摩根大通发布研报称，上调对洛阳钼业（603993）(03993)今明两年盈利预测27%至30%，并将洛阳钼业 (603993.SH)A股及洛钼H股目标价，分别由24元人民币及24港元，上调至30元人民币及30港元，重 申"增持"评级。 小摩表示，洛钼完成巴西金矿收购后，于周日(25日)举行电话会议，该行上周亦接待其投资者关系团 队。该行指，有关会议进一步强化该行对洛钼策略与营运的正面看法。主要业务更新包括：巴西金矿收 购顺利完成，管理层目标今年黄金产量6至8吨，并于2030年前达20吨;以及今年铜产量指引细节，由工 艺优化及KFM二期产能上升所支持。 ...

Core Viewpoint - Xizang Zhufeng (600338.SH) expects a significant increase in net profit for the year 2025, driven by operational recovery and favorable market conditions [1] Financial Performance - The company anticipates a net profit attributable to shareholders of the parent company between 441.5 million yuan and 539.6 million yuan for 2025, representing a year-on-year increase of 92.28% to 135.01% [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 445.1 million yuan and 544 million yuan, reflecting a year-on-year growth of 73.82% to 112.44% [1] Operational Highlights - The company's wholly-owned subsidiary, Tajung Mining Co., has fully restored production to normal capacity, resulting in a significant increase in concentrate product output compared to the same period last year [1] - The company benefits from the sustained high prices of non-ferrous metals and precious metals like silver, which have effectively improved product sales prices and gross profit margins year-on-year [1] Management Efficiency - The company has implemented a quality improvement and efficiency enhancement initiative, optimizing production processes, strengthening refined management, and enforcing strict budget management, which has effectively controlled operational costs [1] - The improvement in management efficiency has contributed positively to the company's performance during the reporting period [1]

Core Viewpoint - Tibet Summit (600338.SH) expects a net profit attributable to shareholders of 442 million to 540 million yuan for 2025, representing a year-on-year increase of 92.28% to 135.01% [2] Group 1: Financial Performance - The company's wholly-owned subsidiary, Tazhong Mining, has fully restored production order to normal capacity, resulting in a significant increase in concentrate product output compared to the same period last year [2] - The company benefits from the sustained high prices of global non-ferrous metals and precious metals such as silver, which has effectively improved the average sales price and gross profit margin of its products year-on-year [2]

Core Viewpoint - Luoyang Molybdenum's stock rose over 6% following the completion of its acquisition of 100% equity in Aurizona Gold Mine, RDM Gold Mine, and Bahia Complex from Equinox Gold Corp, expected to contribute 6-8 tons of gold annually by 2026 [1] Group 1: Acquisition Details - The acquisition of the gold mines was completed on January 23 [1] - The four gold mines are all operational and will enhance the company's gold production capacity [1] Group 2: Financial Projections - JPMorgan upgraded its earnings forecast for Luoyang Molybdenum by 27% to 30% for the next two years [1] - The company aims for a gold production target of 6 to 8 tons this year and 20 tons by 2030 [1] - The guidance for copper production is supported by process optimization and increased capacity from the KFM Phase II project [1] Group 3: Market Reaction - As of the report, Luoyang Molybdenum's stock was trading at 24.14 HKD with a trading volume of 1.3 billion HKD [1]

Core Viewpoint - Morgan Stanley's report indicates that Minmetals Resources is expected to achieve core earnings of $700 million to $730 million for early 2025, aligning with the bank's expectations [1] - After accounting for an impairment of $280 million to $300 million related to the Kinsevere project, the annual net profit is projected to be between $500 million and $520 million [1] Summary by Category - **Earnings Forecast** - Core earnings are projected to reach $700 million to $730 million, consistent with Morgan Stanley's expectations [1] - Net profit is expected to be between $500 million and $520 million after impairment adjustments [1] - **Operational Performance** - Operations at key mining sites, including Las Bambas and Khoemacau, remain stable with normal production ongoing [1] - The company is anticipated to benefit from strong copper prices and improved operational efficiency [1] - **Market Conditions** - Global copper supply is tight, and a weaker dollar is expected to support high copper prices, providing strong backing for overall profitability [1] - Despite short-term impacts from impairments on net profit, the company's core profitability remains robust, with major operational challenges being addressed through financial provisions and substantial improvement measures [1]

Group 1 - The non-ferrous metal sector experienced a rebound on January 28, with several companies reaching their daily limit up, indicating strong market performance [1] - Notable companies that saw significant gains include Nanmin Group, Xiaocheng Technology, Hunan Gold, Sichuan Gold, and others, reflecting a broad-based rally in the sector [1] - Additional companies such as Copper Crown Mining, Naipu Mining Machinery, and Dongfang Tantalum also showed upward movement, suggesting positive sentiment across the industry [1]

中金岭南28日在互动平台表示，截止最新一期公司年报(2025-051)，公司生产白银153吨，黄金267千 克。 ...

还值得注意的是，洛阳钼业1月25日公告称，公司曾于2025年12月15日披露收购金矿项目，通过控股子公司收购加拿大EquinoxGoldCorp.旗下Aurizona金 矿、RDM金矿、Bahia综合矿区100%权益。北京时间2026年1月23日，该收购完成交割。交易涉及金矿含黄金资源量501.3万盎司，平均品位1.88g/t；储量 387.3万盎司，平均品位1.45g/t。2026年黄金预计年化产量6~8吨，将增厚公司资源储备。 杰富瑞近日发表研报指，洛阳钼业去年12月宣布收购Equinox Gold公司在巴西的黄金资产组合，收购对价最高约为10亿美元。相关交易已经完成。该行的 资产净值分析显示，其隐含金价约为每盎司3320美元。公司在去年中期业务更新时表示，黄金将成为公司继铜以外的另一个业务支柱。管理层认为，以 是次收购约10亿美元的成本计算，预期将获得合理回报，并对黄金持建设性看法。该行预计巴西及厄瓜多尔项目在全面达产后，黄金产量每年将达20 吨。在不考虑进一步扩产或收购的情况下，估计黄金将占洛阳钼业2026年毛利的5%至6%，并于2030年提升至10%以上。管理层初步目标到2030年将黄金 产量翻倍， ...

A股三大指数涨跌互现，截至午间收盘，沪指涨0.49%报4160.01点，深成指涨0.09%，创业板指跌 0.37%，北证50指数涨0.05%。沪深京三市半日成交额19307亿元，较上日放量402亿元，全市场超3500 只个股下跌。盘面上，现货黄金突破5220美元/盎司，有色金属板块狂飙，白银有色7连板，四川黄金、 中国黄金4连板；多重因素助推油价上涨，油气开采及服务板块大涨，中国海油盘中涨超7%再创新高； 化工、煤炭等板块涨幅居前，光伏设备、电池、流感板块调整。 ...

Core Viewpoint - The report from Jefferies highlights that Luoyang Molybdenum (603993) has completed the acquisition of Equinox Gold's gold assets in Brazil for a maximum consideration of approximately $1 billion, with a positive outlook on gold as a new business pillar alongside copper [1] Group 1: Acquisition Details - The acquisition price for the gold assets is up to $1 billion, and the transaction has been completed [1] - The implied gold price from the asset net value analysis is approximately $3,320 per ounce, compared to the current spot gold price exceeding $5,000 [1] Group 2: Financial Projections - Jefferies sets a target price of HKD 25.9 for Luoyang Molybdenum's H-shares and CNY 26.7 for its A-shares, both with a "Buy" rating [1] - The company expects to achieve reasonable returns from the acquisition, with management expressing a constructive view on gold [1] Group 3: Operational Efficiency and Cost Reduction - Management aims to reduce operational costs of the acquired assets through synergies and efficiency improvements, leveraging competitive procurement and supply chain management [1] Group 4: Long-term Gold Production Goals - Jefferies estimates that gold production from the Brazil and Ecuador projects will reach 20 tons annually once fully operational [1] - Gold is projected to contribute 5% to 6% of Luoyang Molybdenum's gross profit by 2026, increasing to over 10% by 2030, with a goal to double gold production primarily through acquisitions [1]