Core Viewpoint - The company, Zhongtung Gaoxin, announced that its wholly-owned subsidiary, Shizhu Garden, has received a mineral resource reserve review response from the Hunan Provincial Department of Natural Resources, confirming significant increases in various mineral reserves [1] Group 1: Mineral Resource Increases - The confirmed increase in tungsten metal reserves amounts to 91,700 tons [1] - The company also reported an increase in associated fluorite mineral reserves of 24,426,000 tons [1] - Additional increases include bismuth metal reserves of 6,330 tons, tin metal reserves of 13,370 tons, and molybdenum metal reserves of 1,360 tons [1] Group 2: Impact on Operations - The increase in reserves will not have a direct impact on the company's current production operations and financial situation [1]

中信证券股份有限公司 关于中钨高新材料股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易 之部分限售股份解除限售上市流通的核查意见 中信证券股份有限公司（以下简称"中信证券"或"独立财务顾问"）作为 中钨高新材料股份有限公司（以下简称"中钨高新"或"上市公司"）发行股份 购买资产并募集配套资金暨关联交易（以下简称"本次重组"或"本次交易）的 独立财务顾问，根据《上市公司重大资产重组管理办法》《深圳证券交易所股票 上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规 范运作》等有关法律法规和规范性文件的要求，对上市公司本次重组新增股份部 分解除限售并上市流通的事项进行了审慎核查，并出具核查意见如下： 一、本次解除限售股份基本情况 本次解除限售股份的上市类型为本次重组中发行股份购买资产之部分新增 限售股份上市流通，即本次重组中交易对方湖南沃溪矿业投资有限公司（以下简 称"沃溪矿业"）取得的部分新增发行股份 8,270,254 股。 （一）注册批复情况 2024 年 12 月 25 日，上市公司收到中国证券监督管理委员会（以下简称"中 国证监会"）下发的《关于同意中钨高新材料股份 ...

证券代码：000657 证券简称：中钨高新 公告编号：2026-02 中钨高新材料股份有限公司 关于发行股份及支付现金购买资产并募集配套资金暨 关联交易之部分限售股份解除限售上市流通的公告 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。 重要内容提示： 1、本次申请上市流通的限售股份为中钨高新材料股份有限公司（以下简称 "公司"）在发行股份及支付现金购买资产并募集配套资金暨关联交易（以下简 称"本次重组"或"本次交易"）中向交易对方之一湖南沃溪矿业投资有限公司 （以下简称"沃溪矿业"）发行的股份，本次解除限售的股东共 1 名，本次解除 限售的股份数量为 8,270,254 股，占公司总股本的 0.363%。 2、本次申请上市流通的限售股份于 2025 年 1 月 21 日在深圳证券交易所上 市，沃溪矿业承诺的限售期限为新增股份发行结束之日（即上市之日）起 12 个 月，本次限售股份上市流通日为 2026 年 1 月 22 日。 一、本次解除限售股份的基本情况 本次解除限售股份的上市类型为本次重组中发行股份购买资产之部分新增 限售股份上市流通，即本次重组中交易对 ...

Investment Rating - The industry investment rating is upgraded to "Overweight" [1] Core Insights - The tungsten powder price has surged to a historical high of 1.2 million yuan per ton, reflecting extreme supply-demand tension and strong market expectations for long-term shortages [3][4] - The demand for tungsten is experiencing a significant expansion, particularly driven by the photovoltaic and new energy vehicle sectors, which are expected to create a structural demand explosion [5][6] - The supply side is tightening, with China's high-grade tungsten ore reserves expected to dwindle to 300,000 tons by 2025, leading to increased mining costs and a prolonged price increase cycle [6] - The industry chain is seeing profits concentrate upstream, with leading companies like Xiamen Tungsten and China Tungsten High-Tech benefiting from resource and technology advantages [7] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown strong relative performance with a 1-month return of 18.45%, a 3-month return of 24.21%, and a 12-month return of 82.53% compared to the CSI 300 index [2] Demand Drivers - The photovoltaic sector is witnessing a rapid adoption of tungsten wire, with a market penetration rate exceeding 60% in silicon wafer cutting by 2025, significantly increasing tungsten consumption [5] - The new energy vehicle sector is also contributing to demand, with an expected increase of approximately 10,500 tons of tungsten due to the rising use of tungsten-containing alloys in electric motors and high-precision tools in battery manufacturing [5] Supply Constraints - Global tungsten supply is under pressure, with significant reductions in China's high-grade ore and limited contributions from overseas sources, leading to a potential crisis in tungsten availability [6] Industry Structure - The profit distribution within the tungsten industry is shifting towards upstream players, with companies holding quality tungsten resources poised to capture the benefits of rising prices [7]

Group 1 - The non-ferrous metal sector is experiencing a downturn, with West Materials falling over 9% [1] - Companies such as China Tungsten High-Tech, Xiamen Tungsten, Zhangyuan Tungsten, and Xianglu Tungsten are among those with significant declines [1]

Group 1 - The non-ferrous metal sector experienced a downturn, with West Materials falling over 9% [1] - Companies such as Zhongtung High-tech, Xiamen Tungsten, Zhangyuan Tungsten, and Xianglu Tungsten also saw significant declines [1]

Group 1 - The Hainan Free Trade Zone concept rose by 3.42%, ranking fourth among concept sectors, with 27 stocks increasing, including Hainan Development which hit the daily limit, and Shennong Agricultural, Jinpan Technology, and Kangzhi Pharmaceutical showing significant gains of 9.62%, 8.43%, and 7.88% respectively [1] - The Hainan Free Trade Zone concept attracted a net inflow of 1.143 billion yuan from main funds, with 24 stocks receiving net inflows, and 9 stocks exceeding 50 million yuan in net inflow, led by Hainan Development with a net inflow of 326 million yuan [2][3] - The top stocks by net inflow ratio included Hainan Development at 16.84%, *ST Shuangcheng at 10.50%, and Shennong Agricultural at 9.85% [3] Group 2 - The top stocks in the Hainan Free Trade Zone concept included Hainan Development with a daily increase of 10.00% and a turnover rate of 13.46%, followed by Shennong Agricultural with a 9.62% increase and a turnover rate of 28.18% [4] - Other notable stocks included Hainan Airport with a 4.35% increase and a turnover rate of 2.81%, and Zhongtung High-tech with a 7.36% increase and a turnover rate of 6.22% [4][5] - The overall performance of the Hainan Free Trade Zone concept indicates strong investor interest and significant capital inflow, reflecting positive market sentiment towards the sector [2][4]

Group 1 - The core viewpoint of the article highlights the growth in the number of enterprises in the non-ferrous metal mining and selection industry in China, with a total of 1,390 enterprises reported for the period from January to November 2025, marking an increase of 38 enterprises or a year-on-year growth of 2.81% [1] - The proportion of non-ferrous metal mining enterprises in the total industrial enterprises stands at 0.26% [1] - The report referenced is the "2026-2032 China Non-Ferrous Metal Industry Market Development Status and Competitive Landscape Forecast Report" published by Zhiyan Consulting [1] Group 2 - The data source for the statistics on the number of non-ferrous metal mining enterprises is the National Bureau of Statistics, organized by Zhiyan Consulting [2] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in deep industry research and providing comprehensive industry solutions to empower investment decisions [2]

Core Viewpoint - The report from Everbright Securities highlights the increasing importance of strategic metals (copper, aluminum, cobalt, nickel, tin, antimony, tungsten, rare earths) due to supply disruptions and the limitations in production capacity in China and abroad [1][2]. Group 1: Strategic Metal Storage Initiatives - Australia announced a strategic reserve plan for critical minerals worth AUD 1.2 billion, with AUD 185 million allocated for necessary mineral reserves, prioritizing antimony, gallium, and rare earths [2] - The European Commission approved a resource revival action plan to raise EUR 3 billion for supply chain strategies, establishing a platform to support critical material reserves [2] - The U.S. Defense Logistics Agency (DLA) plans to procure USD 500 million in cobalt, USD 245 million in antimony, USD 100 million in tantalum, and USD 45 million in scandium [2] Group 2: Investment Opportunities in Strategic Metals - The focus on strategic metal storage in the U.S. and Australia presents significant investment opportunities, particularly in metals with concentrated supply chains and security risks, such as cobalt from the Democratic Republic of Congo and lithium from South America [3] - The rapid development of AI and energy transition is expected to drive demand for copper, aluminum, and tin, although supply constraints exist for these metals [4] - Military-related metals like tungsten, antimony, and rare earths are facing tightening supply, with production declines attributed to lower resource grades and regulatory controls [5] Group 3: Supply Concentration and Constraints - Copper, lithium, cobalt, and nickel supply is highly concentrated in South America, the Democratic Republic of Congo, and Indonesia, with Chile and Peru accounting for 35% of global copper production and the Democratic Republic of Congo producing 76% of global cobalt [4] - The rapid growth of AI is expected to significantly increase demand for copper, aluminum, and tin, but supply for these metals is constrained [4] - Tungsten, antimony, and rare earths are critical for military applications, but their production has decreased due to resource management practices and regulatory measures [5] Group 4: Investment Recommendations - For copper, recommended companies include Zijin Mining, Luoyang Molybdenum, and Western Mining [5] - For aluminum, Yunnan Aluminum is recommended, with China Aluminum as a focus [5] - For cobalt and nickel, Huayou Cobalt is recommended, with attention to Liqin Resources and Shengtun Mining [5] - For tungsten, focus on China Tungsten High-tech [5] - For tin, Xiyang Tin Industry is recommended, with interest in Xingye Silver Tin [5] - For antimony, Huaxi Nonferrous is highlighted, and for rare earths, Northern Rare Earth is recommended with a focus on China Rare Earth [5]

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including 山金国际, 赤峰黄金, 洛阳钼业, 中国宏桥, and 中钨高新 [10]. Core Insights - The non-ferrous metals sector is experiencing a general upward trend, with significant price increases across various metals, driven by macroeconomic factors and supply chain dynamics [11][19]. - The report highlights the impact of U.S. tariffs and trade policies on the supply and demand dynamics of key metals, particularly copper and aluminum [2][3]. - The report emphasizes the importance of monitoring inventory levels and production capacities, as these factors are critical in determining future price movements [26][35]. Summary by Sections Precious Metals - Concerns over tariffs have led to a temporary pullback in silver prices, but the long-term outlook remains positive [1]. - The report suggests monitoring companies such as 兴业银锡 and 盛达资源 for potential investment opportunities [1]. Industrial Metals - Copper inventories are rising, particularly in the U.S., raising concerns about supply tightness in non-U.S. regions [2]. - The report notes that while high copper prices are suppressing end-user demand, the long-term consumption outlook remains strong due to infrastructure investments [2]. Aluminum - The aluminum market is expected to experience price fluctuations due to geopolitical tensions and macroeconomic policies [3]. - The report indicates that production cuts in aluminum processing are occurring, particularly in regions like Guizhou and Henan [3]. Nickel - Nickel prices are on an upward trend, supported by supply tightening expectations from Indonesia [4]. - The report highlights the importance of monitoring companies like 华友钴业 and 力勤资源 for investment opportunities [4]. Tin - Supply chain bottlenecks and macroeconomic factors are providing short-term support for tin prices [5]. - The report suggests that companies like 华锡有色 and 兴业银锡 may benefit from these market conditions [5]. Lithium - Lithium prices are experiencing wide fluctuations due to export policy expectations and demand uncertainties [6]. - The report recommends关注 companies such as 赣锋锂业 and 天齐锂业 for potential investment [6]. Cobalt - Progress in cobalt shipments from the Democratic Republic of Congo is expected to support high cobalt prices in the short term [9]. - The report suggests monitoring companies like 华友钴业 and 腾远钴业 for investment opportunities [9].