The biggest highlight on the first trading day after the National Day and Mid-Autumn Festival holidays was undoubtedly the major breakout of copper metal listed companies. From the stock gainers list, copper metal companies staged a frenzied limit-up rally! Due to the associated characteristics of copper and molybdenum mines, some large mining enterprises also engage in molybdenum mining and smelting while operating copper mining and smelting. Among A-share listed companies, Luoyang Molybdenum (603993) and Zijin Mining (601899) are both typical copper-molybdenum mining listed companies. Therefore, copper-molybdenum mining related companies may become a key speculation theme in the subsequent copper metal sector rally.

The first trading day after the National Day and Mid-Autumn Festival holidays saw the most significant highlight being the comprehensive breakout of copper metal listed companies! From today's sector gains ranking, the copper metal sector outperformed the nuclear fusion concept to become the sector with the largest index gains in today's A-share market! Moreover, related sectors of non-ferrous metals associated with copper, such as gold, zinc, cobalt-nickel, and molybdenum, also ranked at the forefront in terms of gains! From individual stock gains, Jiangxi Copper (600362), Yunnan Copper (000878), Tongling Nonferrous (000630), Northern Copper (000737), Shengda Mining (600711), HBIS Resources (000923), Zijin Mining (601899), Western Mining (601168), Luoyang Molybdenum (603993), Baiyin Nonferrous (601212), Xingye Yinxi (000426), Zhongjin Gold (600489), Western Gold (601069), Jinling Mining (000655), Zhefu Holding (002266), Gaoneng Environment (603588), Jingyi Shares (002295), Hebang Biology (603077), China Ruilin (603257) and many other copper metal-related listed companies all hit their daily limit! From the limit-up varieties, Zhongjin Gold (600489), Western Gold (601069) and Jinling Mining (000655) are all gold and copper mine associated mining and smelting enterprises, while Luoyang Molybdenum (603993) and Zijin Mining (601899) are typical copper-molybdenum mining and smelting enterprises! Therefore, copper-molybdenum mining related companies undoubtedly become a key speculation theme in the subsequent copper metal sector rally.

Copper prices have entered a super cycle: On the first trading day after the National Day and Mid-Autumn Festival holidays, copper metal listed companies began a comprehensive breakout staging a frenzied limit-up rally! Focus on non-ferrous metals related companies associated with copper such as molybdenum and cobalt-nickel. Today's limit-up stocks Luoyang Molybdenum (603993) and Zijin Mining (601899) are both the most typical copper-molybdenum mining and smelting enterprises. On the first trading day after the holidays, the copper metal sector outperformed the nuclear fusion concept to become the sector with the largest index gains in today's A-share market! Moreover, related sectors of non-ferrous metals associated with copper, such as gold, zinc, cobalt-nickel, and molybdenum, also ranked at the forefront.

Recently, the non-ferrous metals market has welcomed a strong rally, with copper prices performing particularly outstandingly. As of early October 2025, copper prices have broken through $11,350 per ton, soaring 11.76% from the previous month, reaching multi-year highs.

This round of copper price increases mainly stems from supply disruptions, strong industrial demand, and the driving force of AI infrastructure construction.

In fact, the global copper market is experiencing an unprecedented supply crisis. Recently, the world's second-largest copper mine - Indonesia's Grasberg copper mine experienced production disruptions, forcing Freeport-McMoRan to declare force majeure.

This sudden event has exacerbated the already tense market supply-demand balance, pushing copper prices continuously higher. Analysts point out that after breaking through key resistance levels, copper prices show strong upward trends technically.

Meanwhile, Goldman Sachs has recently revised its copper market forecast, adjusting from an expected surplus of 105,000 tons to a deficit of 55,500 tons.

This major adjustment reflects institutional fundamental shifts in copper supply-demand dynamics, as the copper market may transition from supply surplus to supply tightness.

Of course, a more important factor is that the rise of artificial intelligence is clearly driving surging copper demand, as this metal is being heavily invested in power-hungry digital center server clusters. An AI data center's annual power consumption could equal the total of hundreds of thousands of electric vehicles.

According to Bloomberg New Energy Finance calculations, a single hyperscale data center uses 3,000 tons of copper annually, equivalent to the total usage of 1,500 electric vehicles. More shocking is that by 2030, global data center copper demand will exceed 4.3 million tons, surpassing Chile's annual production.

This demand surge stems from AI servers' unique hardware architecture. Compared to traditional servers, AI servers require higher-power GPU modules and more complex liquid cooling systems, increasing copper usage per device by 3-5 times. Taking NVIDIA's H100 GPU as an example, its heat dissipation module contains 2.8 kilograms of copper, while a standard rack of AI server clusters can use over 200 kilograms of copper.

BHP's South Australia Copper head Anna Wiley candidly stated at a conference in August this year, "Building these data centers and their subsequent power supply and cooling all require large amounts of copper materials."

BHP attempted to acquire Anglo American last year to consolidate its position as the world's largest copper producer. The company predicts copper demand will increase 70% by 2050.

On one side, copper is becoming increasingly indispensable in the AI arms race; on the other side, as governments increase defense spending, weapons equipment from bullet shells and fighter jets to missile systems also require large amounts of copper.

Currently, the Trump administration is pressuring NATO allies to increase defense budgets, and multiple European countries including Germany are also planning to raise military spending.

Under the current geopolitical landscape, military spending as a percentage of GDP shows a clear upward trend. NATO member countries generally raise military spending to above 2% of GDP, while Russia has increased its military spending ratio to 6.5%. This change directly drives up copper consumption in military equipment. According to Michael Haigh's estimates, if global military spending ratios rise from the current 2.5% to 4%, it would generate an additional 170,000 tons of copper demand - equivalent to 1% of global annual production.

"We must also examine copper demand from another angle - potential military spending," said Michael Haigh, Head of Fixed Income and Commodities Research at Société Générale.

Meanwhile, the transition to low-carbon energy and comprehensive economic electrification remains the main trend driving copper demand.

Although the Trump administration is trying to cut green energy subsidies and abolish emission regulations, wind and solar power stations continue to expand. The electric vehicle transition is the same - their copper demand far exceeds that of gasoline vehicles. The International Energy Agency predicts that by 2025, approximately $2.2 trillion will be invested in low-carbon energy, low-emission fuels, energy efficiency improvements, and electrification, twice the amount of fossil fuel investments.

According to the International Energy Agency's latest report, each megawatt wind turbine requires 3-4 tons of copper, a single electric vehicle uses 4 times more copper than traditional gasoline vehicles, and smart grid transformation projects see copper demand climbing at an 8% compound annual growth rate.

According to BMI, a consulting firm under Fitch Solutions, electric vehicle copper demand alone will increase from 1.3 million tons in 2025 to 2.3 million tons in 2030. The research institution expects copper demand for upgrading power generation and transmission networks will grow 19% over the same period, reaching 14.9 million tons.

Taking China's "West-to-East Power Transmission" ultra-high voltage project as an example, every 1,000 kilometers of transmission lines consumes over 20,000 tons of copper, equivalent to a medium-sized copper mine's annual production. International Copper Association data further confirms: by 2030, global new energy vehicle sector copper demand will exceed 2.3 million tons, a 77% increase from 2025; photovoltaic industry copper usage will also reach 1.8 million tons, a 60% increase from current levels.

Notably, this demand growth is irreplaceable. Although aluminum conductors can replace copper in some scenarios, copper's conductivity advantages make it irreplaceable in high-voltage, high-frequency scenarios.

Comprehensive institutional predictions suggest global copper demand will grow at an annual rate of 3.2% over the next five years, while supply growth is only 2.1%. This structural gap will drive copper prices into a new upward cycle. If geopolitical conflicts continue to escalate, copper prices may continue breaking higher. This price elasticity makes copper a quality asset against inflation, attracting substantial institutional investor positioning.

From Thursday's A-share market individual stock gainers list, Jiangxi Copper (600362), Yunnan Copper (000878), Tongling Nonferrous (000630), Northern Copper (000737), Shengda Mining (600711), HBIS Resources (000923), Zijin Mining (601899), Western Mining (601168), Luoyang Molybdenum (603993), Baiyin Nonferrous (601212), Xingye Yinxi (000426), Zhongjin Gold (600489), Western Gold (601069), Jinling Mining (000655), Zhefu Holding (002266), Gaoneng Environment (603588), Jingyi Shares (002295), Hebang Biology (603077), China Ruilin (603257) and many other copper metal-related listed companies all hit their daily limit! From the limit-up varieties, Zhongjin Gold (600489), Western Gold (601069) and Jinling Mining (000655) are all gold and copper mine associated mining and smelting enterprises, while Luoyang Molybdenum (603993) and Zijin Mining (601899) are typical copper-molybdenum mining and smelting enterprises. Therefore, copper-molybdenum mining related companies may become a key speculation theme in the subsequent copper metal sector rally.

Copper-molybdenum association refers to the simultaneous existence and symbiosis of copper and molybdenum ores in geological formation, commonly found in porphyry-type deposits. In this type of ore, molybdenite (containing molybdenum) and chalcopyrite (containing copper) minerals are closely symbiotic.

According to encyclopedia introductions, copper-molybdenum deposits are porphyry-type metal deposits with copper and molybdenum symbiosis, with mineral compositions mainly consisting of chalcopyrite and molybdenite, containing bornite, sphalerite, and gangue minerals such as quartz.

Global proven copper-molybdenum associated ores are mainly concentrated in Chile, China, the United States and other regions. For example, China's Inner Mongolia Wunugetushan copper-molybdenum mine is a low-grade large-scale associated mine developed by China Gold Group, with reserves ranking fourth nationally.

It can be seen that precisely due to the associated characteristics of copper and molybdenum ores, some large mining enterprises also engage in molybdenum mining and smelting while operating copper mining and smelting. Among A-share listed companies, Luoyang Molybdenum (603993) and Zijin Mining (601899) are both typical copper-molybdenum mining companies.

Since listing in 2012, Luoyang Molybdenum (603993) has achieved global deployment from molybdenum mining to diversified mineral resources through precise counter-cyclical acquisitions, becoming a world-leading producer of copper, cobalt, molybdenum, tungsten, and niobium. Luoyang Molybdenum (603993) Chairman and Chief Investment Officer Liu Jianfeng stated that the company will further strengthen copper assets based on existing resource varieties, deploy new resources such as gold, and expand in more key mineral countries to complete its "world-class mining company" puzzle.

According to Fujian Provincial Government website reports, in March 2025, Zijin Mining (601899) made major discoveries in Fujian's Zijinshan mining area, successfully obtaining the "Zijinshan Mining Area Northeast Section Copper Mine Exploration Report" mineral resource reserve evaluation filing opinion from Fujian Provincial Natural Resources Evaluation Center. This discovery revealed the rich mineral resources of Fujian Province's largest porphyry copper-molybdenum mine in nearly 20 years. After careful exploration, cumulative proven copper-molybdenum ore amounts to 340 million tons, with copper metal resources of 1.33 million tons and molybdenum metal resources of 90,000 tons, providing solid guarantee for the continued development of Zijin Mining's (601899) Zijinshan mining area.

Thursday's limit-up stocks Luoyang Molybdenum (603993) and Zijin Mining (601899) are both the most typical copper-molybdenum mining and smelting enterprises. Public information shows that CITIC Niya's major shareholder CITIC Guoan Industrial Group's acquisition of 65.1% equity in Xinjiang Luomo Mining Co., Ltd. is about to complete transfer, and the injection of Xinjiang Luomo Mining, which operates copper-molybdenum mines, into the company is a high probability event.

On the evening of June 19, 2024, Luoyang Molybdenum (603993) announced that the company intends to transfer 65.1% equity of its subsidiary Xinjiang Luomo Mining Co., Ltd. (corresponding to paid-in and subscribed registered capital of 980 million yuan) to unrelated third party CITIC Guoan Industrial Group Co., Ltd. for 2.9 billion yuan.

Regarding this sale of subsidiary Xinjiang Luomo Mining Co., Ltd. equity, Luoyang Molybdenum (603993) explained that the company always examines business layout and product portfolio from strategic and overall heights, and will continue to focus on new energy metals and important strategic metals. The company's board of directors and management believe this transaction can better focus on group development priorities, improve capital allocation efficiency, and continuously strengthen the foundation for stable and healthy growth.

Before this transaction, as a controlling subsidiary of Luoyang Molybdenum (603993), Xinjiang Luomo Mining Co., Ltd. owned 65.1% interest in Donggobi molybdenum mine.

Public information shows Xinjiang Luomo Mining Co., Ltd. was established in 2010 with registered capital of 1.505 billion yuan. Currently, Luoyang Molybdenum (603993) holds 65.1% equity in Xinjiang Luomo Mining Co., Ltd., being its controlling shareholder. Additionally, Henan Yukuang Xinyuan Mining Co., Ltd. and Hami State-owned Assets Investment and Operation Co., Ltd. of Xinjiang Uygur Autonomous Region hold 27.9% and 7% equity respectively in Xinjiang Luomo Mining Co., Ltd.

From public information, we can see that Xinjiang Luomo Mining Co., Ltd. mainly mines mineral resources including molybdenum, copper, lead, zinc, gold, nickel, etc. Among these, molybdenum and copper mines are the company's main products.

Donggobi molybdenum mine is one of Luoyang Molybdenum's (603993) three major molybdenum mineral resources in China. According to Luoyang Molybdenum's 2023 annual report data, Donggobi molybdenum mine has a molybdenum grade of 0.115%, resource volume (by metal content) of 508,200 tons, reserves (by metal content) of 196,800 tons, remaining mineable years of 38 years, and mining rights valid for 21 years. Xinjiang Luomo Mining Co., Ltd. owns exploration rights for this mine.

On November 13, 2024, Luoyang Molybdenum (603993) stated on the investor interaction platform that the transfer work for Donggobi molybdenum mine is progressing normally, and if transfer is completed, the company will announce promptly.

It is understood that when Luoyang Molybdenum (603993) released news of wanting to sell Donggobi molybdenum mine, there were many bidders, and ultimately CITIC Guoan Industrial Group stood out because the mine has good synergy with its existing assets, reflecting urgent desire to find new growth points.

As mentioned earlier, during restructuring, CITIC Group stated it would inject important resources for the restructured CITIC Guoan Industrial Group to help it quickly return to healthy sustainable development track. This Donggobi molybdenum mine acquisition shows CITIC Group is fulfilling its promise. After equity transfer completion, CITIC Guoan Industrial's portfolio will add a mining asset, with Donggobi molybdenum mine joining CITIC Guoan Industrial Group's Qinghai Lithium and Baiyin Nonferrous (601212) to form the mineral resources sector, creating synergy in advanced materials, new consumption, and new urbanization sectors.

For CITIC Guoan Industrial Group, another major advantage of acquiring Donggobi molybdenum mine is almost being able to "take over directly" without much additional preparation, normally achieving construction and production within two years.

Previously, the State-owned Assets Supervision and Administration Commission issued "Several Opinions on Improving and Strengthening Market Value Management of Central Enterprise-Controlled Listed Companies," clearly proposing that central enterprises should support controlled listed companies in implementing mergers and acquisitions around improving main business competitive advantages, enhancing technological innovation capabilities, and promoting industrial upgrading.

Meanwhile, the opinion also encourages central enterprise-controlled listed companies to accelerate deployment in strategic emerging industries and future industries through mergers and acquisitions, cultivating new quality productive forces. Industry insiders indicate that if CITIC Niya can seize this policy opportunity to implement related industry mergers and acquisitions, it will help optimize industrial structure, enhance long-term development potential and market competitiveness, thereby driving market value improvement.