Core Viewpoint - Jiangxi Jiangtong Rare and Precious Equipment Co., Ltd. is experiencing abnormal stock price fluctuations, with a cumulative closing price increase of 20% over three consecutive trading days, prompting the company to issue a risk warning and disclose ongoing plans for a specific A-share issuance [2][5]. Group 1: Stock Price Fluctuations - The company's stock price increased by a cumulative 20% over three trading days on February 13, 24, and 25, 2026, which is classified as an abnormal trading fluctuation according to Shanghai Stock Exchange rules [2][5]. - Prior to this, the stock also saw a similar increase of over 20% from February 10 to February 12, 2026, following the announcement of plans to issue A-shares [3][5]. Group 2: A-Share Issuance Plan - The company is planning to issue A-shares to specific investors, including its controlling shareholder Jiangxi Tungsten Industry Holding Group, with a maximum of 35 investors involved [7]. - The total number of shares to be issued will not exceed 30% of the company's total share capital before the issuance, amounting to a maximum of 296,987,964 shares [7]. - The total funds raised from this issuance, including issuance costs, are expected to be no more than 1,881.95 million yuan, which will be used to acquire 100% equity in three target companies [7][8]. Group 3: Company Operations and Financial Health - The company has confirmed that its production and operational activities are normal, with no significant changes in its main business or external operating environment [6]. - The company anticipates a net loss for the year 2025, projecting a loss of between 258 million yuan and 308 million yuan, indicating a worsening financial performance compared to the previous year [12]. Group 4: Disclosure and Compliance - The company has conducted self-inspections and confirmed that there are no undisclosed significant matters related to major asset restructuring, share issuance, or other major transactions [4][10]. - The board of directors has stated that there are no other undisclosed matters that should be reported according to the relevant regulations of the Shanghai Stock Exchange [15].

●经公司自查和问询公司直接控股股东江西钨业控股集团有限公司（以下简称"江 钨控股"）、间接控股股东江西省投资集团有限公司（以下简称"江投集团"），截至 本公告披露日，除公司已披露事项外，江投集团、江钨控股不存在关于本公司应披露而 未披露的重大信息，包括但不限于重大资产重组、股份发行、重大交易类事项、业务重 组、股份回购、股权激励、破产重整、重大业务合作、引进战略投资者等重大事项。公 司敬请广大投资者关注后续公告并注意二级市场交易风险，理性决策，审慎投资。 1 / 4 一、股票交易异常波动的具体情况 证券代码：600397 证券简称：江钨装备 公告编号：2026-020 江西江钨稀贵装备股份有限公司 股票交易异常波动暨风险提示公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●江西江钨稀贵装备股份有限公司（以下简称"公司"）股票于 2026 年 2 月 13 日、 2 月 24 日、2 月 25 日连续 3 个交易日内收盘价格涨幅偏离值累计达到 20%，根据《上海 证券交易所交易规则》的有关规定，属于股票交易 ...

上个马年沪指涨近60%！新年新福利来了，炒股排面要拉满，新号启幸运>> 格隆汇2月25日｜江钨装备发布异动公告，公司股票于2026年2月13日、2月24日、2月25日连续3个交易 日内收盘价格涨幅偏离值累计达到20%，根据《上海证券交易所交易规则》的有关规定，属于股票交易 异常波动情形。截至本公告披露日，本次向特定对象发行A股股票相关事项的生效和完成尚需募集资金 投资项目有关审计、评估等工作完成后再次召开董事会审议通过、公司股东会审议通过、获得有权国资 审批单位批准、经上海证券交易所审核通过并报中国证监会同意注册后方可实施。该事项尚存在不确定 性，敬请广大投资者注意投资风险。 ...

Core Viewpoint - Jiangxi Tungsten Equipment (江钨装备) experienced a trading halt on February 25, 2026, with a closing price of 18.74 yuan, marking a 9.98% increase and a total market capitalization of 18.552 billion yuan [1] Group 1: Company Developments - The company is undergoing a strategic transformation and business restructuring, planning to acquire three tungsten/tantalum-niobium enterprises to enhance its industry chain layout, with an expected combined net profit of 130 million yuan by 2025, which will improve overall competitiveness and profitability [2] - The controlling shareholder, Jiangxi Tungsten Holdings, has committed to subscribing for 20%-40% of the new shares, indicating confidence in the company's development and boosting market expectations [2] Group 2: Business Diversification - The company has introduced new tungsten and tantalum-niobium product lines, reducing risks associated with a single business and entering emerging fields such as hard alloys and semiconductor materials, thus achieving business diversification [2] - The targeted companies operate in strategic emerging industries encouraged by national policies, allowing the company to benefit from favorable policy environments [2] Group 3: Market Conditions - The rare metals sector has shown active performance recently, with some stocks in the same concept and sector experiencing significant gains, contributing to a sector-wide effect that supported Jiangxi Tungsten Equipment's trading halt [2] - Technical indicators, such as the MACD forming a golden cross and the stock price breaking through key resistance levels, have attracted technical investors, further driving the stock price increase [2] - On February 25, there was a notable net buying of large orders, indicating significant involvement from main funds, which was a crucial factor in the stock's trading halt [2]

Core Viewpoint - Jiangxi Tungsten Equipment (600397) has experienced a significant stock price increase of 40.95%, closing at 15.49 yuan as of February 13, 2026, with a market capitalization of 15.334 billion yuan [1][2]. Trading Information Summary - Jiangxi Tungsten Equipment was listed on the "Dragon and Tiger List" due to a cumulative price deviation of 20% over three consecutive trading days [2][4]. - The stock reached a peak price of 15.74 yuan during the week, marking its highest point in nearly a year [1]. Company Announcement Summary - Jiangxi Tungsten Equipment confirmed that its stock price fluctuation was due to normal business operations and announced plans to issue A-shares to specific investors, raising up to 1.882 billion yuan for acquisitions [3][4]. - The company is set to acquire 100% stakes in Jiangxi Tungsten Hard Alloy Co., Ltd., Ganzhou Huamao Tungsten Materials Co., Ltd., and Jiujiang Nonferrous Metal Smelting Co., Ltd. [3]. - The controlling shareholders confirmed that there are no undisclosed significant information related to the stock [3][4].

Group 1 - The stock price of Jiang Tung Equipment (600397) closed at 15.49 yuan on February 13, 2026, marking a historical high with an increase of 8.25% on that day and a cumulative rise of 40.95% over the past five days, despite the company expecting a net loss of 258 million to 308 million yuan for the full year of 2025 and having reported losses for three consecutive years from 2023 to 2025 [1] - The strong stock performance is primarily driven by expectations of a significant asset restructuring, with the company announcing plans to raise no more than 1.882 billion yuan through a targeted issuance to acquire 100% equity of Jiang Hard Company, Huamao Company, and Jiuye Company, which are projected to achieve a combined net profit of approximately 132 million yuan in 2025 [1] - The acquisition will add tungsten and tantalum-niobium product businesses, facilitating the company's transition from coal trading to a dual main business model of "magnetic separation equipment + new materials," which is viewed positively by the market regarding resource integration prospects [1] Group 2 - The trading environment is characterized by intense capital competition, with a single-day transaction volume of 2.717 billion yuan and a turnover rate of 17.62% on February 13, 2026, despite a net outflow of 408 million yuan from main funds, retail and speculative funds collectively saw a net inflow of 408 million yuan, indicating active participation from short-term speculative investors [2] - Technical indicators are strong, with the stock price breaking through all key moving averages (5-day, 20-day, and 60-day), the MACD histogram remaining positive, and the KDJ indicator's J line reaching 107.27, indicating an overbought condition, which supports short-term upward momentum [2] Group 3 - The small metals sector has recently shown active performance, with stocks like Zhangyuan Tungsten Industry (002378) hitting the daily limit, and stocks related to power grid equipment and state-owned enterprise reform being favored by investors, making Jiang Tung Equipment, as a small-cap stock with a circulating market value of 15.3 billion yuan, more susceptible to sector sentiment [3] - The company's transformation direction aligns with policy-supported areas such as high-end equipment and new materials, leading to high growth expectations from the market after shedding its loss-making coal business [3] Group 4 - Attention is needed regarding whether the targeted issuance plan can successfully pass regulatory approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission, as well as the profitability stability of the acquired assets [4] - The company faces significant short-term financial risks, with a debt-to-asset ratio of 88.28% and a current ratio of 0.52 as of the third quarter of 2025, indicating substantial repayment pressure [4] - If the transformation does not meet expectations, the company may continue to experience performance losses [4]

Group 1 - Jiang Tung Equipment (SH600397) reached the daily limit with a price of 15.74 yuan, a rise of 9.43%, and a total market capitalization of 15.503 billion yuan, with a total trading volume of 984 million yuan [1] - The company plans to acquire three tungsten/tantalum-niobium enterprises to enhance its industrial chain layout, expecting a combined net profit of 130 million yuan by 2025, while diversifying its business into hard alloy and semiconductor materials [1] - The controlling shareholder, Jiang Tung Holdings, has committed to subscribing for 20%-40% of the new shares, indicating confidence in the company's development [1] Group 2 - The target companies operate in strategically emerging industries encouraged by national policies, which will provide policy benefits and enhance the company's overall R&D capabilities [1] - The companies have stable customer bases and well-established marketing networks, aiding in market channel expansion [1] - On February 12, the company was listed on the "Dragon and Tiger List" with a trading volume of 706 million yuan, indicating significant interest from retail and foreign investors [1]

Group 1 - Jiangte Equipment (600397.SH) experienced a 4.96% increase in stock price, reaching 15.020 yuan, marking a historical high [1] - The company's total market capitalization is 14.869 billion yuan [1]

Group 1 - The core viewpoint highlights the focus on policy support and market dynamics in China's natural resources sector, with the Ministry of Natural Resources announcing reforms to accelerate project implementation and regional collaboration [1] - In Sichuan Province, a new round of mineral exploration has progressed, with 18 cities and states investing a total of 314 million yuan, discovering over 100 million tons of resources such as phosphate and fluorite [1] - Commodity prices show mixed trends, with energy prices rising by 0.6% in early February, while mineral prices fell by 0.2%, and non-ferrous metals saw a significant decline of 2.7% [1] Group 2 - Recent stock performance in resource-related stocks is driven by policy changes and price fluctuations, with tungsten stocks like Xianglu Tungsten Industry and Zhangyuan Tungsten Industry hitting the daily limit due to expectations of price increases [1] - The land market recovery has also boosted related sectors, exemplified by high premium transactions for residential land in Chengdu, indicating the value of core regional resources [1] - Institutional analysis suggests that cyclical stocks such as tungsten and nickel are supported by supply constraints and growing demand from the new energy sector, making their earnings elasticity noteworthy [2]

Core Viewpoint - Jiangxi Jiangtong Rare and Precious Equipment Co., Ltd. is experiencing abnormal stock trading fluctuations, with a cumulative closing price increase of 20% over three consecutive trading days, prompting the company to disclose its plans for a specific issuance of A-shares in 2026 [2][4]. Group 1: Stock Trading Abnormalities - The company's stock price increased by a cumulative 20% over three consecutive trading days from February 10 to February 12, 2026, which is classified as an abnormal trading situation according to the Shanghai Stock Exchange rules [2][4]. - The company is planning to issue A-shares to specific investors, which requires several approvals and completion of related audits and assessments before implementation [2][6][7]. Group 2: Company Operations and Major Events - The company confirmed that its production and operational activities are normal, with no significant changes in its main business or external operating environment [5]. - The planned issuance of A-shares aims to enhance the company's core competitiveness and asset quality, with the total amount of funds raised not exceeding 1.881 billion yuan (188,195.26 million yuan) [6][7]. - The issuance will involve acquiring 100% equity of three target companies, which is expected to constitute a major asset restructuring [6][7]. Group 3: Shareholder and Management Information - The company conducted inquiries with its major shareholders, Jiangxi Tungsten Industry Holding Group Co., Ltd. and Jiangxi Investment Group Co., Ltd., and found no undisclosed significant information that could affect stock trading [3][8]. - There are no violations of stock trading regulations by the company's directors, senior management, or major shareholders [9].