Group 1: Tungsten Industry - Tungsten is a strategic metal with high melting point and hardness, widely used in key sectors such as aerospace and electronics. China dominates global tungsten resources, with 2024 production expected to reach 67,000 tons and reserves at 2.4 million tons, both ranking first globally [15][16][17] - The supply of tungsten is tightening due to reduced mining quotas and environmental regulations, with a 6.5% decrease in the 2025 mining quota compared to the previous year. This is expected to support tungsten prices, which have already increased over 210% year-to-date [16][17] - The demand for tungsten is driven by hard alloys, military alloys, and photovoltaic tungsten wires, with hard alloys accounting for about 60% of tungsten consumption. The consumption of hard alloys in 2024 is projected to reach 41,400 tons, reflecting steady growth [30][39] Group 2: Molybdenum Industry - Molybdenum is primarily used in the steel industry to enhance strength and corrosion resistance. China holds 39% of global molybdenum reserves, with 2024 production expected to be 260,000 tons, a 6% increase from 2023 [40][43][49] - The supply of molybdenum is expected to remain stable, but the demand is increasing due to high-strength alloys and new applications in renewable energy and aerospace. The domestic molybdenum production from January to November 2025 is reported at 293,400 tons, an 8.66% increase year-on-year [47][49] - Molybdenum prices are supported by high demand in steel and other industries, with the average price of molybdenum iron in the first half of 2025 at 228,800 yuan per ton, reflecting a slight increase [54][55] Group 3: Germanium Industry - Germanium is classified as a strategic mineral, with its supply structure being concentrated and sensitive to price fluctuations. Global germanium production in 2023 was 138 tons, with China producing 94 tons [55][60] - The demand for germanium is expanding in high-growth sectors such as military infrared, low-orbit satellites, and telecommunications, with the price of germanium ingots averaging 15,625 yuan per kilogram in the first half of 2025, a 61.92% increase year-on-year [66][70] - The supply of germanium is tightening due to export controls and environmental policies, with expectations of a gradual increase in prices as demand continues to grow [70] Group 4: Zirconium Industry - Zirconium is widely used in various industries, including electronics, ceramics, and nuclear energy. The demand for zirconium products is driven by traditional sectors and emerging high-end applications [71][80] - The traditional ceramic sector remains the largest consumer of zirconium, with expectations of stabilization due to macroeconomic policies. The construction and real estate sectors are anticipated to support demand for zirconium products [80] - Emerging applications in renewable energy, artificial gemstones, and biomedical ceramics are expected to drive significant growth in zirconium demand, with projections indicating a compound annual growth rate of 133% for solid-state batteries from 2024 to 2030 [81][82]

Core Viewpoint - The price of tungsten, known as "industrial teeth," has significantly increased in 2023 due to supply constraints and surging demand from emerging sectors, creating a supply-demand gap that presents development opportunities for China's tungsten industry [1]. Industry Overview - Tungsten is widely used in various fields such as automotive, military, aerospace, machinery, new energy, and semiconductors due to its high melting point, hardness, density, and good thermal conductivity [1]. - The demand for tungsten has seen robust growth, particularly in traditional sectors and emerging markets, with significant increases in demand for tungsten wire in photovoltaic products and hard alloy tools [1][2]. Market Sentiment - Analysts express optimism about the market outlook, indicating that the supply-demand imbalance is expected to persist, keeping tungsten prices at high levels in the coming years [2]. - The market for tungsten is anticipated to remain strong due to limited new mining projects and ongoing demand from various industries [2]. Company Strategies - Companies in the tungsten industry are focusing on resource acquisition, high-value product development, and positioning in emerging markets to strengthen their market advantages [2]. - Xiamen Tungsten Co., Ltd. is enhancing its raw material security by increasing its mining capacity and exploring new mining opportunities, including overseas resources [3]. - Zhongtung High-tech Materials Co., Ltd. is leveraging technological innovation to develop high-value products for the artificial intelligence server market, with significant investments planned for new production lines [3]. Emerging Market Developments - Companies are actively expanding their business in emerging markets such as photovoltaics. For instance, Guangdong Xianglu Tungsten Industry Co., Ltd. has successfully established a production capacity of 6 billion meters of tungsten wire per year [4]. - Xiamen Tungsten is also expanding its applications in photovoltaic tungsten wire and special fields, achieving notable results [4].

沪指12月24日上涨0.53%，申万所属行业中，今日上涨的有26个，涨幅居前的行业为国防军工、电子， 涨幅分别为2.88%、2.12%。有色金属行业今日上涨0.61%。跌幅居前的行业为农林牧渔、煤炭，跌幅分 别为0.85%、0.70%。 有色金属行业资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 000657 | 中钨高新 | -5.31 | 9.64 | -36833.96 | | 600549 | 厦门钨业 | -4.56 | 4.59 | -25909.95 | | 603799 | 华友钴业 | 1.96 | 3.83 | -22239.81 | | 600988 | 赤峰黄金 | -2.19 | 3.11 | -13668.25 | | 002378 | 章源钨业 | -7.75 | 11.03 | -12473.82 | | 600711 | 盛屯矿业 | -0.89 | 5.74 | -11638.04 | | 002466 | 天齐锂业 | 0.86 | 4.97 | ...

Group 1: Commercial Aerospace - Focus on core targets in manufacturing and launch sectors that may maintain stable or improving value amid cost reduction trends[3] - Key targets in satellite manufacturing include Shanghai Hanzhou, Zhenlei Technology, and Aerospace Electronics[3] - Anticipate strong merger and acquisition expectations for Aerospace Science and Technology Group due to its substantial off-balance-sheet assets[3] Group 2: Household Robotics - iRobot's bankruptcy and the acquisition of Jiamei by Chasing Technology are optimizing the landscape of the robotic vacuum industry[3] - iRobot's revenue in Q3 2025 was $146 million, with a loss of $22 million, indicating ongoing challenges[40] Group 3: Liquid Cooling Technology - Key recommended companies include Invid, which has a clear positioning advantage and has secured orders ahead of competitors[3] - The liquid cooling market is expected to grow significantly as cloud providers adopt self-developed ASIC chips, increasing demand for cooling solutions[47] Group 4: Tungsten Materials - Tungsten ore prices have surged, with 65% black tungsten ore increasing by 200.7% to 430,000 CNY per ton by December 19, 2025[65] - Recommended companies benefiting from rising tungsten prices include Zhongtung High-tech and Xiamen Tungsten[64] Group 5: Battery Technology - Zhongchuang Innovation is transitioning to a global battery leader, focusing on high-end products like 5C ultra-fast charging and high energy density batteries[3] - The company has established a comprehensive product system covering both power and energy storage applications[3]

关于使用闲置募集资金进行现金管理部分到期赎回 的公告 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。 厦门钨业股份有限公司（以下简称"公司"）于 2025 年 11 月 25 日召开第 十届董事会第二十一次会议，审议通过了《关于公司及权属公司继续使用部分闲 置募集资金进行现金管理的议案》，同意公司使用额度不超过人民币 21 亿元的 闲置募集资金进行现金管理，用于购买安全性高、流动性好、单项产品期限最长 不超过 12 个月的各类保本型现金管理产品，包括存款、理财产品或中国证监会 认可的其他投资品种等（包括但不限于结构性存款、大额存单、国债逆回购、银 行理财产品等），且该等投资产品不得用于质押，不用于以证券投资为目的的投 资行为。本次现金管理决议的有效期限自公司董事会审议通过之日起的 12 个月 内有效，在上述额度和期限范围内，资金可以滚动使用。具体内容详见公司于 2025 年 11 月 26 日披露于上海证券交易所网站（www.sse.com.cn）的《关于公 司及权属公司继续使用部分闲置募集资金进行现金管理的公告》（临-202 ...

Group 1 - Tungsten prices have surged significantly, with ammonium paratungstate (APT) reaching 668,500 yuan/ton as of December 22, up over 200% from 210,500 yuan/ton at the end of last year [1][5] - On December 23, shares of tungsten companies such as Xianglu Tungsten Industry and Zhangyuan Tungsten Industry hit the daily limit, while Xiamen Tungsten Industry and Zhongtung High-tech also saw substantial price increases [1][5] - The strong performance of tungsten prices is attributed to a supply-demand imbalance, with demand increasing and supply constrained due to China's quota system on tungsten mining [7] Group 2 - Companies like Xianglu Tungsten Industry have implemented a pricing mechanism that adjusts every two weeks in response to raw material price fluctuations [4][11] - Xiamen Tungsten Industry reported that their tungsten raw material production is approximately 12,000 tons annually, with a self-sufficiency rate of about 20% [11] - The rising cost of tungsten is not expected to diminish the competitive advantage of tungsten wire in the photovoltaic sector, as its superior properties are widely recognized [12] Group 3 - The market for tungsten wire is expanding beyond photovoltaics into high-end applications in medical and automotive fields, leveraging its excellent fatigue resistance and tensile strength [12] - Xiamen Tungsten Industry is actively developing new mining projects to increase tungsten ore production, while Xianglu Tungsten Industry holds mining rights for significant reserves [13]

Group 1 - The small metal sector experienced a strong rebound on December 23, with significant gains in various companies [1] - Zhangyuan Tungsten Co. reached the daily limit increase, following a similar performance by Xianglu Tungsten Industry [1] - Other companies such as Bowei Alloys, Haotong Technology, Zhongtung High-tech, and Xiamen Tungsten Industry saw their stock prices rise by over 5% [1]

中金指出，考虑到国内供给由于品位下降、规范趋严等因素持续偏紧，海外除哈萨克斯坦之外，增量供 应不确定性较大且放量较慢，未来3—5年全球钨供给依然维持偏紧态势。在钨的战略价值不断增强，价 格步入牛市通道的背景下，全球钨业龙头正迎来战略性配置机遇。 （文章来源：证券时报网） 有色板块23日盘中发力拉升，钨概念股表现亮眼。截至发稿，翔鹭钨业涨停，章源钨业涨超9%，厦门 钨业、中钨高新涨超5%。 行业方面，今年3月以来，中国钨精矿价格自14.2万元/吨上涨至9月10日28.8万元/吨高位，随后回落至 26.7万元附近企稳。10月中旬以来，钨价再度开启上涨行情，并连续创下历史新高。 ...

Core Viewpoint - The non-ferrous sector experienced a significant rally on the 23rd, with tungsten concept stocks showing strong performance, indicating a bullish trend in the tungsten market [1] Industry Summary - Since March of this year, the price of tungsten concentrate in China has increased from 142,000 yuan/ton to a high of 288,000 yuan/ton on September 10, before stabilizing around 267,000 yuan/ton [1] - Starting from mid-October, tungsten prices have begun to rise again, continuously reaching historical highs [1] - According to China International Capital Corporation (CICC), domestic supply remains tight due to declining grades and stricter regulations, while overseas supply, except for Kazakhstan, has significant uncertainty and slow growth [1] - The global tungsten supply is expected to remain tight over the next 3-5 years, driven by the increasing strategic value of tungsten and the entry of prices into a bull market [1] - Global tungsten industry leaders are facing strategic allocation opportunities in this context [1]

Group 1 - The price of Chinese black tungsten concentrate (≥65% domestic) has risen to 449,600 CNY per ton, with a daily increase of 19,900 CNY, representing a growth of approximately 4.63%, and a year-to-date increase of 214.87% [1] - Tungsten powder spot average price reported at 1,090,000 CNY per ton, with a significant daily increase of 72,500 CNY, reflecting a rise of about 7.1%, continuing the strong price trend observed throughout the year [1] - From 2025 to 2028, global tungsten production is expected to increase from 82,800 tons to 89,900 tons, while demand is projected to rise from 102,100 tons to 110,000 tons, indicating a persistent supply-demand gap [1] Group 2 - Companies such as Xiamen Tungsten (600549) and China Tungsten High-Tech (000657) are forecasted to see a year-on-year net profit increase of over 40% in 2025, while Luoyang Molybdenum (603993) and Zhangyuan Tungsten (002378) are expected to have net profit growth exceeding 30% [1] - Guangsheng Nonferrous (600259) is anticipated to achieve a turnaround from loss to profit [1] - The marginal demand for tungsten-based new materials in new application fields such as AI, controllable nuclear fusion, and new infrastructure will provide long-term support for tungsten prices [1]