折现率作估 值。 ...

Group 1 - Morgan Stanley believes that Luoyang Molybdenum (603993)(03993) will see an absolute increase in stock price within the next 30 days, estimating a probability of about 70% to 80% for this scenario, maintaining an "Overweight" rating and a target price of HKD 11.7, based on discounted cash flow valuation [1] - The Democratic Republic of Congo has announced an extension of the cobalt export ban until October 15, followed by the implementation of export quotas, with quotas for 2026 to 2027 set at 40% of normal production [1] - Assuming Luoyang Molybdenum can obtain a quota ratio similar to the national level, its potential sales volume could reach approximately 8,600 tons in Q4 2025 and 43,600 tons in 2026 to 2027, with significant impacts expected on cobalt supply due to the DRC accounting for 70% of global supply [1]

大摩：相信洛阳钼业未来30日内股价将上涨，目标价11.7港元。 ...

Group 1 - Morgan Stanley believes that the stock price of Luoyang Molybdenum will rise in the next 30 days, estimating a probability of about 70% to 80% for this scenario [1] - The firm maintains an "overweight" rating and a target price of HKD 11.7, based on discounted cash flow valuation [1] - The Democratic Republic of Congo has extended its cobalt export ban until October 15, followed by the implementation of export quotas, with quotas for 2026 to 2027 set at 40% of normal production [1] Group 2 - Assuming Luoyang Molybdenum can obtain a quota ratio similar to the national level, potential sales volume could be approximately 8,600 tons in Q4 2025 and about 43,600 tons in 2026 to 2027 [1] - The expected cobalt supply will be significantly impacted, as the Democratic Republic of Congo accounts for 70% of global supply [1]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has experienced significant stock price fluctuations, with a year-to-date increase of 97.44% but a recent decline of 5.89% over the last five trading days [2]. 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]. 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%. However, the net profit attributable to the parent company was 8.671 billion yuan, reflecting a year-on-year increase of 60.07% [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 over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Luoyang Molybdenum was 237,500, a decrease of 15.95% from the previous period. The average circulating shares per person remained at 0 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 648 million shares, an increase of 6.949 million shares from the previous period. Other notable shareholders include Huaxia SSE 50 ETF and Huatai-PineBridge CSI 300 ETF, which have also increased their holdings [3].

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 两融数据显示，该股最新融资余额为27.48亿元，近5日增加2.80亿元，增幅为11.35%。 据天眼查APP显示，洛阳栾川钼业集团股份有限公司成立于1999年12月22日。注册资本427886.20352万 人民币。（数据宝） 9月18日洛阳钼业大宗交易一览 | 成交量 （万 | 成交金额 | 成交价 格 | 相对当日收盘 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | （万元） | | 折溢价（%） | | | | 股） | | （元） | | | | | 20.00 | 247.60 | 12.38 | 0.00 | 华泰证券股份有限公司北京西三 | 国泰海通证券股 | | | | | | 环国际财经中心证券营业部 | 份有限公司总部 | 洛阳钼业9月18日大宗交易平台出现一笔成交，成交量20.00万股，成交金额247.60万元，大宗交易成交 价为12.38元。该笔交易的买方营业部为华泰证券股份有限公司北京西三环国际财经中心证券营业部， 卖方营业部为国泰海通证券股份有限公司 ...

| 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 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 华泰证券股份有限 | 国泰海通证券股份 | | 2025-09-18 | 洛阳铝业 | 603993 | 247.6 12.38 | 20 | 公司北京西三环国 | 有限公司总部 | | | | | | | 际财经中心证券营 | | 9月18日，洛阳钼业大宗交易成交20万股，成交额247.6万元，占当日总成交额的0.07%，成交价12.38元，较市场收盘价12.38元持平。 ...