主要产品量价齐升 洛阳钼业上半年业绩再攀新高 ◎记者 王乔琪 业绩高增长源自矿山板块的强劲表现。报告期内，公司矿山端收入实现历史新高，达到394.02亿元，占 比整体营业收入约42%，比2024年同期和2023年同期分别提高11个和28个百分点。 矿业收入中，含"铜"量创下历史新高。公司上半年产铜35.36万吨，同比增长12.68%，按产量指引中值 计算（下同），完成度约56.1%；叠加铜价上涨，公司铜矿山端营业收入为257.18亿元，占比矿山端整 体约65%。 钴、钨、钼等金属产品也呈现回暖向好态势。上半年，公司产钴6.11万吨，钴矿山端营业收入为57.28亿 元，同比增长31.94%；产钼6989吨，完成度为51.8%；产钨3948吨，完成度为56.4%，钨矿山端营业收 入同比增长26.19%，为11.09亿元；产铌5231吨，创近年来新高，完成度为52.3%；磷肥产量为58.26万 吨，完成度50.7%。此外，公司全资子公司埃珂森（IXM）金属贸易平台提质控量，经营效益再创同期 新高。 公司降本增效成果显著，营业成本同比下降10.96%。分矿区看，TFM和KFM优化工艺流程，开展数智 化微创新等；中国区 ...

Report Industry Investment Ratings - Industrial silicon: Oscillating [5] - Polysilicon: Oscillating [6] - Lithium carbonate: Oscillating and bullish [10] Core Viewpoints of the Report - Supply disruption risks still exist, and new energy metals as a whole continue to be strong. Lithium supply disruptions are expected to push up lithium prices in the short and medium term, and a bullish view on lithium prices is advisable. Silicon prices are showing an oscillating trend, and there is a risk of decline in the long term [1]. - For industrial silicon, coal prices are fluctuating, leading to continuous volatility in silicon prices. For polysilicon, market sentiment is fluctuating, resulting in wide - range price volatility. For lithium carbonate, the battle between bulls and bears continues, and the price is oscillating and correcting [2]. Summary by Relevant Catalogs 1. Market Views Industrial Silicon - **Information Analysis**: As of August 19, the spot price of industrial silicon fluctuated. The latest domestic inventory decreased by 0.02% month - on - month. In July 2025, the monthly output increased by 3.2% month - on - month and decreased by 30.6% year - on - year. From January to July, the cumulative output decreased by 20.0% year - on - year. In June, exports increased by 22.8% month - on - month and 11.6% year - on - year. From January to June, cumulative exports decreased by 6.6% year - on - year. In June, domestic photovoltaic new installations decreased by 38.45% year - on - year, and from January to June, cumulative installations increased by 107.07% year - on - year [5]. - **Main Logic**: The supply of industrial silicon continues to rise. In August, the supply pressure may continue to increase. Demand shows some improvement signs, but the inventory is expected to accumulate further [5]. - **Outlook**: Silicon prices will continue to oscillate in the short term, and the resumption of production by large factories will be the key [5]. Polysilicon - **Information Analysis**: The成交 price of N - type re - feedstock ranges from 45,000 to 49,000 yuan/ton, with an average price of 47,400 yuan/ton, a week - on - week increase of 0.42%. The number of polysilicon warehouse receipts increased. In June, exports increased by 5.96% month - on - month and decreased by 39.67% year - on - year. From January to June, cumulative exports decreased by 7.23% year - on - year. In June, imports increased by 40.3% month - on - month. From January to June, cumulative imports decreased by 47.59% year - on - year. From January to June 2025, domestic photovoltaic new installations increased by 107% year - on - year [6]. - **Main Logic**: Macro factors and coal price fluctuations lead to wide - range price oscillations. Supply is expected to increase in August, and demand may weaken in the future [6][8]. - **Outlook**: Anti - cut - throat competition policies have a significant impact on prices, and attention should be paid to policy implementation [8]. Lithium Carbonate - **Information Analysis**: On August 19, the closing price of the lithium carbonate main contract decreased by 1.9%, and the total position decreased by 16,876 lots. The spot price of battery - grade lithium carbonate increased by 1,100 yuan/ton, and the price of industrial - grade lithium carbonate also increased by 1,100 yuan/ton. The average price of lithium spodumene concentrate was 1,045 US dollars/ton. The warehouse receipts increased by 60 tons [9]. - **Main Logic**: The supply shortage caused by mine shutdowns will gradually emerge, but high prices may stimulate supply. The current domestic supply and demand are generally balanced [10]. - **Outlook**: The supply - demand gap caused by shutdowns is expected to keep prices oscillating and bullish [10]. 2. Market Monitoring - The report only lists the headings for industrial silicon, polysilicon, and lithium carbonate under market monitoring but does not provide specific content [11][17][28]. 3. Commodity Index - **Comprehensive Index**: On August 19, 2025, the commodity index was 2,223.20, a decrease of 0.36%; the commodity 20 index was 2,469.40, a decrease of 0.26%; the industrial products index was 2,256.94, a decrease of 0.47% [50]. - **New Energy Commodity Index**: On August 19, 2025, the index was 430.14, with a daily decrease of 0.80%, a 5 - day increase of 1.93%, a 1 - month increase of 7.23%, and a year - to - date increase of 4.30% [52].

Group 1 - The main contract for lithium carbonate in domestic commodity futures continued to rise, with a 2% increase on August 12, accumulating over 10% in two days [2] - On August 11, CATL announced the suspension of mining operations at its project in Yichun, Jiangxi, after the mining license expired on August 9, leading to a surge in lithium mining stocks [2] - CITIC Futures indicated that the suspension of the mine could create a supply gap of several thousand tons in a single month, given the tight supply-demand balance for lithium carbonate in Q3 [2] Group 2 - The suspension of the Jiangxi lithium mine signifies a notable risk of supply contraction for lithium carbonate, which is expected to drive prices higher in the new energy metals sector [2] - On August 12, shares of several leading companies in the lithium mining sector experienced varying degrees of decline, with CATL's stock dropping by 0.16% by the end of the trading day [2]

Core Viewpoint - The Guangzhou Futures Exchange (GFE) is seeking public opinion on the upcoming launch of platinum and palladium futures and options contracts, addressing the urgent hedging needs of industry players due to significant price volatility in recent years [1][2][6]. Group 1: Futures and Options Launch - GFE has announced the public consultation for platinum and palladium futures and options contracts, with a deadline for feedback set for August 7, 2025 [5]. - Platinum and palladium futures will have no alternative delivery products and will implement a brand delivery system, requiring delivery products to be registered brands published by the exchange [4][11]. - The trading codes for platinum and palladium futures are "PT" and "PD," respectively, with a contract size of 1000 grams per lot and a minimum price fluctuation of 0.05 yuan per gram [13]. Group 2: Market Context and Demand - Platinum and palladium are crucial raw materials in the new energy sector, particularly in fiberglass and hydrogen energy applications, and are considered scarce resources globally [6]. - The demand for hedging in the industry has become urgent due to significant fluctuations in the spot prices of platinum and palladium in recent years [6]. - GFE has previously launched futures for industrial silicon, polysilicon, and lithium carbonate, indicating a focus on supporting green and low-carbon development [7][10]. Group 3: Delivery and Trading Rules - The delivery method for platinum and palladium futures will follow established practices in the futures market, including physical delivery and various delivery options [13]. - The quality standards for delivery will be based on national and international standards, with specific indicators for purity and impurity levels [13]. - The holding limits for positions will vary based on the trading volume, with specific limits set for both platinum and palladium contracts [14].

Core Viewpoint - The announcement by Guangzhou Futures Exchange regarding the solicitation of opinions for platinum and palladium futures and options contracts aims to provide effective risk management tools for related industries, promoting high-quality development of the industrial chain [2][10]. Summary by Sections Announcement Details - The solicitation includes multiple documents such as the draft contracts for platinum and palladium futures and options, along with business rules [3]. - The trading codes for platinum and palladium futures are PT and PD, respectively, with a trading unit of 1000 grams per contract and a minimum price fluctuation of 0.05 yuan per gram [3]. Contract Specifications - The contract months are set for February, April, June, August, October, and December, with the last trading day being the 10th trading day of the contract month and the last delivery day being the third trading day after the last trading day [4]. - The delivery method is physical delivery, with a delivery unit of 1000 grams (net weight) [4]. Delivery and Risk Control - The delivery methods for platinum and palladium futures will follow established practices in the futures market, including spot-to-futures, rolling delivery, and one-time delivery [5]. - A brand delivery system will be implemented, requiring registered brands for delivery products, with specific procedures for inventory management [5]. Position Limits - For platinum contracts, if the open interest is less than or equal to 6000 lots, the position limit for a single client is 600 lots; if greater, the limit is 10% of the open interest [6]. - For palladium contracts, if the open interest is less than or equal to 3000 lots, the position limit is 300 lots; if greater, the limit is also 10% of the open interest [6]. Market Context - The demand for platinum and palladium is increasing due to their roles in green industries, particularly in automotive catalytic converters and new energy sectors [7]. - The supply-demand relationship for platinum and palladium is tightening, leading to increased price volatility and a growing need for hedging tools [8]. Price Trends - Year-to-date, platinum prices have shown a significant upward trend, surpassing $1400 per ounce, marking a rise of over 50% this year, while palladium prices have increased by over 30% [9]. - The global supply of platinum has remained stable at around 220-230 tons, while palladium supply is around 280-300 tons, with supply constraints influenced by geopolitical issues and energy shortages [9]. Future Developments - The Guangzhou Futures Exchange plans to refine the contracts and rules based on feedback to ensure they align with industry needs and expedite the launch of platinum and palladium products [9].

Report Industry Investment Ratings - Industrial Silicon: Oscillating [5] - Polysilicon: Oscillating [6] - Lithium Carbonate: Oscillating [9] Core Views of the Report - Exchange position limits and repeated supply - side expectations have led to significant fluctuations in new - energy metals. For lithium in Jiangxi, without official confirmation of production cuts, caution is needed when using futures to bet on long or short positions. Options can be used to cautiously bet on potential lithium price increases. For industrial silicon and polysilicon, if there is no substantial contraction on the supply - side or significant improvement on the demand - side, prices may fall [1]. - Market sentiment for industrial silicon has cooled, leading to a sharp decline in prices; a significant drop in coal prices has caused polysilicon prices to fall; market sentiment for lithium carbonate has been volatile, with the contract hitting the daily limit down [2]. Summary by Relevant Catalogs 1. Market Views Industrial Silicon - **Information Analysis**: As of July 28, SMM data shows that the spot price of oxygen - passing 553 in East China is 9950 yuan/ton, and 421 is 10200 yuan/ton. The latest domestic inventory is 442,900 tons, with a month - on - month increase of 0.1%. In June, the monthly output was 327,000 tons, a month - on - month increase of 6.5% and a year - on - year decrease of 27.7%. In June, exports were 68,323 tons, a month - on - month increase of 22.8% and a year - on - year increase of 11.6%. In June, domestic photovoltaic new installations were 14.36GW, a year - on - year decrease of 38.45% [5]. - **Main Logic**: On the supply side, large northwest factories' previously overhauled furnaces have recently resumed production, and southwest factories are accelerating resumption. On the demand side, it is still weak year - on - year but shows marginal improvement. The reduction in the northwest still dominates short - term supply changes, but domestic supply may gradually recover. The inventory of warehouse receipts provides some support, but the speed of reduction has slowed down [5]. - **Outlook**: Market sentiment decline, rapid coal price drop, and further supply recovery have weakened price support, suppressing the upside space [6]. Polysilicon - **Information Analysis**: According to the Silicon Industry Association, the transaction price range of N - type re - feedstock is 45,000 - 49,000 yuan/ton, with an average price of 46,800 yuan/ton, a week - on - week increase of 12.2%. In May, exports were about 2,097.6 tons, a month - on - month increase of 66.2% and a year - on - year decrease of 30%. In May, imports were about 793 tons, a month - on - month decrease of 16.9%. From January to June 2025, domestic photovoltaic new installations were 212.21GW, a year - on - year increase of 107% [6]. - **Main Logic**: The significant decline in coal prices last Friday led to a drop in polysilicon prices. On the supply side, production capacity in the southwest is rising with the arrival of the wet season. On the demand side, although photovoltaic installations increased significantly from January to May, it has overdrafted the demand for the second half of the year, and subsequent demand may weaken [7]. - **Outlook**: Anti - involution policies have significantly boosted polysilicon prices. Attention should be paid to policy implementation. If the policy expectations are false, prices may fluctuate in the opposite direction [8]. Lithium Carbonate - **Information Analysis**: On July 28, the closing price of the main lithium carbonate contract decreased by 9.19% to 73,120 yuan, and the total contract positions decreased by 107,784 to 800,394 hands. The SMM battery - grade lithium carbonate spot price increased by 1000 yuan to 73,900 yuan/ton, and the industrial - grade increased by 1000 yuan to 71,700 yuan/ton [8]. - **Main Logic**: Current supply - demand drivers are weak, and market sentiment affects prices. Fundamentally, there are few changes. In the third quarter, domestic supply - demand is generally balanced, but high prices may stimulate supply. The core factors affecting the market are anti - involution sentiment and the progress of mining license issues. Before the result of mine shutdown is clear, if market sentiment recovers, prices may rise. There is high short - term uncertainty, and options are recommended for speculation [9]. - **Outlook**: In the short term, warehouse receipts and sentiment support prices, and prices are expected to oscillate [9].

Market Overview - The Shanghai Composite Index rose by 0.65% to close at 3605.73 points, with a daily high of 3608.73 points [1] - The Shenzhen Component Index increased by 1.21% to close at 11193.06 points, reaching a high of 11193.06 points [1] - The ChiNext Index saw a rise of 1.5%, closing at 2345.37 points, with a peak of 2345.37 points [1] ETF Market Performance - The median return of stock ETFs was 0.98%, with the highest return from the Penghua CSI 1000 Enhanced Strategy ETF at 2.19% [2] - The highest performing industry index ETF was the China Tai Chi ChiNext Pharmaceutical and Health ETF, yielding 3.85% [2] - The highest return among thematic index ETFs was the GF CSI Rare Metals Theme ETF at 7.49% [2] ETF Gains and Losses - The top three ETFs by gain were: - GF CSI Rare Metals Theme ETF (7.49%) - Huafu CSI Rare Metals Theme ETF (7.32%) - ICBC Credit Suisse CSI Rare Metals Theme ETF (6.87%) [4] - The top three ETFs by loss were: - Bosera CSI Sustainable Development 100 ETF (-1.85%) - Hua Bao CSI Bank ETF (-1.49%) - Fortune CSI 800 Bank ETF (-1.48%) [4] ETF Fund Flows - The top three ETFs by inflow were: - Huatai-PB CSI 300 ETF (inflow of 1.274 billion) - Southern CSI 1000 ETF (inflow of 1.198 billion) - Southern CSI 500 ETF (inflow of 551 million) [6] - The top three ETFs by outflow were: - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (outflow of 350 million) - Invesco Great Wall CSI 500 ETF (outflow of 286 million) - Guotai CSI All-Index Construction Materials ETF (outflow of 237 million) [6] ETF Margin Trading Overview - The top three ETFs by margin buying were: - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF (8.08 billion) - Guotai CSI All-Index Securities Company ETF (361 million) - E Fund ChiNext ETF (330 million) [8] - The top three ETFs by margin selling were: - Huatai-PB CSI 300 ETF (28.25 million) - Southern CSI 500 ETF (16.49 million) - Huaxia Shanghai Stock Exchange 50 ETF (11.31 million) [8] Institutional Insights - Guoxin Securities noted that the rise in rare metals ETFs reflects market demand for long-term allocation in new energy metals, with a caution on short-term pullback risks [9] - China Galaxy Securities anticipates a significant rebound in the aluminum and lithium sectors due to policy reforms expected by Q3 2025, which may lead to increased institutional investment [10][11]

Report Industry Investment Rating - All three metals (industrial silicon, polysilicon, and lithium carbonate) are rated as "oscillating" [4][6][10] Core Viewpoints - The hype about industrial silicon production cuts has cooled down, leading to a decline in new energy metal prices. In the short - to - medium term, as the smelting profit of industrial silicon recovers and the scale of production cuts shrinks, the prices of new energy metals have risen and then fallen. It is advisable to continue to bet on volatility with wide - straddle options. In the long term, low prices may accelerate the capacity clearance of domestically self - priced varieties [1] - For industrial silicon, the price is expected to oscillate. The supply may increase, and the demand is weak. The social inventory has decreased slightly, but there is a possibility of re - accumulation [4][5] - For polysilicon, the price will show wide - range oscillations. The short - term supply is low, but the demand may weaken in the second half of the year [8][9] - For lithium carbonate, the price will maintain oscillations. The supply is in excess, but the short - term reduction in warehouse receipts supports the price [10] Summary by Related Catalogs 1. Market Outlook Industrial Silicon - As of July 2, the spot price has slightly increased. The domestic inventory has decreased slightly, with a 0.2% month - on - month decrease. In May 2025, the monthly production was 308,000 tons, a 2.3% month - on - month increase and a 24.6% year - on - year decrease. The export volume in May was 55,652 tons, an 8.0% month - on - month decrease and a 22.5% year - on - year decrease. The new photovoltaic installed capacity in May was 92.9GW, a 105.5% month - on - month increase and a 388.0% year - on - year increase [4] - If the production cut scope expands in July, the supply - demand situation may improve marginally; otherwise, the oversupply pressure is difficult to relieve. The demand is weak, and the inventory may re - accumulate. The silicon price has fallen after rising, and manufacturers can consider hedging by selling at high prices. The future silicon price will oscillate [5] Polysilicon - The成交 price range of N - type re - feeding materials is 32,000 - 35,000 yuan/ton, with an average price of 34,400 yuan/ton, unchanged month - on - month. The number of warehouse receipts has not changed. In May, the export volume increased by 66.2% month - on - month and decreased by 30% year - on - year, while the import volume decreased by 16.9% month - on - month. From January to May, the new photovoltaic installed capacity increased by 150% year - on - year [6] - The supply news is volatile, and the production is currently low. With the arrival of the wet season, the production in the southwest may increase. The demand may weaken in the second half of the year. The price will show wide - range oscillations [7][8][9] Lithium Carbonate - On July 1, the closing price of the main contract increased by 0.84% to 62,780 yuan. The total position decreased by 4,592 lots. The spot price remained unchanged. Zhongkuang Resources plans to upgrade its production line, with a 6 - month shutdown. [9] - The supply is increasing, and the demand is expected to be good in July despite it being a traditional off - season. The social inventory is accumulating, and the warehouse receipt inventory is decreasing. The price will maintain oscillations [10] 2. Market Monitoring - The report only lists the headings for industrial silicon, polysilicon, and lithium carbonate in the market monitoring section but does not provide specific content [11][17][28]

Core Viewpoint - Company held an earnings briefing on May 9, 2025, to discuss its financial performance and strategic direction for 2024 and beyond [1][2]. Financial Performance - In 2024, the company achieved a revenue of 5.364 billion yuan and a net profit attributable to shareholders of 757 million yuan, with a basic earnings per share of 1.0498 yuan [3]. - For Q1 2025, the company reported a revenue of 1.536 billion yuan and a net profit of 135 million yuan, with a basic earnings per share of 0.1868 yuan [3]. - As of December 31, 2024, total assets were 17.193 billion yuan, and net assets attributable to shareholders were 12.181 billion yuan [3]. Business Segments - The rare light metal (cesium and rubidium salt) segment saw significant growth, with a revenue of 1.395 billion yuan in 2024, up 24.16% year-on-year, and a gross profit of 1.092 billion yuan, up 50.98% [4]. - The cesium and rubidium fine chemical business generated 728 million yuan in revenue, while the formic acid cesium business brought in 667 million yuan [4]. Strategic Initiatives - The company is focusing on enhancing its copper production capabilities, aiming for an integrated capacity of 60,000 tons per year at the Kitumba copper mine by 2025 [5]. - The company sold the Kachihishi copper mine to a third party to allocate funds for other project developments [6]. - The Tsumeb smelter in Namibia contains 746.21 tons of germanium, with ongoing projects to extract and utilize these resources [7][8]. Future Growth Drivers - The company plans to develop a multi-metal resource pool focusing on new energy metals, bulk metals, and rare strategic metals, with an emphasis on lithium and copper [10]. - The company aims to complete the construction of a multi-metal recycling project with a designed capacity for germanium and gallium, which is expected to provide new profit growth points [9]. Industry Outlook - The lithium and cesium-rubidium sectors are expected to continue showing resilience and sustainable growth despite complex supply-demand dynamics [11]. - The company reported a significant increase in lithium salt sales, reaching 39,477 tons in 2024, up 164% year-on-year [11].

Core Viewpoint - The news highlights the significant acquisition by Luoyang Molybdenum Co., Ltd. (洛阳钼业) of Lumina Gold Corp. amid rising gold prices, indicating a strategic move to re-enter the gold mining sector after previously divesting its gold assets [2][6]. Company Summary - Luoyang Molybdenum announced a cash acquisition of Lumina Gold for approximately CAD 581 million (around RMB 307 million), representing a premium of over 40% compared to Lumina's closing price on April 17 [2][3]. - The acquisition includes the Cangrejos gold project in Ecuador, which has a resource estimate of 1.376 billion tons with an average gold grade of 0.46 g/t, containing 638 tons of gold [5]. - Following the acquisition, Luoyang Molybdenum will regain gold mining resources, having sold its previous gold asset, Northparkes Mines, in December 2023 [6]. Industry Summary - The gold market has seen a significant increase, with spot gold prices rising over 26% this year, reaching a peak of USD 3,500 per ounce [2][12]. - Luoyang Molybdenum's 2024 report indicates a revenue of RMB 213.029 billion, a year-on-year increase of 14.37%, and a net profit of RMB 13.532 billion, up 64.03% [9]. - The company aims to focus on new energy metals and other advantageous metals, aligning with its strategy to reserve quality projects and implement counter-cyclical acquisitions [12].