渤海证券研究所晨会纪要（2025.08.27）-20250827

Group 1: Fixed Income Research - The overall yield of credit bonds has increased, with changes ranging from 1 BP to 6 BP during the period from August 18 to August 24 [2] - The issuance scale of credit bonds has decreased, with corporate bonds maintaining zero issuance while company bonds and directional tools increased, and medium-term notes and short-term financing bonds decreased [2] - The net financing amount of credit bonds has decreased, with corporate bonds and directional tools showing positive net financing, while other varieties showed negative net financing [2] - The transaction amount of credit bonds in the secondary market has continued to decline, with medium-term notes and short-term financing bonds decreasing, while corporate bonds, company bonds, and directional tools increased [2] - The absolute yield perspective indicates that insufficient supply and relatively strong allocation demand support the strength of credit bonds, with a long-term downward trend in future yields [2] Group 2: Company Research - Luoyang Molybdenum (603993) - In the first half of 2025, Luoyang Molybdenum achieved operating revenue of 94.773 billion yuan, a year-on-year decrease of 7.83%, while net profit attributable to shareholders increased by 60.07% to 8.671 billion yuan [10] - The production completion rate exceeded the median guidance, with significant results in cost reduction and efficiency improvement [10] - The prices of major products increased, with copper, cobalt, and other products showing production growth rates of 12.68% and 13.05%, while molybdenum and tungsten showed slight declines [10] - The company improved its cost control, resulting in an increase in gross profit margin by 2.77 percentage points to 21.15% [11] - The company is actively optimizing its debt structure, reducing financial pressure, and steadily advancing construction projects [11] Group 3: Industry Research - Metals - The steel industry is expected to see a tightening of supply due to production restrictions, with short-term steel prices likely to fluctuate [6] - Copper prices are supported by tight supply but may face pressure from demand and the US dollar index [6] - The aluminum industry may experience supply contraction due to tax policy changes, with short-term prices expected to fluctuate [6] - The gold market is influenced by geopolitical risks and potential interest rate cuts by the Federal Reserve, which may support gold prices [6] - The newly released total control policy for rare earths in China is expected to effectively manage strategic resources [7]