<p>美銀證券發佈研究報告稱，洛陽鉬業 (03993.HK) -0.540 (-2.869%) 空頭頭寸為 2.0241 億美元；比例為 31.343%。該公司在 2026 年第一季度的淨利潤同比增長 97%，達到 77.6 億元人民幣，符合券商預期。在此期間，銅業務貢獻了約 100 億元人民幣的毛利潤，佔總產品毛利潤的約 63%。銅產量同比增長 10%，達到 188,000 噸，銷售量達到 182,000 噸。集團維持 2026 年全年產量指導為 760,000 至 820,000 噸。</p>
<p>美銀證券指出，成本通脹仍然是關鍵變量。它維持對洛陽鉬業 H 股的買入評級，目標價為 28 港元。（hc/u）（香港股票報價延遲至少 15 分鐘。空頭數據截至 2026 年 4 月 27 日 12:25。）</p>
<p>本文由 AI 自動翻譯，中文版本應視為權威版本。AASTOCKS.com Limited 不保證其準確性或完整性，並對因使用此翻譯而產生的任何損害或損失不承擔任何責任。</p>

洛陽鉬業

<p>BofAS 對洛陽鉬業維持買入評級，目標價為 28 港元，指出成本通脹是一個關鍵變量。洛陽鉬業報告稱 2026 年第一季度淨利潤同比增長 97%，達到 77.6 億元人民幣，主要受銅業務毛利約 100 億元人民幣的推動，佔總毛利的 63%。銅產量同比增長 10%，達到 188,000 噸，銷售量為 182,000 噸。公司維持全年產量指導為 760,000 至 820,000 噸</p>

<p>BofAS issued a research report stating that CMOC (03993.HK) -0.540 (-2.869%)  Short selling $202.41M; Ratio 31.343%  reported a 97% YoY increase in net profit to RMB7.76 billion in 1Q26, in line with the brokers expectations. During the period, the copper business contributed gross profit of approximately RMB10 billion, accounting for about 63% of total product gross profit. Copper production rose 10% YoY to 188,000 tonnes, with sales reaching 182,000 tonnes. The group maintained its full-year 2026 production guidance at 760,000 to 820,000 tonnes.</p>
<div class="lb-trans"><p>美銀證券發佈研究報告稱，洛陽鉬業 (03993.HK) -0.540 (-2.869%) 空頭頭寸為 2.0241 億美元；比例為 31.343%。該公司在 2026 年第一季度的淨利潤同比增長 97%，達到 77.6 億元人民幣，符合券商預期。在此期間，銅業務貢獻了約 100 億元人民幣的毛利潤，佔總產品毛利潤的約 63%。銅產量同比增長 10%，達到 188,000 噸，銷售量達到 182,000 噸。集團維持 2026 年全年產量指導為 760,000 至 820,000 噸。</p>
</div><p>BofAS noted that cost inflation remains the key variable. It maintained its Buy rating on CMOCs H-shares with a TP of HKD28. (hc/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-27 12:25.)</p>
<div class="lb-trans"><p>美銀證券指出，成本通脹仍然是關鍵變量。它維持對洛陽鉬業 H 股的買入評級，目標價為 28 港元。（hc/u）（香港股票報價延遲至少 15 分鐘。空頭數據截至 2026 年 4 月 27 日 12:25。）</p>
</div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p>
<div class="lb-trans"><p>本文由 AI 自動翻譯，中文版本應視為權威版本。AASTOCKS.com Limited 不保證其準確性或完整性，並對因使用此翻譯而產生的任何損害或損失不承擔任何責任。</p>
</div>

BofAS: Cost Inflation Remains Key Variable for CMOC ; Maintains Buy Rating

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美銀證券認為成本通脹仍然是洛陽鉬業的關鍵因素，並維持買入評級