电力设备 头部企业业绩稳升，新增长点纷呈 海外市场无疑是支撑思源电气业绩高增的核心引擎。上半年，思源电气海外市场收入达到28.6亿元，同 比增长89.0%，海外收入占比接近34%，其主要市场包括欧洲、亚洲、非洲等多个地区。 近日，思源电气接待机构调研时透露，公司海外订单的增速高于平均增速。公司海外EPC项目主要集中 在东南亚和非洲地区，基于当地能源建设的需求，今年订单量有所增长。 ◎记者 王文嫣 随着A股上市公司三季报披露收官，在国内电网投资持续高位运行与海外市场需求爆发的双重驱动下， 绝大多数电力设备企业营收与利润实现稳步增长。超级电容、储能等正成为部分公司的新标签。在近日 发布的重磅文件明确提出要加快智能电网和微电网建设的背景下，多位电力设备行业人士认为，电力设 备行业正迎来短期业绩释放与中长期发展机遇的共振期。 业绩分化中显韧性 电网投资与海外市场双轮驱动增长 上海证券报记者梳理国电南瑞、思源电气、中国西电、许继电气、平高电气等多家具有行业代表性的企 业三季报发现，尽管业绩增速存在分化，但增长主线清晰，电网投资拉动与海外市场突破成为核心驱动 力。 中国电力企业联合会最新报告显示，前三季度我国电网完成投资 ...

能源金属持续回暖，贵金属板块高位震荡 2025 年 10 月 31 日 投资要点： 分析师：许正堃 SAC 执业证书编号： 行情回顾。截至2025年10月30日，申万有色金属行业近两周上涨3.70%，跑赢 沪深300指数1.72个百分点，在申万31个行业中排名第4名。截至2025年10月 30日，近两周有色金属行业子板块中，能源金属板块上涨8.72%，小金属板块 上涨5.72%，工业金属板块上涨4.97%，金属新材料板块上涨1.40%，贵金属板 块下跌9.37%。 周 报 行 业 有色金属行业 标配（维持） 有色金属行业双周报（2025/10/17-2025/10/30） 有色金属行业重要新闻及观点 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 S0340523120001 电话：0769-23320072 邮箱： xuzhengkun@dgzq.com.cn 资料来源：东莞证券研究所，iFind 申万有色金属行业指数走势 贵金属。截至10月30日，COMEX黄金价格收于4038.30美元/盎司，较10月初上 ...

New Consumption - The company Ruyuchen (003010.SZ) reported a 73% year-on-year growth in net profit attributable to shareholders in Q3 2025, driven by strong performance in its proprietary brands [2][10] - For the first three quarters of 2025, the company achieved revenue of 2.14 billion yuan, an 85% increase year-on-year, and a net profit of 105 million yuan, up 82% [2][10] - The proprietary brand business accounted for 55.1% of total revenue, with brands like Zhanjia and Feicui maintaining high growth rates [11][12] Metal New Materials - Xiamen Tungsten (600549.SH) exceeded expectations in Q3 2025, with revenue of 12.82 billion yuan, a 39.3% year-on-year increase, and a net profit of 810 million yuan, up 109.9% [15][16] - The tungsten and molybdenum segment saw significant profit growth due to rising tungsten prices, with Q3 profits reaching 1.06 billion yuan, a 98.3% increase year-on-year [16][18] - The company is positioned to benefit from the rising demand for cobalt lithium in the energy new materials sector, with a 45% year-on-year increase in sales volume [17][18] Transportation - Milkewei (603713.SH) reported a 2.1% increase in revenue to 3.64 billion yuan in Q3 2025, although net profit decreased by 3.5% to 173 million yuan [20][21] - The company's integrated logistics strategy is showing results, with total assets growing by 41.42% year-on-year, indicating rapid expansion in distribution business [21][23] - The gross margin improved to 11.2%, driven by optimization in distribution product categories [21][22] Machinery/Building Materials - Weixing New Materials (002372.SZ) experienced a revenue decline of 10.76% year-on-year in the first three quarters of 2025, with net profit down 13.52% [25][26] - The company reported a slight improvement in performance due to investment gains, with a gross margin of 43.04% in Q3 [26][27] - The company is facing challenges in operational performance despite a healthy cash flow situation [27][28] Overseas/Education Research - Tiangong International (00826.HK) is transitioning from a cutting tool manufacturer to a leader in high-end materials, focusing on powder metallurgy and titanium alloy sectors [34][35] - The company is expected to benefit from the growing demand in high-value sectors such as aerospace and consumer electronics [36][38] - The powder metallurgy technology is seen as a key platform for entering strategic new materials and high-end manufacturing markets, potentially enhancing both performance and valuation [37][38] North Exchange - Jianbang Technology (920242.BJ) reported a 9% year-on-year revenue increase to 586 million yuan in the first three quarters of 2025, despite facing credit loss provisions [39][40] - The company is expanding its product offerings in the automotive electronics sector and has initiated production at its Thailand factory [41][42] - Future growth is anticipated from the development of optoelectronic hybrid interconnection products and a focus on non-automotive components [42]

证券研究报告 有色金属 | 小金属 非金融|公司点评报告 hyzqdatemark 2025 年 10 月 30 日 厦门钨业(600549.SH) 投资评级： 买入（维持） ——Q3 业绩超预期，钨钼板块表现亮眼 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 陈婉妤 SAC：S1350524110006 chenwanyu@huayuanstock.com 陈轩 chenxuan01@huayuanstock.com 市场表现： | 基本数据 | | | | 2025 | 年 | 10 | 月 29 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 37.51 | | | 一 年 内 / | 最 | 高 | 最 | 低 ...

2025年初，韩国三星电子、SK海力士等半导体巨头收到了一份令人咋舌的涨价通知。 来自日本、韩国的几家主要供应商宣布，从明年开始，用于芯片制造 的关键气体六氟化钨，供应价格将最高上调90%。 这意味着，生产一颗高端芯片的成本将大幅增加。 更让巨头们头疼的是，他们似乎没有太多讨价还价的余地，只能被动接受。 一场由原材料引发的风暴， 正悄然席卷全球半导体产业链。 这一切的源头，指向了一种古老的金属，钨。 截至2025年9月初，中国国内的钨矿价格比年初暴涨约95%，达到每吨28万元人民币。 作为六氟化钨直接原料的APT价格，涨幅也超过90%。 这种在五个月 内价格就翻倍的疯狂走势，在矿业史上也属罕见。 你手机、电脑里最核心的芯片，正面临一场突如其來的"粮食危机"。 这场危机的导火索，是一种你可能从未听说过的化学物质，六氟化钨。 | 厦门钨业 | 35.15 | 1.80% | 546.212 | | --- | --- | --- | --- | | SH.600549 | | | | | 章源钨业 | 13.33 | 1.76% | 159.3亿 | | SZ.002378 | | | | | 广晟有色 | 55 ...

公司控股子公司厦门金鹭特种合金有限公司拟投资3.88亿元，在湖里区设立全资子公司厦门金鹭先进陶 瓷材料有限公司，拓展新业务。记者了解到，多家厦门上市公司近期纷纷成立子公司，开拓新业务，谋 求增长点。 内容来源：海西晨报 近日，厦门钨业发布公告称 鹭燕医药 厦门钨业发布的公告显示，厦门金鹭先进陶瓷材料有限公司（暂定名）注册资本1.9亿元，项目固定资 产投资3.58亿元，铺底流动资金3005万元，资金均来源于企业自筹。据悉，该项目建设周期预计3年， 建成后将成为厦门金鹭整体方案开发服务的综合平台，兼具高效切削解决方案能力展示与快速配套生产 功能。 鹭燕医药日前发布公告称，全资子公司鹭燕嘉文拟依托总部项目，增加投资额约6亿元，用于投资建设 两家酒店，并孵化医疗康复、健康养生、养老休闲、体育、文旅等健康领域业务，延伸健康服务价值 链。为便于酒店项目后续的开发建设及管理，鹭燕嘉文拟以自有资金出资设立两家酒店管理公司，并引 进国际知名酒店品牌（希尔顿）和经营团队，负责酒店的日常经营管理。 欣贺股份 近日，欣贺股份成立厦门欣烁智投信息科技有限公司，经营范围包含人工智能应用软件开发、网络与信 息安全软件开发等。记者了解到，欣 ...

10月29日，A股小金属板块集体走强，钨方向领涨。截至发稿，中钨高新涨停，股价已2连板；厦门钨业涨超5%，股价创历史新高；章源钨业涨超4%，股价已8连阳；翔鹭钨业涨超2%，股价同样 钨概念股今年业绩及涨幅 | 序号 | 证券简称 | 今年涨幅 | 前三季净利润 | 消 | | --- | --- | --- | --- | --- | | | | (%) | (亿元) | | | ー | 洛阳钼业 | 159.85 | 142.80 | | | വ | 中钨高新 | 147.70 | 8.46 | | | ന | 章源钨业 | 107.78 . | 1.90 | | | ব | 广晟有色* | 99.46 -- 0.72 | | | | 5 | 厦门钨业 | 87.26 | 17.82 | | | 6 | 翔鹭钨业* | 81.96 | 0.18 | | | 7 | 湖南黄金 | 66.41 | 10.29 | | 数据来源：东方财富Choice数据（截至10月28日，*表示上半年净利润 ) 》东方财富证券 要炒股 先开户 玩乐万财富让芬 市场人士指出，钨精矿价格已回到历史高位。今年以来钨价格持续上涨，一方面 ...

Core Insights - The Fujian sector in the A-share market continues to perform well, with several stocks hitting their daily limit up, indicating strong investor interest and market momentum [1] Group 1: Stock Performance - Pingtan Development (000592) achieved a 10.02% increase, with a total market capitalization of 11.7 billion and a year-to-date increase of 110.45% [2] - Gibit (603444) rose by 10.00%, with a market cap of 36.3 billion and a year-to-date increase of 136.50% [2] - Ruilite (002790) saw a 9.96% increase, with a market cap of 4.154 billion and a year-to-date increase of 40.08% [2] - Fulongma (603686) increased by 7.92%, with a market cap of 10.9 billion and a year-to-date increase of 154.38% [2] - Xiamen Tungsten (600549) rose by 4.92%, with a market cap of 58.6 billion and a year-to-date increase of 96.47% [2] - Wanlishi (002785) increased by 4.53%, with a market cap of 8.312 billion and a year-to-date increase of 12.00% [2] - Kaiying Network (002517) rose by 4.49%, with a market cap of 53.2 billion and a year-to-date increase of 84.18% [2] - Xiamen Tungsten New Energy (688778) increased by 4.45%, with a market cap of 41.9 billion and a year-to-date increase of 120.43% [2] - Fujian Cement (600802) rose by 3.66%, with a market cap of 3.373 billion and a year-to-date increase of 94.20% [2]

Group 1 - The core viewpoint of the news highlights the performance and growth of the rare earth industry, particularly focusing on the rise of the China Rare Earth Industry Index and the significant gains of key stocks within this sector [1][2]. - As of October 29, 2025, the China Rare Earth Industry Index increased by 0.64%, with notable stock performances including Keli Yuan reaching a daily limit increase of 10%, and other companies like Antai Technology and Xiamen Tungsten rising by 5.13% and 4.98% respectively [1]. - The rare earth ETF managed by Jiashi has seen a substantial increase in scale, with a growth of 92.05 million yuan over the past two weeks, making it the top performer among comparable funds [1]. Group 2 - The top ten weighted stocks in the China Rare Earth Industry Index account for 61.96% of the index, with North Rare Earth and Wolong Electric Drive being the largest contributors [2][4]. - Recent regulatory changes by the Chinese Ministry of Commerce regarding export controls on rare earth materials and technologies aim to strengthen compliance and address illegal export activities [2]. - Market conditions indicate a slowdown in demand, with major manufacturers primarily restocking based on immediate needs, while supply-side pressures are increasing due to sluggish shipments from rare earth mines [2].

Core Insights - The Fujian sector in the A-share market continues to perform well, with several stocks hitting their daily limit up, indicating strong investor interest and positive market sentiment [1] Group 1: Stock Performance - Pingtan Development (000592) achieved a 10.02% increase, with a total market capitalization of 11.7 billion and a year-to-date increase of 110.45% [2] - Jibite (603444) also saw a 10.00% rise, bringing its market cap to 36.3 billion and a year-to-date increase of 136.50% [2] - Ruilite (002790) recorded a 9.96% increase, with a market cap of 4.154 billion and a year-to-date increase of 40.08% [2] - Fulongma (603686) rose by 7.92%, with a market cap of 10.9 billion and a year-to-date increase of 154.38% [2] - Xiamen Tungsten (600549) increased by 4.92%, with a market cap of 58.6 billion and a year-to-date increase of 96.47% [2] - Wanlishi (002785) saw a 4.53% increase, with a market cap of 8.312 billion and a year-to-date increase of 12.00% [2] - Kaiying Network (002517) rose by 4.49%, with a market cap of 53.2 billion and a year-to-date increase of 84.18% [2] - Xiamen Tungsten New Energy (688778) increased by 4.45%, with a market cap of 41.9 billion and a year-to-date increase of 120.43% [2] - Fujian Cement (600802) rose by 3.66%, with a market cap of 3.373 billion and a year-to-date increase of 94.20% [2] Group 2: Market Trends - The formation of a MACD golden cross signal indicates a positive trend in the stock prices of these companies, suggesting potential for further gains [1]