Group 1 - The core viewpoint highlights that the rare metals sector is returning to fundamentals following the easing of US-China trade tensions and the Federal Reserve's interest rate cuts, with specific metals like rare earths, tungsten, and antimony showing varied performance [1] - Rare earths are expected to see price increases due to a temporary suspension of export controls by China, which is anticipated to boost procurement willingness among downstream manufacturers [1] - The current price of rare earths is within an acceptable range for both upstream and downstream players, and strict supply controls remain in place, suggesting that demand recovery will be a key driver for price increases [1] Group 2 - Lithium prices have risen due to strong demand in the energy storage market, which is experiencing unprecedented growth, supported by new capacity pricing policies [2] - By the end of September 2025, China's new energy storage capacity is projected to exceed 100 million kilowatts, representing a more than 30-fold increase compared to the end of the 13th Five-Year Plan, making China the world's largest market [2] - Cobalt prices have increased to around 400,000 yuan per ton, influenced by supply disruptions from the Democratic Republic of the Congo, which has announced a suspension of cobalt exports [2]

Core Points - Luoyang Molybdenum Co., Ltd. experienced a 5.16% decline in stock price, trading at 16.16 CNY per share with a total market capitalization of 345.73 billion CNY as of November 3 [1] - The company, established on December 22, 1999, and listed on October 9, 2012, primarily engages in the mining, selection, deep processing, trading, and research of rare metals such as molybdenum, tungsten, and gold [1] - The revenue composition of the company includes refined metal product trading (48.56%), concentrate product trading (38.31%), copper (27.14%), cobalt (6.04%), molybdenum (3.12%), phosphorus (2.23%), niobium (1.88%), tungsten (1.17%), and others (0.11%) [1] Fund Holdings - Zhonggeng Fund holds a significant position in Luoyang Molybdenum, with its "Zhonggeng Value Dynamic Flexible Allocation Mixed Fund" (007497) owning 3.924 million shares, accounting for 5.47% of the fund's net value, making it the fourth-largest holding [2] - The fund has reported a year-to-date return of 36.98% and a one-year return of 31.58%, ranking 2188 out of 8223 and 2610 out of 8115 respectively [2] - The fund manager, Wu Chenggen, has been in position for 5 years and 155 days, with the fund's total assets amounting to 1.127 billion CNY and a best return of 130.96% during his tenure [2]

Group 1 - The core point of the news is that Luoyang Molybdenum Co., Ltd. has seen a stock price increase of 2.32% to 15.90 CNY per share, with a total market capitalization of 340.17 billion CNY, and a cumulative increase of 5.72% over the past four days [1] - The company, established on December 22, 1999, and listed on October 9, 2012, primarily engages in the mining, selection, deep processing, trading, and research of rare metals such as molybdenum, tungsten, and gold [1] - The main revenue composition of the company includes refined metal product trading (48.56%), concentrate product trading (38.31%), copper (27.14%), cobalt (6.04%), molybdenum (3.12%), phosphorus (2.23%), niobium (1.88%), tungsten (1.17%), and others (0.11%) [1] Group 2 - From the perspective of fund holdings, the Caifeng Fund has a significant position in Luoyang Molybdenum, with its flagship fund holding 97,200 shares, representing 2.09% of the fund's net value, making it the largest holding [2] - The fund has realized a floating profit of approximately 35,000 CNY today and a total of 83,600 CNY during the four-day price increase [2] - The fund, established on March 22, 2013, has a current scale of 39.21 million CNY, with a year-to-date return of 11.44% and a one-year return of 10.45% [2]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. experienced a 5.1% decline in stock price, closing at 16.36 CNY per share, with a trading volume of 5.068 billion CNY and a turnover rate of 1.71%, resulting in a total market capitalization of 350.011 billion CNY [1] Company Overview - Luoyang Molybdenum Co., Ltd. was established on December 22, 1999, and went public on October 9, 2012. The company is primarily engaged in the mining, selection, deep processing, trading, and research of precious metals such as molybdenum, tungsten, and gold [1] - The revenue composition of the company's main business includes: refined metal product trading (48.56%), concentrate product trading (38.31%), copper (27.14%), cobalt (6.04%), molybdenum (3.12%), phosphorus (2.23%), niobium (1.88%), tungsten (1.17%), and others (0.11%) [1] Fund Holdings - According to data from major funds, one fund under Shenwan Hongyuan holds a significant position in Luoyang Molybdenum. The Shenwan Hongyuan Carbon Neutrality Selected Mixed Fund A (016101) reduced its holdings by 1,300 shares in the second quarter, now holding 34,900 shares, which accounts for 3.53% of the fund's net value, ranking as the fifth-largest holding [2] - The Shenwan Hongyuan Carbon Neutrality Selected Mixed Fund A (016101) was established on August 2, 2022, with a latest scale of 6.6552 million CNY. Year-to-date returns are 3.79%, ranking 1 out of 2 in its category; the one-year return is 13.05%, also ranking 1 out of 2; however, since inception, it has incurred a loss of 41.68% [2]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. has shown significant trading activity with a notable increase in stock price and high financing levels, indicating strong market interest and potential investment opportunities [1][2]. Financing Activity - On September 25, Luoyang Molybdenum's stock rose by 9.90% with a trading volume of 8.928 billion yuan - The financing buy-in amount for the day was 1.033 billion yuan, while the financing repayment was 1.094 billion yuan, resulting in a net financing outflow of 61.3273 million yuan - As of September 25, the total financing and securities lending balance was 2.542 billion yuan, with the financing balance at 2.519 billion yuan, accounting for 1.04% of the circulating market value, which is above the 90th percentile of the past year [1]. Securities Lending Activity - On the same day, 174,600 shares were repaid in securities lending, while 235,100 shares were sold short, amounting to 3.2608 million yuan based on the closing price - The remaining securities lending volume was 1.6646 million shares, with a balance of 23.088 million yuan, also exceeding the 90th percentile of the past year [1]. Company Overview - Luoyang Molybdenum was established on December 22, 1999, and listed on October 9, 2012, primarily engaged in the mining, selection, deep processing, trading, and research of rare metals such as molybdenum, tungsten, and gold [2]. - The company's main business revenue composition includes refined metal product trading (48.56%), concentrate product trading (38.31%), copper (27.14%), cobalt (6.04%), molybdenum (3.12%), phosphorus (2.23%), niobium (1.88%), tungsten (1.17%), and others (0.11%) [2]. Financial Performance - For the first half of 2025, Luoyang Molybdenum reported operating revenue of 94.773 billion yuan, a year-on-year decrease of 7.83% - The net profit attributable to shareholders was 8.671 billion yuan, reflecting a year-on-year increase of 60.07% [2]. Dividend Distribution - Since its A-share listing, Luoyang Molybdenum has distributed a total of 21.562 billion yuan in dividends, with 10.576 billion yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which increased its holdings by 6.9489 million shares to 648 million shares - Other notable shareholders include Huaxia SSE 50 ETF and Huatai-PB CSI 300 ETF, both of which increased their holdings compared to the previous period [3].

Group 1: Rare Metal ETF Performance - The Rare Metal ETF has a turnover rate of 2.43% with a transaction volume of 59.74 million yuan, ranking first among comparable funds in terms of average daily trading volume over the past month at 215 million yuan [2] - The ETF's scale has increased by 220 million yuan this month, also ranking first among comparable funds, with a share growth of 58.05 million shares in the past two weeks [2] - Over the last 10 trading days, the ETF has attracted a total of 51.86 million yuan in inflows, and its net value has risen by 82.60% over the past year [2] - The ETF has recorded a maximum monthly return of 24.02% since its inception, with the longest consecutive monthly gain being 4 months and an average monthly return of 8.77% [2] Group 2: Cobalt Market Dynamics - Starting from October 16, 2025, the Democratic Republic of Congo will implement a cobalt export quota system, aiming to boost cobalt prices by controlling supply [3] - The DRC is projected to account for 76.3% of global cobalt production in 2024, and the quota restrictions are expected to significantly reduce global cobalt supply, leading to an estimated annual shortage of about 30,000 tons in the cobalt market from 2026 to 2027 [3] - The lithium battery sector is expected to generate revenue of 1.14 trillion yuan in the first half of 2025, with a year-on-year growth of 13.78% and a net profit of 67.95 billion yuan, reflecting a 28.07% increase [3] Group 3: Top Holdings in Rare Metal Index - As of August 29, 2025, the top ten weighted stocks in the Rare Metal Theme Index include Northern Rare Earth, Luoyang Molybdenum, Salt Lake Industry, Huayou Cobalt, Tianqi Lithium, Ganfeng Lithium, China Rare Earth, Shenghe Resources, Zhongjin Resources, and Xiamen Tungsten, collectively accounting for 57.58% of the index [3] Group 4: Investment Opportunities - Investors can also participate in the rare metal sector through the Rare Metal ETF linked fund (014111) [6]

Core Insights - The discovery of a significant beryllium deposit in the Bayanghe area of Xinjiang, China, with a total reserve of 2 million tons, is poised to meet China's beryllium demand for the next fifty years, as this reserve is four times larger than the known global beryllium reserves [1][3] - Beryllium's unique properties, such as lightweight, high strength, and excellent thermal conductivity, make it essential in high-tech sectors like aerospace, nuclear energy, and electronic communications [1][4] - The beryllium deposit also contains uranium, allowing for the simultaneous extraction of both resources, which could further enhance the development of China's nuclear energy sector [3][4] Industry Implications - The beryllium resource scarcity has historically limited its widespread application, with approximately 60% of global beryllium resources concentrated in Utah, USA, and the rest scattered across China and Brazil [1][4] - The mining of beryllium presents significant challenges due to its toxicity, particularly the dangers posed by beryllium dust, necessitating strict safety measures during extraction [4][6] - The discovery in Xinjiang is expected to reduce China's reliance on imported beryllium, enhance the efficiency of nuclear power plant construction, and boost competitiveness in the global high-tech market [6]

Core Viewpoint - The discovery of a 2 million ton beryllium mine in the Baiyanghe area of Xinjiang is a significant development for China's high-tech industries, providing a stable supply of beryllium, which is crucial for aerospace, nuclear energy, and defense sectors [1][24][30]. Group 1: Importance of Beryllium - Beryllium is essential in high-tech fields due to its lightweight, high stiffness, high-temperature resistance, and excellent conductivity [3][11]. - The metal plays a critical role in nuclear energy, aerospace, and electronic communications, making it a "hidden hero" of modern technology [3][11][24]. Group 2: Global Beryllium Resource Distribution - Approximately 60% of global beryllium resources are concentrated in Utah, USA, with the remainder found in China and Brazil [5]. - The mining and processing of beryllium are complex and risky, leading to a tight supply situation [5]. Group 3: Xinjiang Beryllium Mine Discovery - The newly discovered beryllium mine in Xinjiang has a grade of about 0.5% and is classified as a "beryllium-uranium coexisting mine," which could also benefit the nuclear energy sector [7][24]. - The geological formation of the mine is linked to the area's complex geology and volcanic activity over millions of years [9]. Group 4: Strategic Significance - The discovery is crucial for China's strategic resource security, allowing for reduced dependence on imported beryllium and enhancing the stability of nuclear power plants [24][26]. - Beryllium's role in aerospace applications is vital for advancing China's capabilities in rocket engines, satellites, and aircraft components [11][26][28]. Group 5: Environmental and Safety Concerns - The toxic nature of beryllium poses significant health risks, necessitating strict safety measures during mining operations [13][20]. - The mining process must implement comprehensive environmental protection measures to prevent pollution and ensure the safety of surrounding ecosystems [22][20]. Group 6: Future Implications - The development of the Xinjiang beryllium mine is expected to enhance China's position in the global beryllium market and support technological innovation in high-tech industries [31]. - As beryllium resources become more abundant, China's high-tech sectors, including telecommunications and aerospace, will likely see accelerated growth and innovation [28][31].

Core Insights - The rare metals theme index rose by 2.12% as of August 15, 2025, with significant gains in constituent stocks such as Zhongke Sanhuan (up 8.73%) and Platinum New Materials (up 8.02%) [1][3] - The rare metals ETF (562800) also saw a half-day increase of 2.12%, indicating strong market interest [1] Trading Activity - The rare metals ETF had a turnover rate of 4.49% with a half-day trading volume of 64.58 million yuan [3] - Over the past week, the ETF averaged daily trading of 127 million yuan, ranking first among comparable funds [3] - The ETF's scale increased by 143 million yuan in the past week, also the highest among comparable funds [3] - The ETF's shares grew by 19.5 million in the past week, marking significant growth and leading in new share issuance among comparable funds [3] - In the last five trading days, the ETF attracted a total of 125 million yuan in inflows [3] Performance Metrics - As of August 14, 2025, the rare metals ETF's net value increased by 65.05% over the past year, ranking 354 out of 2961 index stock funds, placing it in the top 11.96% [3] - The ETF achieved a maximum monthly return of 24.02% since inception, with the longest consecutive monthly gain being three months and a maximum cumulative increase of 29.68% [3] - The average return during rising months was 8.13% [3] - The ETF outperformed its benchmark with an annualized excess return of 8.17% over the past three months [3] Key Holdings - As of July 31, 2025, the top ten weighted stocks in the rare metals theme index included Northern Rare Earth, Salt Lake Co., Luoyang Molybdenum, and others, collectively accounting for 55.85% of the index [3] Market Developments - The shutdown of the world's largest single lithium mica mine operated by CATL due to expired mining licenses is expected to increase lithium prices and reduce supply, impacting manufacturers of cathode materials, battery manufacturers, and end vehicle manufacturers [4] - Despite a currently relaxed lithium carbonate market, the uncertainty in resource availability reinforces the "lithium scarcity" narrative, favoring leading companies with compliant mining licenses [4] - Tungsten product prices are reaching new highs due to decreased supply from domestic quotas and environmental inspections, while international supply increases are below expectations [5]

Core Insights - A significant discovery of a large rubidium ore resource has been made in Guangdong Province, with a total reserve of 175,000 tons, marking a pivotal moment in the global mining industry [1][3] - The market value of rubidium ore is estimated to be nearly 10 billion RMB per ton, highlighting its rarity and high demand [1][3] - This discovery positions China as one of the richest countries in rubidium resources globally, creating competitive pressure on resource-scarce nations like Japan [1][3] Industry Implications - Rubidium's value stems from its extensive applications in military, aerospace, and medical fields, making it a critical resource for high-tech industries [3][5] - The discovery poses a significant challenge for Japan, which has historically relied on imports for resource needs, potentially impacting its competitiveness in high-tech sectors [3][5] - For China, this finding represents a historic opportunity to enhance its resource development and technological innovation, providing strong support for its military, medical, and aerospace industries [3][5] Economic Impact - The discovery is expected to generate substantial economic benefits for China, bolstering its position in the global mining market and driving rapid development in related industries [5] - The advanced exploration techniques and persistent efforts of Chinese geological experts have played a crucial role in this significant find, showcasing China's growing capabilities in resource development [5]