Core Viewpoint - CITIC Securities projects Luoyang Molybdenum's net profit for 2025-2027 to be 19.989 billion, 24.800 billion, and 27.928 billion CNY respectively, with corresponding PE ratios of 16.28, 13.12, and 11.65, recommending a "buy" rating due to the company's industry position, growth potential, and low-cost advantages [1] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 145.485 billion CNY and a net profit attributable to shareholders of 14.280 billion CNY, marking a year-on-year increase of 72.61% and surpassing the previous year's total [2] - The net profit for Q3 reached 5.608 billion CNY, reflecting a year-on-year growth of 96.40% and a quarter-on-quarter increase of 18.69% [2] Production and Projects - The company reported a significant increase in copper production, with a total output of 543,400 tons in the first three quarters of 2025, representing a year-on-year growth of 14.14% [3] - The company plans to invest up to 1.084 billion USD in the KFM Phase II project, expected to commence production in 2027, adding an average of 100,000 tons of copper metal annually once fully operational [3] Commodity Prices - In Q3 2025, the average LME copper spot price increased by 2.9% from Q2 to 9,797 USD per ton, with other key minerals also experiencing price increases [4] Cost Management - The company achieved a 10.94% year-on-year reduction in operating costs during the first three quarters of 2025, driven by refined management and technological innovations [5] Cobalt Market Outlook - Luoyang Molybdenum received the largest export quota from the Democratic Republic of Congo, with a remaining export limit of 6,500 tons for 2025, which is 35.9% of the total quota [6] - The tightening supply in the cobalt market is expected to push prices higher, with a projected reduction in supply leading to a shift from surplus to a shortage of approximately 30,000 tons [6]

Core Insights - A new company, Shanjin Mining (Fujian) Co., Ltd., has been established with a registered capital of 10 million RMB, focusing on mineral processing and investment activities [1][2] - The company is jointly owned by Shandong Gold (holding 65%) and Nanping Wuyi Mineral Resources Development Co., Ltd. (holding 35%) [1][2] Company Information - Legal representative: Zhang Zongyong [2] - Registration date: October 28, 2025 [2] - Business scope includes mineral washing and processing, investment activities, sales of non-metallic minerals and products, engineering management services, non-coal mining resource extraction, mineral resource exploration, and construction engineering [1][2] - Company type: Other limited liability company [2] - Industry: Non-ferrous metal mining and selection [2] Shareholder Structure - Major shareholders include Shandong Gold Mining Co., Ltd. (publicly listed) and Nanping Wuyi Mineral Resources Development Co., Ltd. (state-owned) [2]

松果财经讯，天眼查App显示，近日，山金矿业（福建）有限公司成立，法定代表人为张宗永，注册资本1000万人民币，经营范围为矿物洗选加工、以自有 资金从事投资活动、非金属矿及制品销售、工程管理服务、非煤矿山矿产资源开采、矿产资源勘查、建设工程施工，由山东黄金（600547）、南平武夷矿产 资源发展有限公司分别持股65%、35%。 | | 都在用的商业查询工具 | 盘公司 查老板 | | | --- | --- | --- | --- | | | 国家中小企业发展子基金旗下机构 | 山金矿业(福建) 卓限公司 | × 天眼一下 | | 基本信息 15 | 法律诉讼 | 经营风险 | 经营信息 | | 法定代表人 | के 张宗永 | 登记状态 ⑦ | 存续 | | | | 成立日期 | 2025-10-28 | | 统一社会信用代码 2 | 91350700MAG2EYHX5Y | 注册资本 ② | 1000万人民币 | | 工商注册号 | | 纳税人识别号 ② | 91350700MAG2EYHX5Y | | 营业期限 | 2025-10-28 至 无固定期限 | 纳税人资质 | | | 华小学型 | 其他有限 ...

10月29日，"桂通五洲（西亚站）"广西—沙特经贸合作交流会在广西贸促会举办。 沙特阿拉伯矿业公司（Saudi Arabian Mining Company）是沙特阿拉伯一家国有矿业公司，是海湾地区最大 矿业公司，主营业务涵盖黄金、贱金属、磷酸盐、铝、工业金属勘探及冶炼等。2024年5月，沙特阿拉伯 矿业公司位列全球矿企Top50排名第9名。而广西是著名的有色金属之乡，现已发现矿种172种，约占中国 的73%，探明资源储量的有132种，其中13种资源量居中国首位，拥有广西华锡有色金属股份有限公司等一 批行业龙头企业，形成了以铝、锡、锰等矿为核心的较为完备的产业链。会上， 沙特阿拉伯矿业公司参会 人员与来自广西各地的矿山企业围绕铝等矿产资源的采、选、冶工艺和投资贸易合作等话题进行了深入交 流，提出了合作的意愿，达成了诸多共识。 会议现场 供图 广西贸促会 据悉，"桂通五洲"是广西贸促会推动桂企桂品拓展"一带一路"国际合作的对外交流品牌，至今已举办乌兹 别克斯坦、土耳其、新西兰、巴基斯坦、韩国、日本、埃塞俄比亚、巴西、以色列等国别专场活动，促进 中外工商届务实合作。本次交流会是今年广西贸促会直接与国外企业共同举办 ...

Core Insights - Jin Chengxin achieved a net profit attributable to shareholders of 1.753 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 60.37% [1] - In Q3 2025, the net profit attributable to shareholders was 642 million yuan, up 33.68% year-on-year, with performance meeting expectations [1] - The company’s self-owned resource segment produced 64,100 tons of copper equivalent in the first three quarters of 2025, a significant increase of 100.65% compared to the same period last year [1] Production and Project Development - The ongoing development of mining projects is expected to further enhance copper production, particularly with the advancement of the Lubambe technical transformation and Lonshi East District projects [1] - The San Matias copper-silver mine in Colombia is pending local environmental assessment, indicating potential future resource increments for the company [1] Profit Forecast - The projected net profits attributable to shareholders for 2025-2027 are 2.318 billion, 2.679 billion, and 3.019 billion yuan respectively, with previous estimates being 2.18 billion, 2.42 billion, and 2.64 billion yuan [1] - Corresponding price-to-earnings ratios are expected to be 17.49, 15.13, and 13.43 times for the years 2025, 2026, and 2027 [1] - The company maintains a "buy" rating based on these projections [1]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The macro - atmosphere is warming, with the easing of the Sino - US trade situation, rising risk appetite, and the end of the strong performance of precious metals. The non - ferrous metal sector, led by copper, has shown signs of a fluctuating rebound. The overall direction is upward, but there are differences in strength within the sector [11]. - In the future, the center of copper prices is expected to rise under the joint drive of commodity and financial attributes. Zinc shows a fluctuating rebound, and the aluminum industry chain is recommended to be treated with a bullish mindset. Tin and lead are expected to be bullish, while nickel and stainless steel are in a volatile pattern [3][4][5][6][7][8]. 3. Summary by Directory First Part: Non - ferrous Metal Operation Logic and Investment Suggestions - **Macro Logic**: The Sino - US trade situation has eased, risk appetite has recovered, and non - ferrous metals, led by copper, have rebounded. The Fed is expected to cut interest rates by 25 basis points. Key events to watch this week include trade situations, central bank meetings, and economic data releases [11]. - **Investment Strategies for Each Metal** - **Copper**: With the improvement of the manufacturing PMI, the increase in domestic demand in the fourth quarter, supply constraints, and dovish remarks from Powell, the copper price center is expected to rise. It is recommended to gradually buy on dips, with short - term pressure at 89000 - 90000 yuan/ton and support at 84000 - 85000 yuan/ton [3][12]. - **Zinc**: Supported by the Fed's interest - rate cut expectations and trade situation, zinc shows a fluctuating rebound. It is recommended to buy on dips, with pressure at 22400 - 22500 and support at 21500 - 21600 [4][12]. - **Aluminum Industry Chain**: The aluminum market is bullish, with the upper pressure range at 21500 - 21800 and the lower support range at 20500 - 20800. Alumina is recommended to be short - sold, with pressure at 3000 - 3200 and support at 2600 - 2700. Cast aluminum alloy is also recommended to be treated bullishly [5][13]. - **Tin**: The tin market is bullish, with pressure at 290000 - 300000 and support at 260000 - 270000. It is recommended to take a bullish approach [6][13]. - **Lead**: The lead market is in a consolidation phase. It is recommended to hold covered call options, with pressure at 17800 - 18000 and support at 17300 - 17500 [7][14]. - **Nickel**: The nickel price fluctuates. It is recommended to buy slightly on dips, with pressure at 125000 - 128000 and support at 118000 - 120000 [8][14]. - **Stainless Steel**: The stainless - steel market is in a volatile pattern, with pressure at 13000 - 13200 and support at 12500 - 12600. It is recommended to buy on dips [8][14]. Second Part: Non - ferrous Metal Market Review - **Futures Closing Prices and Price Changes**: Copper closed at 88710 with a 1.99% increase; zinc at 22430 with a 0.54% increase; aluminum at 21295 with a 0.73% increase; alumina at 2879 with a 2.20% increase; tin at 286720 with a 1.25% increase; lead at 17355 with no change; nickel at 121540 with a 0.81% increase; stainless steel at 12805 with a 0.43% increase; and cast aluminum alloy at 20690 with a 0.56% increase [15]. Third Part: Non - ferrous Metal Position Analysis - **Position Analysis of Each Variety**: Different non - ferrous metal varieties show different net long - short positions and changes. For example, in沪银(AG2512), the main force is strongly bullish, with a net long - short position difference of 16074, and the net long position increased by 1582 [17]. Fourth Part: Non - ferrous Metal Spot Market - **Spot Prices and Price Changes**: The spot price of Yangtze River Non - ferrous copper is 87810 yuan/ton with a - 0.50% change; 0 zinc is 22300 yuan/ton with a 0.13% increase; the average spot price of Yangtze River Non - ferrous aluminum is 21150 yuan/ton with a - 0.05% change; and the national average price of Antaike alumina is 2906 yuan/ton with a - 0.14% change [18]. Fifth Part: Non - ferrous Metal Industry Chain - The report provides multiple charts related to the industry chain of each non - ferrous metal, including inventory changes, processing fees, and price relationships, to show the supply - demand relationship and price trends in the industry chain [23][26][28] Sixth Part: Non - ferrous Metal Arbitrage - The report provides multiple charts related to the arbitrage of each non - ferrous metal, such as the Shanghai - London ratio and the basis, to help investors find arbitrage opportunities [58][59][61] Seventh Part: Non - ferrous Metal Options - The report provides multiple charts related to non - ferrous metal options, including historical volatility, implied volatility, and trading volume - position changes, to help investors understand the option market [75][77][80]

Fixed Income Research - The People's Bank of China (PBOC) announced the resumption of government bond trading operations, indicating a shift in monetary policy tools to enhance liquidity management [2][3] - Since August 2024, the PBOC has conducted net purchases of government bonds totaling 1 trillion yuan, with a gradual increase in bond buying until January 2025 when operations were paused due to market imbalances [3][4] - The resumption of bond trading is expected to enrich the monetary policy toolkit, enhance the financial functions of government bonds, and improve the pricing benchmark for the yield curve [5][8] Company Research: Heng Rui Medicine (600276) - Heng Rui Medicine reported a revenue of 23.188 billion yuan for the first three quarters of 2025, a year-on-year increase of 14.85%, with a net profit of 5.751 billion yuan, up 24.50% [14][15] - The company achieved significant overseas expansion, securing three overseas business development agreements and launching three new drugs in Q3 2025 [15][16] - The forecast for net profit from 2025 to 2027 is set at 8.045 billion, 9.866 billion, and 11.702 billion yuan respectively, maintaining a "buy" rating [16] Company Research: YTO Group (601038) - YTO Group reported a revenue of 9.703 billion yuan for the first three quarters of 2025, a decrease of 9.63%, with a net profit of 994 million yuan, down 9.69% [20][21] - Despite the decline, Q3 showed improvement with a net profit of 225 million yuan, a year-on-year increase of 15.14% [21] - The company continues to focus on the trend of agricultural machinery intelligence and high-end products, launching a new heavy-duty tractor at an agricultural machinery exhibition [21][22] Company Research: Luoyang Molybdenum (603993) - Luoyang Molybdenum reported a revenue of 145.485 billion yuan for the first three quarters of 2025, a decrease of 5.99%, while net profit increased by 72.61% to 14.280 billion yuan [24][25] - The company achieved production completion rates exceeding 75% for major products, with significant cost reductions in cobalt production [25][27] - The company plans to invest 1.084 billion USD in the KFM Phase II project, expected to be completed by 2027, which will enhance copper processing capacity [27][28] Company Research: Aluminum Corporation of China (601600) - Aluminum Corporation of China reported a revenue of 176.516 billion yuan for the first three quarters of 2025, a year-on-year increase of 1.57%, with a net profit of 10.872 billion yuan, up 20.65% [30][31] - The company experienced steady growth in production, with alumina and primary aluminum output increasing by 3.74% and 6.76% respectively [31][32] - The profit forecast for 2025 to 2027 is adjusted to 14.553 billion, 16.036 billion, and 17.076 billion yuan, maintaining an "accumulate" rating [32][33]

Investment Rating - The investment rating for Luoyang Molybdenum (603993) is maintained as "Buy" [2][6]. Core Insights - The company's Q3 2025 performance exceeded expectations, with total revenue of 145.5 billion yuan (down 6.0% year-on-year) and a net profit of 14.28 billion yuan (up 72.6% year-on-year) primarily due to rising copper prices and increased copper production and sales [6]. - The company plans to invest in the KFM Phase II project, expected to commence production in 2027, which will add an average of 100,000 tons of copper per year upon completion [6]. - The acquisition of Lumina Gold Company enhances the company's portfolio, adding a gold project with significant resources located in Ecuador [6]. - The profit forecasts for 2025-2027 have been revised upwards due to rising copper prices and production exceeding initial plans, with projected net profits of 19.56 billion, 22.80 billion, and 25.90 billion yuan respectively [6]. Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 216.1 billion yuan, with a year-on-year growth rate of 1.4% [5]. - The projected net profit for 2025 is 19.56 billion yuan, reflecting a significant increase of 44.5% year-on-year [5]. - The company's gross margin is expected to be 19.8% in 2025, with a return on equity (ROE) of 22.6% [5].

Group 1 - Glencore (GLNCY.US) announced it is likely to meet its annual production targets, alleviating investor concerns about operational deterioration [1] - The company's copper production for the first nine months of the year was 583,500 tons, a 17% decrease year-on-year, primarily due to lower ore grades [2] - Glencore's copper production guidance for 2025 has been narrowed from 850,000-890,000 tons to 850,000-875,000 tons, representing a 40% decrease from 2018 levels [2] Group 2 - The company expects its marketing profit for the year to be near the midpoint of its long-term guidance range of $2.3 billion to $3.5 billion [3] - Glencore's coal production for the year is projected to be between 92 million and 97 million tons, with coking coal production between 30 million and 35 million tons [3] - The company restructured its coal business after abandoning plans to spin off the entire coal division, integrating recently acquired Canadian mines into a unified management unit in Australia [3] Group 3 - The copper market is experiencing supply tightness, with prices reaching historical highs, driven by various operational issues at major mines [2] - Factors contributing to the copper supply crunch include a deadly landslide at Freeport-McMoRan's Grasberg mine, flooding at Ivanhoe Mines' Kamoa-Kakula complex, and rockfall incidents at Codelco's main copper mines [2]

Group 1 - Glencore reported a 17% decrease in copper production for the first three quarters of the year, attributed to declining ore grades at some mines, despite an increase in output in the third quarter [2] - The company has revised its copper production target for the year to 850,000-875,000 tons, down from the previous target of 850,000-890,000 tons [2] - For the period of January to September, Glencore's copper production fell to 583,500 tons, while cobalt production increased by 2,000 tons to 28,500 tons [2] Group 2 - China's copper industry faces three major challenges: increasing reliance on foreign resources, overcapacity in the midstream processing sector, and downstream demand being suppressed by high copper prices [2] - To assist the industry in navigating these challenges, Shanghai Nonferrous Metals Network has collaborated with copper industry enterprises to compile the "2026 China Copper Industry Chain Distribution Map" [2]