本次冲击上市，盛龙股份拟募集资金约15.3亿元，扣除发行费用后，将按轻重缓急顺序投资于河南省嵩 县安沟钼多金属矿采选工程项目、矿业技术研发中心项目、补充流动资金及偿还银行贷款项目。 在首轮审核问询函中，盛龙股份行业及业务模式、历史沿革、资产重组及同业竞争等16个问题遭到追 问。 北京商报讯（记者 马换换 李佳雪）11月17日晚间，深交所官网显示，洛阳盛龙矿业集团股份有限公司 （以下简称"盛龙股份"）主板IPO对外披露了首轮审核问询函回复。 据了解，盛龙股份致力于有色金属矿产资源的综合开发利用，主要从事重要战略资源钼相关产品的生 产、加工、销售业务，主要产品为钼精矿和钼铁。公司IPO于2025年5月21日获得受理，当年6月8日进 入问询阶段。 ...

2025年上半年，盛龙股份实现营业收入约为22.89亿元；对应实现归属净利润约为6.04亿元。从往期财务 数据来看，2022—2024年，公司实现营业收入分别约为19.11亿元、19.57亿元、28.64亿元；对应实现归 属净利润分别约为3.44亿元、6.19亿元、7.57亿元。 本次冲击上市，盛龙股份拟募集资金约15.3亿元，扣除发行费用后，将按轻重缓急顺序投资于河南省嵩 县安沟钼多金属矿采选工程项目、矿业技术研发中心项目、补充流动资金及偿还银行贷款项目。 北京商报讯（记者 马换换 王蔓蕾）近日，深交所官网显示，洛阳盛龙矿业集团股份有限公司（以下简 称"盛龙股份"）主板IPO更新披露了招股书，其中最新披露了2025年上半年财务资料。 据了解，盛龙股份致力于有色金属矿产资源的综合开发利用，主要从事重要战略资源钼相关产品的生 产、加工、销售业务，主要产品为钼精矿和钼铁。公司IPO于2025年5月21日获得受理，当年6月8日进 入问询阶段。 ...

Investment Rating - Investment rating: Positive (maintained) [4] Core Views - The report highlights a mixed supply and demand situation in the rare earth sector, with prices for praseodymium and neodymium oxide increasing by 10.49% to 553,000 CNY/ton, while dysprosium oxide rose by 1.63% to 1,560,000 CNY/ton. However, terbium oxide saw a decline of 1.71% to 6,625,000 CNY/ton [4][11] - Molybdenum prices are experiencing fluctuations, with molybdenum concentrate prices dropping by 9.78% to 3,965 CNY/ton, and molybdenum iron (Mo60) prices decreasing by 7.62% to 254,500 CNY/ton [4][20] - Tungsten prices have reached historical highs due to supply constraints and price increases in long-term contracts, with black tungsten concentrate prices rising by 12.23% to 312,000 CNY/ton and ammonium paratungstate prices increasing by 13.30% to 460,000 CNY/ton [4][28] - Tin prices are fluctuating with SHFE tin down by 0.28% to 283,510 CNY/ton, while LME tin increased by 0.35% to 36,050 USD/ton [4][32] - Antimony prices are under pressure, with antimony ingot prices falling by 6.27% to 149,500 CNY/ton and antimony concentrate prices down by 7.07% to 131,500 CNY/ton [4][40] - The report notes that the controllable nuclear fusion industry is accelerating commercialization, with upstream materials expected to benefit significantly [4][5] Summary by Sections Rare Earths - Supply and demand are weak, with praseodymium and neodymium oxide prices rising by 10.49% to 553,000 CNY/ton [4][11] - The report suggests monitoring companies like Guangsheng Youse and China Rare Earth [4] Molybdenum - Molybdenum concentrate prices decreased by 9.78% to 3,965 CNY/ton, while molybdenum iron prices fell by 7.62% to 254,500 CNY/ton [4][20] - Suggested company to watch: Jinduicheng Molybdenum [4] Tungsten - Black tungsten concentrate prices increased by 12.23% to 312,000 CNY/ton, and ammonium paratungstate prices rose by 13.30% to 460,000 CNY/ton [4][28] - Recommended companies include Zhongtung High-tech and Xiamen Tungsten [4] Tin - SHFE tin prices fell by 0.28% to 283,510 CNY/ton, while LME tin prices rose by 0.35% to 36,050 USD/ton [4][32] - Companies to focus on: Yunnan Tin and Huaxi Silver Tin [4] Antimony - Antimony ingot prices dropped by 6.27% to 149,500 CNY/ton, and concentrate prices fell by 7.07% to 131,500 CNY/ton [4][40] - Companies to monitor include Huaxi Silver and Hunan Gold [4] Nuclear Fusion New Materials - The commercialization of controllable nuclear fusion is accelerating, with significant benefits expected for upstream materials [4][5]

Core Insights - Molybdenum iron, an alloy composed of 55%-75% molybdenum, is essential for producing stainless steel, heat-resistant steel, acid-resistant steel, and tool steel, with a density of 9.0g/cm³ to 9.5g/cm³ and a melting point around 2700°C [2][4] Production and Demand - In 2024, China's cumulative molybdenum iron production is projected to reach 217,700 tons, reflecting a year-on-year increase of 5.1%, with apparent demand at 217,600 tons [2] - From January to August 2025, cumulative production is expected to be 161,400 tons, a significant year-on-year growth of 13.8%, with apparent demand at 161,700 tons, indicating a balanced supply-demand scenario [2] - Major production regions in China include Liaoning, Henan, and Shaanxi [2] Price Trends - The price of 60% molybdenum iron in China surged from 98,600 CNY/ton in 2020 to 252,200 CNY/ton in 2023, driven by intensified supply-demand conflicts [2] - In 2024, prices are expected to remain high but decline compared to 2023 due to supply release and weakened downstream demand [2] Import and Export Dynamics - Between 2022 and 2024, molybdenum iron exports have been declining, while imports have been increasing, indicating a shift towards a stronger import market [2] - In 2024, molybdenum iron imports are projected at 7,963.5 tons, a substantial year-on-year increase of 61.0%, while exports are expected to be 8,122.9 tons, down 4.7% [2] - For January to August 2025, import and export volumes are anticipated to be 3,834.4 tons and 3,601.0 tons, respectively [2] Industry Outlook - The demand for molybdenum iron is expected to remain resilient, supported by the stainless steel and special steel sectors, as well as the upgrading of high-end manufacturing [2]

Core Insights - Fuquan Luanhang New Materials Co., Ltd. is rapidly expanding its production capacity and investment in the molybdenum industry, contributing to high-quality industrial economic development [1][4]. Group 1: Company Overview - Fuquan Luanhang New Materials Co., Ltd. is engaged in the production, processing, and trading of molybdenum metal materials, including molybdenum concentrate roasting and molybdenum iron smelting [4]. - The company has established a stable sales network, with products primarily sold to large steel mills in Fujian, Henan, and Shaanxi provinces [4]. Group 2: Production Capacity - The company currently operates three rotary kiln production lines dedicated to molybdenum oxide production and one production line for molybdenum iron [6]. - In December 2023, the company invested 150 million yuan to build a production line with an annual capacity of 20,000 tons of molybdenum concentrate roasting and a 10,000-ton molybdenum iron smelting processing line [4]. Group 3: Employment and Community Impact - The establishment and expansion of Fuquan Luanhang have created numerous job opportunities for local residents, enabling many to achieve stable employment close to home [6]. Group 4: Future Plans - The company plans to implement new projects to further extend its industrial chain, enhance resource utilization efficiency, and improve overall competitiveness [8]. - Future plans include acquiring over 30 acres of land for an additional molybdenum oxide production line, as well as facilities for material recovery and auxiliary processing [8].

Investment Rating - The investment rating for the small metals and new materials sector is "Positive" (maintained) [4] Core Views - Rare earth prices have experienced fluctuations, with a notable decline in praseodymium and neodymium oxide by 10.22% to 500,500 CNY/ton, while tungsten prices have rebounded due to supply constraints and price adjustments [5][6] - The controlled fusion new materials sector is accelerating towards commercialization, with significant advancements in technology and international collaborations [6] Summary by Sections Rare Earths - Recent price adjustments include a 10.22% drop in praseodymium and neodymium oxide to 500,500 CNY/ton, a 5.25% drop in dysprosium oxide to 1,535,000 CNY/ton, and a 4.06% drop in terbium oxide to 6,740,000 CNY/ton [5][12] - The demand side shows weakening terminal demand, with major manufacturers primarily purchasing based on essential needs [5] Molybdenum - Molybdenum concentrate prices increased by 0.46% to 4,395 CNY/ton, while molybdenum iron (Mo60) prices decreased by 0.18% to 275,500 CNY/ton [24] Tungsten - Black tungsten concentrate prices rose by 3.73% to 278,000 CNY/ton, and ammonium paratungstate prices increased by 3.70% to 406,000 CNY/ton [29] Tin - SHFE tin prices fell by 0.72% to 284,300 CNY/ton, and LME tin prices decreased by 1.58% to 35,925 USD/ton [34] Antimony - Antimony ingot prices declined by 4.78% to 159,500 CNY/ton, and antimony concentrate prices fell by 5.35% to 141,500 CNY/ton [45] Controlled Fusion New Materials - The domestic controlled fusion industry is witnessing rapid commercialization, with significant breakthroughs in energy extraction technology and international collaborations [6]

Market Overview - The market opened lower but rebounded, with the Sci-Tech Innovation 50 Index initially down nearly 3% before closing up over 1% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.35 trillion, a decrease of 160.9 billion compared to the previous trading day [1] - By the end of the trading session, the Shanghai Composite Index fell by 0.19%, the Shenzhen Component Index dropped by 0.93%, and the ChiNext Index declined by 1.11% [1] Sector Performance - Sectors such as rare earth permanent magnets, non-ferrous metals, and semiconductors saw significant gains, while automotive parts and gaming sectors experienced declines [1] Investment Insights - Huatai Securities noted that the market is focusing on industries undergoing capacity clearance, cyclical sectors, and defensive stocks [2] - CITIC Construction emphasized the strategic investment opportunities in rare metals due to strengthened export controls, particularly highlighting the strategic value of antimony and tungsten in the context of geopolitical tensions [3] - The tungsten market is showing signs of recovery, with August exports nearing pre-control levels, while molybdenum demand is increasing, indicating a shift in China's manufacturing landscape [3] - Galaxy Securities pointed out a weak recovery in the food and beverage sector during the National Day and Mid-Autumn Festival, with a focus on third-quarter earnings reports [4] - The firm suggests prioritizing investments in sectors with supply clearance and valuation bottoms, as well as growth stocks in new categories and channels [4]

Group 1: Rare Earths - The prices of rare earth materials show mixed trends, with praseodymium and neodymium oxide decreasing by 0.89% to 557,500 CNY/ton, dysprosium oxide increasing by 0.62% to 1,620,000 CNY/ton, and terbium oxide decreasing by 0.35% to 7,025,000 CNY/ton [2][3] - The Chinese Ministry of Commerce announced export controls on certain rare earth items and technologies, aiming to strengthen regulations and combat illegal export practices [2][3] - Supply-side constraints are evident due to low-priced ore tightening, while demand is characterized by a wait-and-see attitude, leading companies to focus on inventory consumption [2][3] Group 2: Molybdenum - Molybdenum prices are expected to experience strong fluctuations, with molybdenum concentrate prices decreasing by 1.13% to 4,375 CNY/ton and molybdenum iron prices decreasing by 0.90% to 276,000 CNY/ton [3] - Demand for molybdenum iron is increasing due to steel procurement, but there are significant losses for iron mills, leading to price fluctuations [3] Group 3: Tungsten - Tungsten prices are experiencing high volatility, with black tungsten concentrate prices decreasing by 0.74% to 268,000 CNY/ton and ammonium paratungstate prices decreasing by 0.89% to 391,500 CNY/ton [3] - Supply constraints are evident due to reduced mining quotas, while domestic demand remains stable, primarily driven by essential purchases [3] Group 4: Tin - Tin prices have increased due to a weak supply-demand balance, with SHFE tin rising by 4.48% to 286,400 CNY/ton and LME tin rising by 5.95% to 36,500 USD/ton [3][4] - The Indonesian government's crackdown on illegal mining has led to supply tightening, contributing to price increases [5] Group 5: Antimony - Antimony prices are in a downward adjustment phase, with antimony ingot prices decreasing by 2.90% to 167,500 CNY/ton and antimony concentrate prices decreasing by 1.97% to 149,500 CNY/ton [5] - Supply is tight due to a halt in overseas mining, while demand remains primarily driven by essential purchases, with expectations for export demand recovery in October [5] Group 6: Nuclear Fusion New Materials - The commercialization of controlled nuclear fusion is accelerating, with significant advancements in both domestic and international projects [6] - The industry is experiencing a high degree of prosperity, with upstream materials expected to benefit significantly from ongoing technological breakthroughs and commercial projects [6]

Investment Rating - The report maintains a positive outlook on copper, aluminum, and precious metals, indicating a high level of market activity and potential for growth in these sectors [13][16]. Core Insights - Copper prices have surged due to unexpected production cuts, leading to significant supply shortages and rapid price increases [13]. - Aluminum is showing signs of recovery with inventory levels decreasing and downstream processing rates improving, suggesting a potential for sustained high profitability [15]. - Precious metals, particularly gold, are expected to rise further due to market anticipation of continuous interest rate cuts [16]. Summary by Sections Copper - This week, LME copper price increased by 2.09% to $10,205.00 per ton, while Shanghai copper rose by 3.20% to 82,500 yuan per ton [14]. - Supply side: The import copper concentrate processing fee index rose to -$40.36 per ton; national copper inventory decreased by 4,400 tons to 140,100 tons [14]. - Consumption side: Brass rod enterprises' operating rate was 48.49%, showing a slight increase of 0.71 percentage points [14]. Aluminum - This week, LME aluminum price decreased by 1.01% to $2,649.00 per ton, and Shanghai aluminum fell by 0.24% to 20,700 yuan per ton [15]. - Supply side: Electrolytic aluminum ingot inventory in major consumption areas dropped by 21,000 tons to 617,000 tons [15]. - Demand side: Downstream processing enterprises' operating rate increased by 0.8 percentage points to 63.0%, driven by pre-holiday stocking [15]. Precious Metals - This week, COMEX gold price rose by 0.23% to $3,789.80 per ounce, with SPDR gold holdings increasing by 5.15 tons to 1,005.72 tons [16]. - The market is experiencing fluctuations due to U.S. tariffs and escalating geopolitical risks, contributing to a volatile trading environment [16]. Rare Earths - The price of praseodymium and neodymium oxide decreased, while the export volume of magnetic materials saw significant growth [32]. - Domestic rare earth separation enterprises are preparing for production halts, indicating potential supply constraints [32]. Antimony - Antimony ingot price is at 174,900 yuan per ton, showing a decrease of 2.26% [33]. - The demand for antimony is expected to recover as the photovoltaic glass market stabilizes [33]. Molybdenum - Molybdenum concentrate price is 4,450 yuan per ton, with a slight decrease of 0.45% [34]. - The demand for molybdenum is expected to rise as major steel mills resume procurement [34]. Tin - Tin ingot price increased by 1.74% to 273,700 yuan per ton, with inventory decreasing by 6.14% [35]. - The supply-demand dynamics are favorable, supported by strong inventory levels and demand from the semiconductor sector [35].

Group 1: Rare Earths - Recent price movements show a 4.18% decrease in praseodymium and neodymium oxide to 572,500 CNY/ton, while dysprosium oxide increased by 0.62% to 1,625,000 CNY/ton, and terbium oxide rose by 1.41% to 7,175,000 CNY/ton [1][2] - The U.S. Department of Defense has agreed to invest $400 million in MPMaterials, becoming its largest shareholder, and set a procurement price of $110 per kilogram for the two most commonly used rare earths, neodymium and praseodymium [1][2] - MPMaterials has announced a $500 million partnership with Apple to supply critical raw materials for its electronic products [1][2] Group 2: Molybdenum - Molybdenum concentrate prices increased by 0.22% to 4,515 CNY/ton, while molybdenum iron (Mo60) prices decreased by 0.69% to 287,500 CNY/ton [3] - Supply signals indicate a gradual contraction in molybdenum concentrate, while demand from steel mills is increasing, leading to a short-term strong price fluctuation [3] - Recommended companies to watch include Jinduicheng Molybdenum [3] Group 3: Tungsten - Black tungsten concentrate prices rose by 13.60% to 284,000 CNY/ton, and ammonium paratungstate prices increased by 12.16% to 415,000 CNY/ton [4] - Supply constraints due to reduced mining quotas and stable domestic demand are supporting tungsten prices [4] - Companies to monitor include China Tungsten and Hightech Materials, Xiamen Tungsten, and Zhangyuan Tungsten [4] Group 4: Tin - Tin prices on SHFE fell by 1.69% to 274,000 CNY/ton, and LME tin decreased by 2.14% to $34,800/ton [5] - Supply issues due to low operating rates in Yunnan's refining sector and weak demand from electronics and home appliances are affecting the market [5] - Companies to focus on include Yunnan Tin Company, Huaxi Group, and Xinyi Silver Tin [5] Group 5: Antimony - Antimony ingot prices remained stable at 182,500 CNY/ton, while antimony concentrate prices held at 160,000 CNY/ton [6] - Supply tightness is driven by a halt in overseas mineral imports and low operating rates in smelting plants [6] - Anticipated recovery in export demand starting in October may boost marginal demand [6] Group 6: Nuclear Fusion New Materials - The commercialization of controlled nuclear fusion is accelerating, with significant breakthroughs in welding technology recognized internationally [7] - CFS has raised $863 million in funding, planning to deploy a nuclear fusion reactor in Japan by the late 2030s or early 2040s [7] - Companies to watch in this sector include Antai Technology, SRE New Materials, and West Superconducting [7]