Ge Long Hui A P P·2026-01-15 03:13Core Viewpoint - Precious metal prices continue to reach new highs, driving the strength of non-ferrous metal stocks in the A-share market, particularly Luoyang Molybdenum (603993.SH), which has seen significant price increases and is included in the "Betting on China" top ten core assets list for 2026 [1] Group 1: Stock Performance - Luoyang Molybdenum's stock price increased over 5% to reach 24.55 yuan, setting a new historical high [1] - The stock has cumulatively risen 210% in 2025 and has gained nearly 22% in the first nine trading days of this year [1] Group 2: Company Strengths - Luoyang Molybdenum holds approximately 23% of the global cobalt reserves and possesses world-class copper-cobalt mining clusters, with core mines having copper and cobalt grades significantly above industry averages [1] - The KFM Phase II production will add an additional 100,000 tons of copper capacity, supported by the Congo (Kinshasa) cobalt export quota benefits, which will enhance performance growth [1] Group 3: Cost Management and Business Model - The company leverages resource endowment advantages and digital reforms to reduce costs, maintaining relatively low copper production costs [1] - The "mining + trading" model helps to smooth out cyclical fluctuations, giving the company a leading risk resistance capability in the industry [1] Group 4: Market Opportunities - The demand for copper and cobalt is benefiting from the expansion of the new energy sector [1] - The completion of the Brazilian gold mine acquisition and the layout of the Ecuadorian gold mine are establishing a "copper-gold dual pole" strategy [1] - H-share equity incentives are tied to the core team, indicating strong long-term growth certainty [1]