Core Insights - The article emphasizes the significant growth potential of Luoyang Molybdenum Co., Ltd. (洛阳钼业), highlighting its transformation into a global leader in copper and cobalt production, with a projected stock price increase of over 200% by 2025 and a market capitalization exceeding 400 billion yuan [1]. Group 1: Business Performance - Luoyang Molybdenum's revenue structure for the first three quarters of 2025 shows that mineral trading accounted for 61.1% of total revenue, with copper and cobalt contributing 26.5% and 4.3% respectively [3]. - The company achieved a revenue of 2 trillion yuan for the first time in 2024, with a net profit of 135.32 billion yuan, marking a year-on-year growth of 64.03% [12]. - In the first three quarters of 2025, the company reported a revenue of 1,454.85 billion yuan and a net profit of 142.8 billion yuan, reflecting a year-on-year increase of 72.61% [12]. Group 2: Market Position and Demand - The company is deeply integrated into the domestic new energy industry chain, benefiting from the rising demand for copper and cobalt, which are essential for electric vehicles and batteries [6]. - Luoyang Molybdenum's cobalt products are primarily supplied to leading domestic battery manufacturers such as CATL and BYD, creating a closed-loop from raw materials to end demand [6]. - The supply-demand dynamics are favorable, with copper prices expected to exceed $12,000 per ton by 2025 and cobalt prices rising over 154% from the beginning of the year [6]. Group 3: Global Resource Strategy - The company has established a global presence through strategic acquisitions in Asia, Africa, and South America, securing significant reserves of copper, cobalt, niobium, phosphate, molybdenum, and tungsten [8]. - Luoyang Molybdenum's operations in the Democratic Republic of Congo include TFM, one of the largest copper-cobalt mines globally, ensuring a stable supply for the domestic new energy industry [9]. Group 4: Future Growth and Expansion - The company aims to produce 66,000 tons of copper and 12,000 tons of cobalt by 2026, with ongoing expansion projects expected to enhance production capacity significantly [21]. - The KFM Phase II project, set to be operational by 2027, will add 100,000 tons of copper production capacity, supporting the company's long-term growth objectives [17]. - The acquisition of gold mines in Brazil is expected to diversify revenue streams and enhance profitability, with projected annual gold production reaching 8 tons [20].

时代浪潮奔涌，国运与产业共振催生核心资产价值。当全球供应链重构遇上新能源产业革命， 掌握核心资源、具备全球竞争力的龙头企业，早已成为格隆汇"下注中国"的关键标的。 洛阳钼业（603993.SH、3993.HK）这家从中国栾川走出的矿企，如今已成长为全球领先的 铜钴生产商，2025年股价暴涨超200%，市值突破4000亿元，正以"资源+贸易+新增长极"三 驾马车，书写中国矿业的全球化传奇。 | | 菅收（亿元） | 문다 | | --- | --- | --- | | 矿产贸易 | 888.9 | 61.1% | | | 386.2 | 26.5% | | 1 | 61.8 | 4.3% | | RE | 46.6 | 3.2% | | 磷肥 | 30.7 | 2.1% | | 三年 | 24.8 | www.gogudata.con1.7% | | F | 15.9 | 1.1% | 01 为什么是洛阳钼业？硬核逻辑梳理 洛阳钼业能从众多企业中脱颖而出，核心在于踩准了中国新能源转型的风口，更手握"需求绑 定+资源布局+业绩确定性"三大王牌。 1.铜钴高景气周期持续加码 它的核心优势，是深度绑定国内新能源产业链 ...

Group 1 - The company announced the election of Zou Laichang as the chairman of the board and Lin Hongfu as the vice chairman, both for a term of three years starting from December 31, 2025 [1] - Chen Jinghe will no longer serve as the chairman of the company [1] - Lin Hongfu has been appointed as the president of the company based on the nomination of chairman Zou Laichang [1] Group 2 - Zou Laichang is recognized as a core manager of the company, contributing significantly to its development, with extensive experience in enterprise management and mining engineering [4] - Zou Laichang holds a Master's degree in Business Administration from Xiamen University and has been with the company since March 1996, serving in various key roles [4] - Lin Hongfu joined the company in 1997 and has held several frontline positions, including the director of the gold smelting plant and deputy director of the Zijinshan Gold Mine [4]

Group 1 - The core viewpoint of the articles highlights the significant rise in the prices of non-ferrous metal stocks, driven by new policies from the National Development and Reform Commission aimed at optimizing traditional industries, particularly in alumina and copper smelting [1] - Ganfeng Lithium (01772) increased by 4.04% to HKD 54.05, China Hongqiao (01378) rose by 4.17% to HKD 33.98, Shandong Gold (01787) gained 4.1% to HKD 36.02, Luoyang Molybdenum (03993) went up by 3.9% to HKD 19.99, and Zijin Mining (02899) increased by 3.76% to HKD 37 [1] - Morgan Stanley anticipates that the new policies may restrict the planning of new alumina production capacity and expects capacity consolidation to benefit industry leaders, while lower annual copper concentrate processing and refining fees may lead to a reduction in refined copper output by 2026 [1] Group 2 - CITIC Securities points out that insufficient capital expenditure, limited resource supply, strong AI demand prospects, expanding fiscal deficits, and declining interest rates are creating a new resource pricing paradigm globally, leading to a feast in the non-ferrous sector [2] - The article notes that the distribution of physical resources between the US and non-US regions is uneven due to threats from US tariffs on key minerals, resulting in liquidity shortages in certain markets and increased capital inflow to long positions [2]

紫金矿业新任董事长邹来昌发表新年致辞称，公司将加大战略性矿产资源获取力度，以金、铜为重点发 展矿种，全面形成具有全球竞争力的锂板块。邹来昌表示，紫金矿业将密切关注有重大影响力的超大型 矿产及中型矿业公司并购机会，并加大国内重点区域的资源投资开发力度。 ...

转自：新华财经 刚果（金）政府2025年2月宣布暂停钴出口，原定期限为4个月，后延长实施。政府当时表示，该措施旨在应对国际市场钴供应过剩导致的价格持续下行。 编辑：王菁 新华财经金沙萨12月31日电（记者史彧）据路透社12月31日报道，刚果（金）矿业监管机构表示，将允许2025年第四季度的钴出口配额延续至3月底，以 保障新配额制度平稳实施。 据刚果（金）披露的钴出口配额明细，洛阳钼业2025年四季度获得的钴出口配额达6650吨。12月24日，针对刚果（金）实施的钴出口配额制度，洛阳钼业 方面在接受采访时表示，公司正按照刚政府程序，落实各种出口安排。 报道称，在出口正式放行前，仍需完成包括装运、海关申报以及最终行政审批在内的多项程序。刚果（金）矿业监管机构同时表示，将研究企业就配额调 整提出的申请，但未透露是否已有相关请求提交。 报道援引刚果（金）矿业监管机构——战略矿产市场监管控制局（ARECOMS）发布的声明称，该机构已决定允许2025年第四季度核定的钴出口配额在 2026年3月31日前继续有效。此前，刚果（金）政府于今年10月16日正式启动钴出口配额制度，规定2025年全年钴出口总量上限为9.66万吨。 ...

企业名称黑龙江金鑫矿业有限公司法定代表人赵庆注册资本5000万人民币国标行业采矿业>有色金属矿 采选业>常用有色金属矿采选地址黑龙江省大兴安岭地区新林区新林镇西出口伴行公路主线东、支线北 开元物流运输企业类型有限责任公司（非自然人投资或控股的法人独资）营业期限2025-12-31至无固定 期限登记机关大兴安岭新林区市场监督管理局 天眼查显示，近日，黑龙江金鑫矿业有限公司成立，法定代表人为赵庆，注册资本5000万人民币，由盛 达金属资源股份有限公司全资持股。 序号股东名称持股比例1盛达金属资源股份有限公司100% 经营范围含选矿；金属矿石销售；矿物洗选加工；贵金属冶炼；有色金属铸造；常用有色金属冶炼；化 工产品销售（不含许可类化工产品）。许可项目：矿产资源勘查；非煤矿山矿产资源开采。 来源：市场资讯 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company is expected to achieve a net profit attributable to shareholders of approximately 510-520 billion yuan in 2025, representing a year-on-year increase of about 59%-62% [1] - The company anticipates significant growth in mineral production for 2025, with gold production expected to increase by 23% and copper production by 2% [2] - The report highlights a favorable outlook for gold and copper prices due to a weakening US dollar and supply-demand dynamics, supporting the company's profitability [3] Summary by Sections Financial Performance - The company forecasts a net profit of approximately 475-485 billion yuan after excluding non-recurring gains and losses for 2025, which is a year-on-year increase of about 50%-53% [1] - For Q4 2025, the estimated net profit attributable to shareholders is around 136 billion yuan, reflecting a year-on-year increase of 77% but a quarter-on-quarter decrease of 6.4% [1] Production Outlook - The company projects mineral production for 2026 to grow by 17% for gold, 10% for copper, 19% for silver, and 380% for lithium carbonate [2] - The planned production for 2026 includes 105 tons of gold, 1.2 million tons of copper, 12,000 tons of lithium carbonate, and 520 tons of silver [2] Price Trends - The average spot price of gold in London from October 1, 2025, to December 29, 2025, is expected to be 4,164 USD/ounce, a 56% increase from Q4 2024 and a 19% increase from Q3 2025 [2] - The average price of copper on the LME is projected to be 11,048 USD/ton, marking a 19% increase from Q4 2024 and a 12% increase from Q3 2025 [2] Profitability and Valuation - The report adjusts the company's profit forecast based on rising gold and copper prices, estimating net profits of 515.1 billion yuan, 755.0 billion yuan, and 815.6 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 61%, 47%, and 8% [3] - The current stock price corresponds to a P/E ratio of 17, 12, and 11 for the years 2025, 2026, and 2027 respectively [3]

在铜、黄金价格持续刷新历史高位的2025年，紫金矿业无疑是"大赢家"。 12月31日，紫金矿业发布的2025年业绩预告显示，预计当期归母净利润约为510-520亿元，较上年同期 增加约189-199亿元，同比增幅约59%-62%。 展望后市，市场对于铜、黄金仍持乐观态度。 受益于AI对算力的急剧需求，作为基建核心材料的铜仍保持高位。高盛预计2026年全年均价为1.14万美 元/吨。 受到货币政策不确定性等因素的影响，黄金价格或仍保持增长态势。Yardeni Research总裁Ed Yardeni预 计到2029年年底，金价将触及10000美元大关。 不过世界黄金协会给出了极端情形下，黄金回调压力的风险提示：若全球经济超预期复苏、利率持续上 行、美元强势回归，黄金则可能面临5%至20%的回调压力。 紫金矿业计划明年继续提产，2026年的矿产金、矿产铜产量分别为105吨、120万吨，预计较2025年分别 同比增长15吨、11万吨。 持续扩产的底气源自紫金矿业的全球化布局，目前其已在境外17个国家拥有重要矿业投资项目。 2025年，紫金矿业通过收购哈萨克斯坦Raygorodok金矿，进一步完善了在全球核心成矿带的 ...

紫金矿业（601899）(02899)发布公告，公司第九届董事会第一次会议于2025年12月31日在公司上杭总 部以现场方式召开，会议选举邹来昌先生为公司第九届董事会董事长，选举林泓富先生为公司第九届董 事会副董事长，任期均为三年。 陈景河先生不再担任公司董事长;邹来昌先生不再担任公司副董事长、总裁;林泓富先生不再担任公司常 务副总裁;林红英女士不再担任公司副总裁;郑友诚先生不再担任公司董事会秘书。 根据总裁林泓富先生的提名，聘任吴健辉先生为公司常务副总裁，聘任谢雄辉先生、沈绍阳先生、吴红 辉先生、龙翼先生、王春先生、廖元杭先生、丘国柱先生、简锡明先生、高文龙先生为公司副总裁;聘 任吴红辉先生为公司财务总监(兼)，聘任蔡雪琳女士为公司联席财务总监;聘任吴健辉先生为公司总工程 师(兼);任期均为三年。 根据董事长邹来昌先生的提名，聘任林泓富先生为公司总裁，聘任高文龙先生为公司董事会秘书，任期 均为三年。 ...