1年暴增2900亿，河南“矿王”继续“豪赌”金矿

Core Viewpoint - The article emphasizes that beyond the hype surrounding AI, the non-ferrous metals sector, particularly companies like Luoyang Molybdenum, is poised to be the ultimate winner in the market [4]. Summary by Sections Non-Ferrous Metals Sector Performance - In 2025, the non-ferrous metals sector achieved an impressive cumulative increase of nearly 100%, ranking first among 31 Shenwan primary industries [5]. - Luoyang Molybdenum's projected net profit for 2025 is estimated to be between 20 billion to 20.8 billion yuan, marking an increase of 6.468 billion to 7.268 billion yuan year-on-year, which translates to a growth of 47.8% to 53.71% [5]. Luoyang Molybdenum's Financial Highlights - Luoyang Molybdenum's A-shares saw a 212% increase, while H-shares surged by 286.9% in 2025, with its market capitalization surpassing 500 billion yuan at one point [7]. - The company’s actual controller, Yu Yong, saw his net worth rise to 129.5 billion yuan due to the stock price surge [9]. Historical Context and Strategic Moves - Luoyang Molybdenum's transformation began in the early 2000s when it faced severe financial difficulties, leading to a restructuring that introduced Shanghai Hongshang Industrial Holding Group as a significant stakeholder [10][11]. - The company successfully listed in Hong Kong in 2007 and later on the Shanghai Stock Exchange in 2012, allowing it to access both domestic and international capital markets [14]. Strategic Acquisitions - The company made significant acquisitions, including a $1.5 billion purchase of high-quality niobium and phosphate assets in Brazil in 2016, and a $2.65 billion acquisition of a 56% stake in the Tenke Fungurume copper-cobalt mine [15][16]. - In 2025, Luoyang Molybdenum announced the acquisition of Lumina Gold, gaining 100% ownership of the Cangrejos Project in Ecuador, and plans to acquire three gold mines in Brazil for $1.015 billion [20][21]. Future Outlook - The copper price is expected to rise significantly, with predictions of a global refined copper deficit of about 330,000 tons by 2026, and prices potentially reaching $12,500 per ton [18]. - The company's diversification into gold mining is seen as a strategic move to balance its industrial-focused portfolio with the financial and hedging attributes of gold [21].