洛阳栾川钼业集团股份有限公司的主营业务是基本金属、稀有金属的采、选、冶等矿山采掘及加工业务 和矿产贸易业务。公司的主要产品是矿山采掘及加工、钼、钨、铜（不含NPM）、钴、铌、磷、铜金 （NPM）、矿产贸易、矿物金属贸易、精炼金属贸易。 从行业市盈率排名来看，公司所处的小金属行业市盈率平均64.24倍，行业中值55.44倍，洛阳钼业排名 第5位。 本文源自：金融界 截至2025年一季报，共有212家机构持仓洛阳钼业，其中基金212家，合计持股数42257.90万股，持股市 值35.58亿元。 作者：行情君 7月21日，洛阳钼业今日收盘8.63元，上涨5.12%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到11.98倍，创13天以来新低，总市值1846.33亿元。 最新一期业绩显示，2025年一季报，公司实现营业收入460.06亿元，同比-0.25%；净利润39.46亿元，同 比90.47%，销售毛利率22.33%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)1洛阳钼业11.9813.642.511846.33亿行业平均 64.2468.404.35221.77亿行业中值55.4457 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2] Core Views - Precious metals are expected to continue their upward trend, with gold prices rising and a favorable long-term outlook. The gold-silver ratio has reached a peak of over 100 this year, and as gold prices stabilize, silver prices are expected to rise to restore the ratio [5] - Industrial metal prices are experiencing fluctuations, with recent price changes for copper, aluminum, lead, zinc, tin, and nickel showing slight declines. A significant infrastructure project in Tibet is anticipated to boost overall demand and support metal prices [5] - Small metals like praseodymium-neodymium oxides and tungsten concentrate prices are on the rise, driven by a recovery in manufacturing demand [5] - Energy metals, particularly lithium and cobalt, are seeing price increases, with a focus on future demand growth [5] - The report recommends investing in the non-ferrous metal sector, particularly precious metals, with specific stock recommendations including Shandong Gold, Chifeng Gold, and Zijin Mining [5] Summary by Sections 1. Industry Data Review 1.1 Precious Metals - Gold prices have increased by 0.5% and silver by 2.84% in the week of July 14-18, 2025. The year-to-date performance shows a consistent rise in gold prices, positively impacting the gold-silver ratio [5][6] 1.2 Industrial Metals - Recent price changes for industrial metals include copper at 78,410 CNY/ton (-0.2%), aluminum at 20,510 CNY/ton (-0.9%), and lead at 16,820 CNY/ton (-2.4%). The overall market is influenced by a major hydropower project in Tibet, with a total investment of approximately 1.2 trillion CNY [5][27] 1.3 Small Metals - Prices for praseodymium-neodymium oxides have increased by 5.5% week-on-week, while tungsten concentrate prices have also risen, indicating a recovery in demand for manufacturing tools [5][29] 1.4 Energy Metals - Lithium concentrate prices have risen, with lithium hydroxide (industrial grade) priced at 52,900 CNY/ton, reflecting a 1.1% increase. Cobalt products are also seeing price increases, indicating a growing demand in the energy sector [5][35] 2. Market Data - The Shanghai Composite Index rose by 0.69%, while the non-ferrous metal sector increased by 1.82%. Specific segments such as precious metals and small metals saw gains of 1.61% and 4.45%, respectively [36] 3. Important Events Review - The opening ceremony for the Yarlung Tsangpo River downstream hydropower project took place on July 19, 2025, with a total investment of approximately 1.2 trillion CNY, expected to stimulate demand for metals [43]

Market Overview - The Shanghai Composite Index increased by 0.69% to 3534.48 points, while the CSI 300 Index rose by 1.09% to 4058.55 points. The SW Nonferrous Metals Industry Index saw a gain of 1.82%, reaching 5294.21 points [1][2]. Sub-industry Performance - Among the five sub-industries in the nonferrous metals sector, the changes compared to the previous week were as follows: Industrial metals +1.00%, Precious metals +1.61%, Minor metals +4.45%, Energy metals +3.31%, and New metal materials +0.19% [1][2]. Key Metal Prices - The prices for key metals on the Shanghai Futures Exchange were as follows: Copper at 78,410 CNY/ton (-0.15%), Aluminum at 20,510 CNY/ton (-0.80%), Zinc at 22,295 CNY/ton (-0.42%), Lead at 16,820 CNY/ton (-1.67%), Nickel at 120,500 CNY/ton (-0.57%), and Tin at 264,540 CNY/ton (-0.41%) [3]. - On the London Metal Exchange, the prices were: Copper at 9,795 USD/ton (+1.39%), Aluminum at 2,638 USD/ton (+1.34%), Zinc at 2,824 USD/ton (+3.12%), Lead at 2,012 USD/ton (-0.49%), Nickel at 15,245 USD/ton (+0.31%), and Tin at 33,355 USD/ton (-0.87%) [3]. - Gold and silver prices on the Shanghai Futures Exchange were 777.02 CNY/gram (+0.50%) and 9,273 CNY/kilogram (+2.84%), respectively [3]. - The prices for lithium carbonate and other lithium products showed significant increases, with battery-grade lithium carbonate at 66,000 CNY/ton (+3.94%) and industrial-grade lithium carbonate at 65,000 CNY/ton (+4.00%) [3]. Policy Impact - The implementation of the revised Mineral Resources Law in China has led to stricter management and approval requirements for mining operations, affecting lithium mining activities. Local authorities have mandated that certain lithium mines complete resource verification reports by September 30 [4][5]. - The uncertainty in domestic lithium mining policies has caused supply-side disruptions, contributing to a significant rebound in lithium carbonate prices [5]. Investment Recommendations - Companies to watch include Tianqi Lithium, Ganfeng Lithium, Zhongjin Lingnan, Shengxin Lithium Energy, and Rongjie Co., due to the rebound in lithium prices [5]. - The Ministry of Industry and Information Technology is set to release a growth plan for key industries, including nonferrous metals, which will focus on structural adjustments and eliminating outdated capacity. Companies like China Aluminum, China Hongqiao, Tianshan Aluminum, Yunnan Copper, and Tongling Nonferrous Metals are highlighted for potential investment opportunities [5].

Report Summary 1. Market Performance - On July 18, 2025, China's A-share market showed a slight upward trend. The Shanghai Composite Index rose 0.50% to 3534.48 points, the Shenzhen Component Index rose 0.37% to 10913.84 points, and the ChiNext Index rose 0.34% to 2277.15 points. The trading volume of the two markets reached 1.5711 trillion yuan, an increase of 31.7 billion yuan from the previous day [3]. - Last week, the domestic stock index futures market showed a strengthening trend. The weekly increases of the main contracts of CSI 300, SSE 50, CSI 500, and CSI 1000 futures were 1.21%, 0.56%, 1.36%, and 1.48% respectively [3]. - Last week, 30-year and 10-year treasury bond futures rose, while 5-year and 2-year treasury bond futures fell [4]. 2. Fundamental Analysis - The National Committee of the Chinese People's Political Consultative Conference held a symposium on the analysis of the macroeconomic situation in the first half of 2025. Some members put forward suggestions on stabilizing and activating the capital market, promoting technological innovation in the private sector, and other aspects [8]. - From 2020 to 2024, China's total retail sales of consumer goods increased from 39.1 trillion yuan to 48.3 trillion yuan, with an average annual growth rate of 5.5%. It is expected to exceed 50 trillion yuan this year [8]. - In the first half of this year, central state-owned enterprises achieved an added value of 5.2 trillion yuan and completed fixed - asset investment of 2 trillion yuan. In the second half of the year, they will focus on developing new - quality productive forces [8]. - From July 12 - 18, there were 97 domestic investment and financing events, a 21.25% increase from the previous week. The total disclosed financing amount was about 5.041 billion yuan, an 8.85% increase. The artificial intelligence field had the highest disclosed financing amount, about 2.486 billion yuan [9]. - Last week, the central bank conducted 1.7268 trillion yuan of 7 - day reverse repurchase operations, with a net investment of 1.2011 trillion yuan. This week, 1.7268 trillion yuan of reverse repurchases, 200 billion yuan of MLF, and 120 billion yuan of treasury cash fixed - deposits are due [9]. 3. Valuation Analysis - As of July 18, the PE of the CSI 300 Index was 13.32 times, with a percentile of 72.16%, and the PB was 1.40 times; the PE of the SSE 50 Index was 11.33 times, with a percentile of 82.75%, and the PB was 1.25 times; the PE of the CSI 1000 Index was 40.1 times, with a percentile of 61.96%, and the PB was 2.23 times [12]. - The report introduced two formulas for calculating the stock - bond yield spread: one is based on the reciprocal of the price - earnings ratio, and the other is based on the dividend yield [19]. 4. Comprehensive Analysis - The main contract of the CSI 300 stock index futures (IF2509) closed at 4041.80 points on July 18, with a weekly increase of 1.21%. The current low risk - free interest rate and reduced supply of high - yield risk - free assets have created favorable conditions for incremental funds to enter the market. The market is expected to continue a moderately strong trend this week, but there may be insufficient momentum for a significant upward movement in the short term. Traders are advised to control risks [28].

Group 1: Tariff Measures and Economic Impact - Tariff measures in the U.S. saw a high start but began to cool down after April 9, leading to market perceptions of TACO [2] - Actual tariff revenue growth from January to May was 6.5%, significantly lower than the theoretical increase of 14.5%, due to China's strategies to reduce high-tariff imports and ineffective implementation of tariffs on Mexico and Canada [3][4] - The economic impact of tariffs was lower than expected, with stable export volumes from China and low inflation in the U.S. despite tariffs, attributed to lower effective tax rates and weak demand in the automotive market [5] Group 2: Mid-Year Earnings Preview - The overall economic growth remains constrained, with a pre-announcement rate of 43.7% for mid-year earnings, lower than the past three years, indicating a weak profit growth of 1.0% for the entire A-share market [8] - Emerging technology sectors are showing signs of improvement, particularly in high-tech industries like equipment manufacturing, while traditional sectors are lagging [9][10] - Certain cyclical industries, such as rare metals and chemicals, are experiencing price increases, and some sectors are showing signs of recovery in earnings due to capacity reductions [10] Group 3: Hong Kong Market Analysis - The Hong Kong stock market outperformed globally in the first half of the year but has shown weakness since late June, influenced by U.S. tariff policies and currency fluctuations [13][14] - Current market heat in Hong Kong is at historical mid-levels, with technology and financial sectors showing lower heat compared to A-shares, while healthcare and consumer sectors are performing better [14] - Positive factors are accumulating for the Hong Kong market, suggesting a potential outperformance against A-shares in the second half of the year, driven by consumption policies and foreign capital inflows [15]

Group 1 - The small metal concept index rose by 1.81%, ranking 8th among concept sectors, with 116 stocks increasing in value [1] - Notable gainers included Dongfang Zirconium, Shengxin Lithium Energy, and Jinyuan Co., which hit the daily limit, with respective increases of 10.02%, 10.00%, and 9.98% [3][1] - The top decliners were Dazhong Mining, Lingyi Technology, and Western Gold, with declines of 2.95%, 1.93%, and 1.92% respectively [1] Group 2 - The small metal concept sector saw a net inflow of 3.99 billion yuan, with 80 stocks receiving net inflows, and 8 stocks exceeding 100 million yuan in net inflow [2] - The largest net inflow was recorded for Northern Rare Earth at 2.11 billion yuan, followed by Dongfang Zirconium and Shengxin Lithium Energy with net inflows of 434 million yuan and 327 million yuan respectively [2][3] - The net inflow ratios for Jinyuan Co., Dongfang Zirconium, and Shengxin Lithium Energy were 45.14%, 42.43%, and 35.30% respectively [3] Group 3 - The top performing concept sectors included Salt Lake Lithium Extraction with a rise of 3.30%, and Rare Earth Permanent Magnet with an increase of 3.15% [2] - Other notable sectors included Metal Cobalt and Metal Recovery, which rose by 2.29% and 2.08% respectively [2] - Conversely, sectors such as Animal Vaccines and Avian Influenza saw declines of 0.96% and 0.90% respectively [2]

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Luoyang Molybdenum Co., Ltd. in the small metals industry, indicating a relatively low PE ratio compared to the industry average [1][2] - As of July 18, Luoyang Molybdenum's closing price was 8.21 yuan, with a PE ratio of 11.40 and a total market capitalization of 175.65 billion yuan [1] - The company ranks 5th in the small metals industry, which has an average PE ratio of 63.07 and a median of 53.34 [1][2] Group 2 - The latest financial report for Q1 2025 shows that Luoyang Molybdenum achieved a revenue of 46.006 billion yuan, a slight decrease of 0.25% year-on-year, while net profit increased by 90.47% to 3.946 billion yuan [1] - The gross profit margin for the company stands at 22.33% [1] - A total of 70 institutions hold shares in Luoyang Molybdenum, with a combined holding of 139.7292 million shares valued at 1.177 billion yuan [1]

Group 1 - The core viewpoint of the article highlights the performance and financial metrics of China Rare Earth, indicating a significant increase in stock price and a high PE ratio compared to industry averages [1][2] - On July 18, China Rare Earth closed at 40.1 yuan, up 5.58%, with a rolling PE ratio of 571.43 times and a total market capitalization of 42.555 billion yuan [1] - The company experienced a net inflow of main funds amounting to 51.847 million yuan on July 18, although it faced an overall outflow of 831.7437 million yuan over the past five days [1] Group 2 - China Rare Earth Group Resources Technology Co., Ltd. specializes in rare earth mining, processing, and production of rare earth oxides, along with technology research and consulting services [1] - The company reported a revenue of 728 million yuan for Q1 2025, representing a year-on-year increase of 141.32%, and a net profit of 72.6181 million yuan, up 125.15% year-on-year, with a gross profit margin of 9.77% [1] - The company has applied for 26 new patents, with 7 invention patents granted and 4 utility model patents [1]

Group 1 - The small metal sector has shown significant activity, with a collective increase of over 3% in stock prices, particularly for companies like Dongfang Zirconium and Haotong Technology, which saw gains exceeding 5% [1] - Supply constraints are evident due to domestic export quota management for antimony, bismuth, germanium, and tungsten, alongside transportation disruptions in Myanmar, leading to a global supply gap exceeding 30% [1] - Demand for small metals is rising, driven by applications in new energy vehicles, energy storage, military high-temperature alloys, and semiconductor packaging materials, with a notable increase in consumption of cobalt and nickel sulfate [1] Group 2 - Small metals have been classified as "strategic resources" by authorities, with export controls on gallium and germanium in 2024 and additional controls on tungsten, bismuth, and antimony in 2025, leading to increased scarcity premiums [1] - Leading companies are expected to report substantial profit growth, with Northern Rare Earth projected to see a more than 18-fold increase in net profit attributable to shareholders in the first half of 2025 [1] - Securities firms express optimism, highlighting that the relaxation of export controls could lead to a convergence of domestic and international prices, benefiting the sector through both valuation and profit increases [2][3] Group 3 - Dongfang Zirconium specializes in the research, production, and sales of zirconium series products, including zirconium silicate and zirconium oxide [2] - Haotong Technology focuses on precious metal recovery and related products, with key offerings including platinum, palladium, and rhodium [2] - Shenghe Resources produces rare earth concentrates and various rare earth products, contributing to the small metal supply chain [3] Group 4 - Guiyan Platinum's product range includes various precious metal compounds such as platinum, palladium, and rhodium [3] - Xianglu Tungsten's main products consist of tungsten oxide, tungsten powder, and tungsten carbide [3] - Tin Industry Co. engages in the exploration, mining, and processing of tin, zinc, copper, and indium, offering a wide array of products [3] Group 5 - Dongfang Tantalum is involved in the research, production, and sales of rare metals like tantalum and niobium [4] - Baotai Co. is recognized as China's largest specialized producer of titanium-based rare metal materials, holding over 40% market share [4]

Group 1: Stock Performance - The stock of Shangwei New Materials has hit the daily limit for eight consecutive trading days since its resumption, with a 20% increase each day [6][7] - The latest price-to-earnings ratio of Shangwei New Materials is 105.71, significantly higher than the industry average of 23.78 [7] Group 2: Market Trends - The A-share market saw a collective rise in the three major indices, with sectors like brain-computer interfaces, pharmaceutical commerce, and multi-modal AI performing well, while sectors like photovoltaic and diversified finance declined [1] - In the Hong Kong stock market, the Hang Seng Index and Hang Seng Technology Index both rose over 1%, with notable gains from companies like NIO and Nongfu Spring [3] Group 3: Lithium and Silicon Futures - The lithium extraction sector is experiencing a surge, with companies like Fumiao Technology and Jinyuan Co. hitting the daily limit, and the price of lithium carbonate futures rising over 4% to 70,700 yuan per ton [4] - The price of polysilicon futures has also seen a significant increase, with the main contract rising 7.49% to 45,700 yuan per ton, marking a new high since its listing [4] Group 4: AI and Small Metals - The small metals sector is showing positive movement, with companies like Dongfang Zirconium hitting the daily limit, and other companies in the sector also experiencing gains [5] - AI-related stocks are active, with Nanjing Xingshi hitting the daily limit, and other companies in the sector showing strong performance following the release of OpenAI's ChatGPT Agent [5]