Group 1 - The company has successfully industrialized its rhenium resource recovery technology in collaboration with multiple enterprises, including Duobao Mountain, Heilongjiang Zijin, Jilin Zijin, and Luoyang Molybdenum [2] - Continuous and stable production has been achieved in the rhenium recovery projects with Jilin Zijin and Heilongjiang Zijin [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 CMOC Group Limited* （ 於中華人民共和國註冊成立的股份有限公司 ） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 以下為洛陽欒川鉬業集團股份有限公司（「本公司」）於上海證券交易所網站 (www.sse.com.cn)所發佈《洛陽欒川鉬業集團股份有限公司关于对下属子公司及合 营公司提供担保的公告》。 承董事會命 洛陽欒川鉬業集團股份有限公司 劉建鋒 董事長 中華人民共和國河南省洛陽市， 二零二六年二月十日 於本公告日期，執行董事為劉建鋒先生、彭旭輝先生及闕朝陽先生（職工董事）； 非執行董事為林久新先生、蔣理先生及馬飛先生；及獨立非執行董事為王開國先生、 顧紅雨女士及程鈺先生。 * 僅供識別 （股份代號：03993） 证券代码：603993 证券简称：洛阳钼业 公告编号：2026-011 洛阳栾川钼业集团股份有限公司 关于对下属子公司及合营公司提供 ...

证券代码：603993 证券简称：洛阳钼业 公告编号：2026-011 洛阳栾川钼业集团股份有限公司 关于对下属子公司及合营公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | 被担保人名称 | | 本次担保金额 | | 实际为其提供的担保余额 | 是否在前期 | 本次担保是 | | --- | --- | --- | --- | --- | --- | --- | | | | | | （不含本次担保金额） | 预计额度内 | 否有反担保 | | 上海董禾商贸有限公司 | 2.2 | 亿元人民币 | 3.17 | 亿元人民币 | 是 | 否 | | | 5 | 亿元人民币 | | | 是 | 否 | | 海南钼兴商贸有限公司 | 2.2 | 亿元人民币 | | | 是 | 否 | | | 4 | 亿元人民币 | 1.89 | 亿元人民币 | 是 | 否 | | | 2 | 亿元人民币 | | | 是 | 否 | | CMOC Fortune Limited | 2000 | ...

Core Viewpoint - The demand for gold as a safe-haven asset is expected to significantly influence prices, with projections indicating further increases in gold prices by 2026 due to heightened geopolitical risks, weakening dollar credit, and uncertainties in monetary and fiscal policies from the Federal Reserve [1][2][12]. Industry Fundamentals - Since 2025, factors such as tariff frictions, weakening dollar credit, and geopolitical tensions have driven gold prices up, with an annual increase exceeding 60% [1][4]. - The financial attributes of gold are becoming more pronounced, with expectations that gold prices will continue to rise in 2026 due to ongoing geopolitical risks and uncertainties in U.S. monetary policy [2][12]. - The overall credit risk in the gold industry remains low, supported by the financial characteristics of gold and the improving profitability of gold companies [1][2][12]. Supply Dynamics - Gold supply has remained stable, with limited increases in mine production since 2025, while the recycling of gold has seen a slowdown despite rising prices [14][20]. - The global gold supply primarily comes from mining and recycling, with mining accounting for about 75% of total supply, and the elasticity of supply is relatively low [14][20]. - In 2025, gold production in Africa and North America has compensated for declines in Latin America, with significant increases in production expected from new projects [16][18]. Demand Trends - The demand for gold has shifted towards investment, with jewelry consumption declining due to high prices; central bank purchases and gold ETFs have seen increased demand [21][23][28]. - In 2025, global jewelry consumption fell by 20.18%, while investment demand, particularly in gold bars and coins, has risen significantly [23][24][28]. - Central banks have continued to increase their gold reserves, with net purchases reaching 633.6 tons in 2025, although the pace of buying has slowed due to high prices [26][28]. Financial Performance - Gold companies have seen significant increases in revenue and profitability due to rising gold prices, with total revenue for sample companies reaching 584.44 billion yuan in 2025, a year-on-year increase of 22.49% [32][35]. - The net profit for these companies has also increased, with a total of 632.82 billion yuan reported for the first three quarters of 2025, reflecting a growth of 57.89% [35]. - The operating cash flow of gold companies has improved significantly, with a 38.45% increase in the first three quarters of 2025 compared to the previous year [36][41]. Investment Activities - Many gold companies have engaged in mergers and acquisitions to expand their resource base, which has led to an increase in total debt, although the overall capital structure remains stable [39][40]. - The total debt of sample companies reached 3,088.15 billion yuan by September 2025, with an average debt ratio of 47.56% [40][41]. - Despite the increase in debt, the companies' ability to cover short-term liabilities has improved due to rising cash flows from operations [41].

Core Viewpoint - Precious metals, particularly gold and silver, have seen further declines in prices, but the Federal Reserve's anticipated interest rate cuts this year are expected to support precious metal prices moving forward [2][3]. Precious Metals - Gold price this week was $4,948.00 per ounce, down $33.85 from January 30, a decrease of -0.68% [2]. - Silver price this week was $74.94 per ounce, down $28.25 from January 30, a decrease of -27.38% [2]. - The Federal Reserve officials have expressed views on the need for interest rate cuts this year, with expectations of multiple cuts [2]. Copper and Aluminum - Demand weakened as the Chinese New Year approaches, leading to stable prices for copper and aluminum [4][6]. - LME copper closed at $12,900 per ton, down $540 from January 30, a decrease of -4.02% [4]. - SHFE copper closed at ¥99,810 per ton, down ¥3,360 from January 30, a decrease of -3.26% [4]. - Domestic aluminum price was ¥23,110 per ton, down ¥1,530 from January 30 [5]. Tin - Domestic refined tin price was ¥356,660 per ton, down ¥66,970 from January 30, a decrease of -15.81% [7]. - Inventory levels indicate a tightening supply situation, but short-term demand remains weak [7]. Antimony - Domestic antimony ingot price was ¥160,000 per ton, unchanged from January 30 [8]. - Demand feedback is average, and prices are expected to remain stable [8]. Industry Ratings and Investment Strategy - Gold industry maintains a "recommended" investment rating due to the Fed's rate cut cycle [9]. - Copper industry also maintains a "recommended" investment rating due to ongoing tight supply [10]. - Aluminum, tin, and antimony industries maintain "recommended" investment ratings based on supply dynamics [11]. Recommended Stocks - Gold industry recommendations include Zhongjin Gold, Shandong Gold, and China National Gold [12]. - Copper industry recommendations include Zijin Mining and Western Mining [12]. - Aluminum industry recommendations include Shenhuo Co. and Yunnan Aluminum [12]. - Tin industry recommendations include Tin Industry Co. and Huaxi Nonferrous [12].

Group 1 - New Source (stock code: 300109.SZ) held an investor meeting on February 6, 2023, in Shanghai, attended by 37 institutions including Shenwan Hongyuan and Everbright Securities [2][15] - Since 2026, 18 A-share listed companies from Henan have received institutional research, with Xiangyu Medical leading with 208 institutions participating [16][23] - The demand for core products, particularly PVP series products and their applications in emerging fields, was a major focus during the meeting [3][17] Group 2 - New Source is a leading high-tech enterprise in the research, development, and production of PVP series products, with a total domestic production capacity of 57,000 tons per year, accounting for 53% of global capacity and a 34% global market share [18] - PVP is widely used in various sectors, including daily chemicals, pharmaceuticals, food and beverage, materials, and new energy, with significant applications in solid-state batteries and photovoltaic cells [18][4] - The company expects to sell approximately 4,000 tons of PVP in the new energy sector by 2025, with a projected 20% increase in 2026 [4][19] Group 3 - The price of PVP products has been affected by rising raw material costs due to the European energy crisis and the Russia-Ukraine conflict, leading to increased prices and profit margins, which are not expected to be sustainable [5][19] - Another core product, Euriz (PVM/MA), has a high single-ton price with a gross margin of approximately 60%-70%, with expected shipments of about 900 tons in 2025 [20] - New Source has made strategic investments in five cell and gene therapy companies to enhance its competitive edge in the precision medical field [20][21] Group 4 - New Source's invested companies are progressing well, with one product entering NDA approval and several others in clinical stages, indicating potential for future growth and IPO opportunities [21] - The company's governance structure is relatively decentralized, with major shareholders expressing confidence in the long-term development of the company and intentions to increase their holdings [21][22] - Institutional interest in Henan-listed companies reflects recognition of their investment value, with many companies being leaders in their respective sectors [25]

Core Viewpoint - Ningde Times is increasing its stake in the lithium battery supply chain by acquiring a 25% stake in Yongtai High-tech through Yongtai Technology, which will lead to a 100% ownership of Yongtai High-tech by Yongtai Technology and make Ningde Times a shareholder of Yongtai Technology [2][3]. Group 1: Transaction Details - Yongtai Technology plans to purchase the 25% stake in Yongtai High-tech held by Ningde Times through a share issuance and raise matching funds [2][3]. - Ningde Times previously invested 500 million yuan to acquire the 25% stake in Yongtai High-tech in 2021, valuing Yongtai High-tech at approximately 2 billion yuan [3]. - After the transaction, Yongtai Technology will fully control Yongtai High-tech, which specializes in lithium battery materials, including lithium hexafluorophosphate and lithium bis(fluorosulfonyl)imide [3][4]. Group 2: Business Expansion and Performance - Yongtai Technology's business encompasses various sectors, with a focus on new energy lithium batteries and fluorinated liquid materials [4]. - The company reported a significant increase in revenue and net profit, with revenue and net profit growing by 131.19% and 389.45% year-on-year, respectively [4]. - Yongtai Technology has an existing production capacity of 15,000 tons/year for electrolyte and is expanding its production capabilities for lithium salts [4]. Group 3: Industry Context and Strategic Moves - Ningde Times is actively securing raw materials in the lithium battery sector, evidenced by a recent five-year contract with Enchem for 350,000 tons of electrolyte, valued at approximately 7.268 billion yuan [7]. - The global lithium-ion battery shipment is projected to reach 2,280.5 GWh in 2025, a 47.6% increase year-on-year, driven by the growing demand for energy storage batteries [9]. - Ningde Times aims to enhance its market position by expanding its A-share holdings, which will include additional stakes in companies like Tianhua New Energy and Hunan Youneng [10][11].

智通财经APP获悉，申万宏源发布研报称，有色金属板块重点公司25Q4业绩增速不一。贵金属板块当 前估值处于历史中枢下沿，板块具备持续修复的动力及空间。铜供给相对刚性，价格中枢有望持续抬 高;铝供需格局持续趋紧，价格有望延续长期上行趋势。小金属方面，镍价中枢有望上行，锂价中枢稳 中有升，而钴价预计维持强势。降息后有色金属板块估值中枢有望上移，推荐供需格局稳定的新能源制 造业。 申万宏源主要观点如下： 铜：中国有色金属工业协会副秘书长段绍甫在新闻发布会上表示，除了储备精炼铜之外，也可研究将贸 易量大、容易变现的铜精矿纳入储备范围，同时，将扩大国家铜战略储备规模，探索进行商业储备机 制，通过财政贴息等方式选择国有骨干企业试行商业储备。短期铜矿生产扰动较大、非美库存紧张下预 计铜价偏强，基本面支撑扎实，长期电网投资增长、AI数据中心增长等，叠加铜供给相对刚性，价格 中枢有望持续抬高，建议关注紫金矿业、洛阳钼业、铜陵有色、金诚信、西部矿业、河钢资源。铝：国 内产能天花板限制下供需格局持续趋紧，铝价有望延续长期上行趋势，建议关注一体化完备标的(南山 铝业、天山铝业、中国宏桥、中国铝业、新疆众和)、以及弹性标的(云铝股份、 ...

Core Insights - The article discusses the performance of actively managed equity funds established in 2021, revealing that over 50% of these funds have not returned to their initial investment levels, with significant losses reported [1] Fund Performance - A total of 667 actively managed equity funds established in 2021 were analyzed, with approximately 362 funds showing negative returns since inception, representing over 54% of the sample [1] - Among these, 86 funds have experienced declines of over 30%, and 34 funds have seen declines exceeding 40% [1] - Specifically, four funds from GF Fund Management established in 2021 have reported cumulative losses greater than 40% [1] Specific Fund Details - The worst-performing fund, GF Xingcheng Mixed C/A, has a cumulative return of -50.30% since its inception on January 6, 2021 [2][6] - GF Xingcheng Mixed A has a cumulative return of -49.28% as of February 9, 2026 [2][6] - Other funds from GF Fund Management, such as GF Chengxiang Mixed C/A and GF Growth Select Mixed C/A, have also reported significant losses of -49.09% and -40.56%, respectively [6] Fund Management - The current managers of GF Xingcheng Mixed are Zheng Chengran and Liu Bin, both of whom have over five years of management experience [3][4] - Historical performance under previous managers has also been negative, with returns of -3.96% and -38.45% during their respective tenures [3] - The top holdings of GF Xingcheng Mixed include companies like Sungrow Power Supply, WuXi AppTec, and Dongfang Cable [4] Other Fund Managers - The managers of GF Shengjin Mixed, which has a cumulative decline close to 40%, are Duan Tao and Wang Mingxu, both with substantial experience in fund management [4][5] - The top holdings of GF Shengjin Mixed include companies such as Luoyang Molybdenum, Jitu Express, and Zhongwei Company [5]

Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [3][16]. Core Insights - The report forecasts that key companies in the non-ferrous metals sector will experience significant earnings growth in Q4 2025, with some companies like Zijin Mining and Shandong Gold expected to see year-on-year growth rates exceeding 50% [3][7]. - The growth in earnings is primarily attributed to rising metal prices, increased production, and improved cost management [3]. - The report highlights the ongoing strength in metal prices, particularly for gold, copper, aluminum, cobalt, and lithium, driven by various market dynamics [5][6]. Summary by Sections Precious Metals - The report notes that the Federal Reserve's interest rate policy and geopolitical factors are influencing precious metal prices, with a long-term upward trend expected for gold prices due to low reserves in China and anticipated central bank purchases [5]. - Companies to watch include Shandong Gold, Shanjin International, and Zijin Mining, as they are positioned to benefit from this trend [5]. Industrial Metals - Copper prices are expected to remain strong due to supply constraints and increasing demand from infrastructure investments and AI data centers [5]. - Recommended companies include Zijin Mining, Luoyang Molybdenum, and Western Mining [5]. - Aluminum prices are projected to rise due to a tightening supply-demand balance, with companies like Nanshan Aluminum and Tianshan Aluminum highlighted as key players [5]. Minor Metals - Nickel prices are anticipated to increase due to supply disruptions in Indonesia, while lithium and cobalt prices are also expected to remain strong due to robust demand from the battery sector [5]. - Companies such as Huayou Cobalt and Ganfeng Lithium are recommended for investment [5]. Growth Cycle Investment Analysis - The report suggests that after interest rate cuts, valuation levels are likely to rise, recommending investments in stable supply-demand sectors within the new energy manufacturing industry [5]. Company Performance Forecasts - A detailed table lists expected net profits for key companies in Q4 2025, with Zijin Mining projected to achieve a net profit of 136.4 billion yuan, reflecting a 77.3% year-on-year increase [7]. - Other notable forecasts include Shanjin International with a 146.8% increase and Huayou Cobalt with a 70.5% increase [7]. Valuation Metrics - The report provides valuation metrics for key companies, indicating that Zijin Mining has a PE ratio of 32 for 2024, while companies like Ganfeng Lithium and Huayou Cobalt have lower PE ratios, suggesting potential investment opportunities [8].