Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Views - The macroeconomic outlook is improving, leading to a comprehensive rise in metal prices, particularly strategic metals [2][4] - The report emphasizes the importance of strategic metals and bottom energy metal allocation opportunities, highlighting the revaluation of rare earths and tungsten [4] - The report suggests that the domestic growth stabilization and anti-involution policies are enhancing expectations, which is driving up domestic commodity prices [5][6] Summary by Sections Strategic Metals - Strategic metals such as rare earths and tungsten are experiencing a revaluation, with significant price increases expected due to government focus and international supply chain developments [4] - The price of rare earth concentrate has increased to 19,100 CNY/ton, reflecting a 1.5% increase [4] - Tungsten prices are also on the rise, supported by strong supply dynamics and improving company performance [4] Energy Metals - The report indicates a high probability of short-term price increases for cobalt, with a significant drop in imports noted [4] - Cobalt intermediate imports in June fell to 18,991 tons, a decrease of 61.6% month-on-month [4] - Nickel prices are expected to stabilize, with long-term price expectations likely to rise [4] Lithium - The report notes a bottoming out of lithium prices, with recent regulatory changes indicating stricter domestic mining controls [4] - The price of battery-grade lithium carbonate has rebounded by 15.2% to 76 CNY/kg [24] - The report suggests monitoring potential resource releases in the lithium sector [4] Precious Metals - Gold prices are fluctuating due to improved risk appetite and easing trade tensions, with a recommendation to increase allocation to precious metal stocks [4][6] - The report highlights that gold stocks have underperformed, suggesting a strategic buying opportunity [4] - Silver is noted for its potential upside, with a recommendation to consider silver stocks for recovery [4] Industrial Metals - The report indicates that industrial metals are experiencing mixed performance, with domestic prices leading international trends [5][6] - Copper prices on the SHFE increased by 1.1%, while aluminum prices rose by 1.2% [5] - The report emphasizes the importance of monitoring macroeconomic policies and their impact on metal demand [6]

Group 1: Price Trends - Tungsten prices have been rising continuously this year, with black tungsten concentrate (≥65%) reaching 190,000 yuan/ton, up 32.9% since the beginning of the year [1] - White tungsten concentrate (≥65%) is priced at 189,000 yuan/ton, an increase of 33.1% year-to-date [1] - Ammonium paratungstate (APT) is at 280,000 yuan/ton, reflecting a 32.7% rise since the start of the year [1] Group 2: Market Performance - The A-share tungsten sector has seen a cumulative increase of over 60% as of July 25 this year [1] - Market funds are beginning to reassess investment opportunities in tungsten, which has been undervalued compared to other non-ferrous metals like copper and aluminum [1] Group 3: Supply Dynamics - The Ministry of Natural Resources has set a total tungsten mining quota of 58,000 tons for the first batch in 2025, a decrease of 4,000 tons or 6.45% from the previous year [1] - Major tungsten-producing provinces, Jiangxi and Yunnan, have reduced their mining volumes by 2,370 tons and 400 tons, respectively [1] - The natural decline in tungsten ore grades is providing strong support for tungsten prices [1] Group 4: Demand Drivers - The demand for tungsten products is increasing due to the accelerated transformation and upgrading of China's manufacturing sector, particularly in photovoltaic and hard alloy fields [2] - The market size for tungsten wire used in photovoltaic cutting is projected to grow from 719 million yuan in 2022 to 6.659 billion yuan by 2025 [2] - Companies like Guangdong Xianglu Tungsten Industry Co., Ltd. are ramping up production capabilities, with plans for an annual output of 30 billion meters of ultra-fine tungsten wire [2] Group 5: Industry Responses - Companies are actively responding to the challenges and opportunities presented by rising tungsten prices, with upstream mining firms leveraging resource advantages and downstream firms optimizing product structures [2] - Changyi Zhangyuan Tungsten Industry Co., Ltd. is enhancing its resource base through the integration of mining rights and increased exploration efforts [2] - Xiamen Tungsten Co., Ltd. aims to increase its tungsten resource assurance rate from 20% to 70% in the future [3] Group 6: Innovation and Cost Management - Companies are improving processes to manage cost pressures and enhance product value, such as Zhongtung High-tech Materials Co., Ltd. extending APT into micro-drill production for printed circuit boards [3] - The focus on high-value-added products is seen as a strategy to mitigate risks associated with raw material price fluctuations [3] - The impact of rising tungsten prices varies across the industry, with upstream companies benefiting from higher prices while downstream firms need to invest in product upgrades and innovation capabilities [3]

Investment Rating - The industry investment rating is "Overweight" [12] Core Viewpoints - The commencement of the Yarlung Zangbo River downstream hydropower project is expected to significantly benefit the engineering machinery sector, with a total investment of approximately 1.2 trillion yuan, making it the highest investment project in a single country [5][6] - The project will require a high degree of mechanization, with a projected demand for engineering machinery equipment amounting to about 120 billion yuan, which is estimated to be 10% of the total investment [5][6] - The geological conditions favor the use of tunnel boring machines (TBM), leading to an expected increase in the proportion of TBM construction methods [4][5] Summary by Sections General Engineering Machinery - General engineering machinery such as excavators, cranes, concrete machinery, and aerial work platforms will see increased demand due to the project's construction cycle and local conditions [4] - The demand for larger and electric equipment is anticipated to be higher, reflecting greater profitability for companies [4] Tunnel Boring Machinery - The project will utilize TBM and other drilling equipment, with expectations of more extensive tunnel construction compared to previous projects [4][5] - The average length of tunnels in similar projects has been noted to be around 16.7 kilometers, with the Yarlung Zangbo project expected to have even longer tunnels [4][5] Large Cable Cranes - Large cable cranes will be essential for transporting concrete and installing metal structures in the challenging mountainous terrain [4] Key Beneficiaries - Core companies to focus on include Sany Heavy Industry, XCMG, Zoomlion, LiuGong, and others for general engineering machinery; China Railway Engineering Corporation and others for tunnel boring machinery; and Farlantech for cable cranes [6]

Group 1 - The company's stock experienced abnormal trading fluctuations, with a cumulative closing price increase exceeding 20% over three consecutive trading days from July 22 to July 24, 2025 [2] - The company conducted an internal review and confirmed that there were no corrections or supplements needed for previously disclosed information [3] - The company did not find any significant undisclosed information in public media that could have impacted the stock price [3] Group 2 - The company's recent operational conditions remain normal, with no significant changes in the internal or external business environment [3] - There were no undisclosed major matters related to the company, its controlling shareholders, or actual controllers during the abnormal trading period [3] - The company is monitoring the "Yaxia Hydropower Project," which is in its early stages and characterized by large investment scale, long construction period, and high technical requirements [3][4] Group 3 - The board of directors confirmed that there are no undisclosed matters that should be disclosed according to the Shenzhen Stock Exchange's regulations [5] - The company is preparing its 2025 semi-annual report, which is scheduled for disclosure on August 27, 2025 [6]

Group 1 - The State Council's General Office announced that Premier Li Qiang will attend the opening ceremony of the 2025 World Artificial Intelligence Conference in Shanghai on July 26 [1] - The State-owned Assets Supervision and Administration Commission held a seminar from July 23 to 24, emphasizing the need to optimize the allocation of state-owned assets and resist "involution" competition [1] - The National Development and Reform Commission and the State Administration for Market Regulation are soliciting opinions on the draft amendment to the Price Law, aiming to improve standards for identifying low-price dumping and regulate market pricing order [1] Group 2 - As of June 30, 2025, the total scale of public funds in China reached 34.39 trillion yuan, marking a historical high since early 2024, while money market funds saw a decline of over 160 billion yuan [2] - The second batch of 12 floating fee funds has been approved and will be launched successively [2] - The U.S. has imposed counter-tariffs totaling 93 billion euros on American products, which will take effect on August 7 if no trade agreement is reached with the U.S. [2] Group 3 - Yuanli Co. announced plans to acquire 100% equity of Tongsheng Co., and its stock has resumed trading [3] - Hengtong Optic-Electric won a marine energy project worth 1.509 billion yuan [3] - China Gold Group's Inner Mongolia Mining Co. has suspended production, and the company will promote follow-up work [3] Group 4 - Intel reported second-quarter revenue of $12.86 billion, a year-on-year increase of 0.2%, with a net loss of $2.92 billion compared to a loss of $1.61 billion in the same period last year [4] - OpenAI plans to release its flagship model GPT-5 as early as early August, along with mini and nano versions [4] - The European Central Bank maintained its main refinancing rate at 2.15%, the deposit facility rate at 2%, and the marginal lending rate at 2.4%, all in line with market expectations [4]

Core Viewpoint - The article summarizes significant announcements from various listed companies in the Shanghai and Shenzhen stock markets, providing insights for investors regarding operational changes, financial performance, and potential risks. Group 1: Company Announcements - Zhongjin Gold announced the suspension of operations at its Inner Mongolia mining subsidiary following a tragic incident where six students drowned during a site visit [3] - China Power Construction is involved in the Yarlung Tsangpo River downstream hydropower project, but the long construction cycle introduces uncertainty regarding its future financial impact [4][5] - Su Bote's stock has seen a significant increase, with its rolling P/E ratio at 55.52, well above the industry average of 19.61, prompting a warning about trading risks [6] - Agricultural Bank of China successfully issued a total of 600 billion yuan in secondary capital bonds, with two different maturities and interest rates [7] - Nanjing Xinbai's major assets are under judicial freeze due to liquidity issues faced by its controlling shareholder [8] - Time Space Technology's stock is suspended as the controlling shareholder plans a change in control [9] - Pioneer New Materials and its former controlling shareholder are under investigation by the China Securities Regulatory Commission for information disclosure violations [10] - *ST Wanfang faces risks of change in control as its major shareholder's stock is subject to auction [11] - ST Xia Chuang plans to publicly transfer 20% of its stake in a subsidiary to optimize its asset structure [12] - Saiwei Microelectronics is planning to transfer up to 18% of its shares through an agreement, without affecting control [13] - Hailun Piano's controlling shareholder is set to change, with a new entity becoming the largest shareholder [14] - Yuanli Co. intends to acquire 100% of Tongsheng Co. to enhance its strategic business layout in silica [15][16] - Zhongtung High-tech is focusing on opportunities in the Yarlung hydropower market [17] - Shen Shui Planning Institute is monitoring developments in the Yarlung hydropower project but is not currently involved [18] - *ST Baoying plans to transfer 50.1% of its stake in a subsidiary to optimize resource allocation [19] Group 2: Financial Performance - Zhimingda reported a net profit of 38.298 million yuan for the first half of 2025, a year-on-year increase of 2147.93% [20] - Leshan Electric Power's net profit for the first half of 2025 was 7.9031 million yuan, down 14.55% year-on-year, attributed to new pricing policies and increased costs [21][22] - Sainuo Medical expects a net profit of 13.84 million yuan for the first half of 2025, a 296.54% increase year-on-year, driven by strong sales of its coronary stent products [23] - China Haisong reported a net profit of 152 million yuan for the first half of 2025, up 8.52% year-on-year [24] Group 3: Shareholding Changes - Beitaini's shareholder plans to reduce its stake by up to 2% [25] - Yaoji Technology's controlling shareholder intends to reduce their stake by up to 3% [26] - Adit's major shareholder plans to reduce their stake by up to 3% [27] - Zhonghuan Environmental Protection's specific shareholder did not execute its planned share reduction [31] - Zhangyue Technology's major shareholder plans to reduce their stake by up to 3% [37] Group 4: Buybacks and Financing - Gaon Environment plans to repurchase shares worth between 100 million and 150 million yuan [38] - Quanzhu Co. intends to raise no more than 180 million yuan through a private placement for AI-related projects [39]

Group 1 - The company is the largest supplier of hard alloys in China [1] - The shield machine rolling cutter is at a leading level domestically [1] - The products are widely used in major urban subway construction, national railways, highway network construction, and national water diversion projects [1] Group 2 - The company plans to continue actively exploring market opportunities [1] - There is a focus on related construction project opportunities in the future [1]

中钨高新材料股份有限公司（以下简称"公司"）股票（证券简 称：中钨高新，证券代码：000657）于 2025 年 7 月 22 日、2025 年 7 月 23 日、2025 年 7 月 24 日连续三个交易日内日收盘价格涨幅偏离 值累计超过 20%，根据《深圳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况。 二、公司关注及核实情况的说明 证券代码：000657 证券简称：中钨高新 公告编号：2025-86 中钨高新材料股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、股票交易异常波动情况介绍 针对公司股票异常波动的情况，公司对有关事项进行了核查，现 将有关情况说明如下： 1.公司前期披露的信息不存在需要更正、补充之处； 2.公司未发现近期公共传媒报道了可能或已经对公司股票交易 价格产生较大影响的未公开重大信息； 3.公司近期经营情况正常，内外部经营环境未发生重大变化； 4.经自查和问询，公司、控股股东及实际控制人不存在关于公司 应披露而未披露的重大事项，也不存在处于筹划阶段的重大事项； 5.经问询，在公司本次股 ...

Group 1 - The company, Zhongtung High-tech (000657), has observed unusual fluctuations in its stock trading related to the "Yaxia Hydropower Project" concept [1] - As of the date of this announcement, the "Yaxia Project" is still in its initial stages, characterized by a large investment scale, long construction period, and high technical requirements [1] - The company will actively monitor and seize market opportunities while urging investors to be aware of investment risks [1]

Market Overview - The A-share market saw all three major indices reach new highs for the year, with the Shanghai Composite Index rising by 0.65% to surpass 3600 points, the Shenzhen Component Index increasing by 1.21%, and the ChiNext Index climbing by 1.5% [1] - The total market turnover was approximately 1.87 trillion yuan, a decrease of 24.5 billion yuan compared to the previous trading day, with over 4300 stocks rising [1] Sector Performance - The Hainan sector led the gains, with concepts related to the Hainan Free Trade Zone, horse racing, and duty-free shops showing significant increases [3] - The energy metals, minor metals, and new metal materials sectors ranked among the top three in terms of growth, with stocks like Shengxin Lithium Energy, Tibet Mining, and Zhongtung High-tech hitting the daily limit [3][13] Commodity Futures - Most domestic commodity futures closed higher, with coking coal futures hitting the daily limit, lithium carbonate rising over 7%, glass increasing over 6%, polysilicon up more than 5%, and soda ash rising over 4% [4] Company Highlights - Zhongshe Co., Ltd. (002883) experienced a rapid increase, hitting the daily limit within 9 minutes at the end of trading, marking its fourth consecutive day of limit-up [5][8] - Industrial Fulian saw its stock price rise by over 8% during the day, reaching a historical high, and closing up 7.04% with a total market capitalization of 565 billion yuan [6] Industry Insights - Zhongshe Co., Ltd. focuses on providing comprehensive engineering design consulting and general contracting services across four major business areas: transportation, municipal, construction, and environment [10] - According to Guosen Securities, the infrastructure sector is expected to see new development opportunities driven by policy support and market demand, particularly in major projects that optimize energy structure and enhance regional coordinated development [11] Film and Entertainment Sector - The film and cinema sector showed strong performance, with stocks like Happiness Blue Sea hitting the daily limit, and China Film and Golden Screen Films also seeing significant gains [18] - Recent initiatives, such as the issuance of movie vouchers in multiple regions, are expected to boost cinema attendance and revenue, with Beijing planning to invest 10 million yuan in subsidies for moviegoers [20] - The total box office for the summer season has already surpassed 4.4 billion yuan, with major films leading the box office [21] - Analysts predict a significant year-on-year improvement in box office performance due to a recovery in supply and an increase in the number of films released [22]