Core Viewpoint - The prices of minor metals such as cobalt, tungsten, antimony, and rare earths have been rising significantly this year, driven by supply changes and increasing demand, leading to strong performance in related A-share stocks [1][2][3] Price Trends - As of August 8, 2023, the average prices for various minor metals have increased significantly compared to the beginning of the year: - Electrolytic cobalt: 265,000 RMB/ton (+55.43%) - Tungsten oxide: 317,500 RMB/ton (+32.02%) - Antimony ingot: 186,500 RMB/ton (+33.21%) - Molybdenum bar: 490 RMB/kg (+4.48%) - Bismuth: 118,500 RMB/ton (+61.22%) - Praseodymium-neodymium oxide: 521,500 RMB/ton (+31.03%) - Dysprosium oxide: 1,615,000 RMB/ton (+0.13%) - Terbium oxide: 7,020,000 RMB/ton (+25.13%) [2] Company Performance - The non-ferrous metal sector has shown significant growth, with revenue and net profit for the first quarter of 2025 increasing by 8.0% and 65.1% year-on-year, respectively [3] - Nearly 70% of the listed companies in the non-ferrous metal sector have positive performance forecasts for the first half of 2025, with notable increases in net profit for companies like Northern Rare Earth and Shenghe Resources [3] Market Dynamics - The non-ferrous metal sector has outperformed the broader market, with an increase of 32% year-to-date, compared to the Shanghai Composite Index's 8.45% rise [4] - The supply-demand dynamics have shifted, particularly with cobalt, where export bans from the Democratic Republic of Congo have led to a significant decrease in imports and a bullish price outlook [5] Demand Drivers - Rare earths are critical for various high-tech applications, including electric vehicles and renewable energy, with projected demand for neodymium-iron-boron materials expected to reach 87,000 tons by 2026 due to the growth of the electric vehicle market [7][8] - The demand for minor metals is expected to continue rising, driven by sectors such as new energy, air conditioning, and consumer electronics, alongside the commercial development of humanoid robots [9] Future Outlook - Analysts predict that the price trends for minor metals will continue upward due to persistent demand expansion and supply disruptions caused by policy changes [9] - The ongoing growth in the electric vehicle sector and other high-performance applications is expected to sustain the demand for rare earth materials, with significant implications for pricing and supply dynamics in the coming years [9]

Group 1 - The total salary scale for CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The highest annual salary for a CFO in the small metals industry was 2.58 million yuan, paid to the CFO of Xiamen Tungsten [1] - The CFO of Zhongtung High-tech saw the largest salary increase of 35.75% year-on-year [1] Group 2 - The CFO of West Materials earned over 1 million yuan, exceeding the industry average, but the company's gross profit margin has been declining, with rates of 22.2%, 21.95%, and 20.64% from 2022 to 2024 [2] - The CFO of Zhongmin Resources also earned over 1 million yuan, but the company experienced a revenue decline of 10.8% year-on-year, with a significant drop in gross profit margin from 54.81% in 2023 to 32.75% in 2024 [2] - The CFO of Zhongtung High-tech earned over 1 million yuan, but the company faced continuous declines in accounts receivable turnover, inventory turnover, and total asset turnover [3]

Group 1 - The total salary scale of CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The highest annual salary for a CFO in the small metals industry is 2.5789 million yuan, paid to Xiamen Tungsten's CFO, while the lowest is 284,500 yuan, paid to Xianglu Tungsten's CFO [1] - Among the companies with CFOs earning over one million yuan, five companies are identified: Western Materials, Zhongkuang Resources, China Tungsten High-tech, Zhangyuan Tungsten, and Xiamen Tungsten [1] Group 2 - Xiamen Tungsten's CFO, Zhong Bingxian, has the highest salary in the industry at 2.5789 million yuan, but the company's revenue declined by 10.66% year-on-year in 2024 [2] - Western Materials' CFO, Liu Yong, earns over one million yuan, yet the company's gross profit margin has been continuously declining, with figures of 22.2%, 21.95%, and 20.64% from 2022 to 2024 [2] - Zhongkuang Resources' CFO, Jiang Yanlong, also earns over one million yuan, but the company experienced a revenue decline of 10.8% year-on-year, and its gross profit margin dropped significantly from 54.81% in 2023 to 32.75% in 2024 [2]

Group 1 - The total salary scale of CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The highest annual salary for a CFO in the small metals industry is 2.5789 million yuan, paid to Xiamen Tungsten's CFO, while the lowest is 284,500 yuan, paid to Xianglu Tungsten's CFO [1] - Among the companies with CFOs earning over one million yuan, five companies are identified: Western Materials, Zhongkuang Resources, China Tungsten High-tech, Zhangyuan Tungsten, and Xiamen Tungsten [1] Group 2 - Xiamen Tungsten's CFO, Zhong Bingxian, has the highest salary in the industry at 2.5789 million yuan, but the company's revenue declined by 10.66% year-on-year in 2024 [2] - Western Materials' CFO, Liu Yong, earns over one million yuan, yet the company's sales gross margin has been continuously declining, with rates of 22.2%, 21.95%, and 20.64% from 2022 to 2024 [2] - Zhongkuang Resources' CFO, Jiang Yanlong, also earns over one million yuan, but the company experienced a 10.8% year-on-year revenue decline and a significant drop in sales gross margin from 54.81% in 2023 to 32.75% in 2024 [2]

Group 1 - The total salary scale of CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The highest annual salary for a CFO in the small metals industry is 2.5789 million yuan, paid to Xiamen Tungsten's CFO, while the lowest is 284,500 yuan, paid to Xianglu Tungsten's CFO [1] - Among the companies with CFOs earning over one million yuan, five companies are identified: Western Materials, Zhongkuang Resources, China Tungsten High-tech, Zhangyuan Tungsten, and Xiamen Tungsten [1] Group 2 - Xiamen Tungsten's CFO, Zhong Bingxian, has the highest salary in the industry at 2.5789 million yuan, but the company's revenue declined by 10.66% year-on-year in 2024 [2] - Western Materials' CFO, Liu Yong, earns over one million yuan, yet the company's sales gross margin has been continuously declining, with rates of 22.2%, 21.95%, and 20.64% from 2022 to 2024 [2] - Zhongkuang Resources' CFO, Jiang Yanlong, also earns over one million yuan, but the company experienced a 10.8% decline in revenue and a significant drop in sales gross margin from 54.81% in 2023 to 32.75% in 2024 [2]

证券代码：000657 证券简称：中钨高新 公告编号：2025-95 中钨高新材料股份有限公司 关于 2021 年限制性股票激励计划预留授予第二个 解锁期解锁股份上市流通的提示性公告 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： 市日为 2022 年 7 月 8 日，上市流通日为 2025 年 8 月 11 日。 占公司目前总股本的 0.0297%。 中钨高新材料股份有限公司（以下简称"公司"）于 2025 年 7 月 25 日召开第十一届董事会第三次临时会议，审议通过了《中钨高 新材料股份有限公司关于限制性股票激励计划首次授予第三个解锁 期及预留授予第二个解锁期解锁条件成就的议案》，公司限制性股票 激励计划预留授予限制性股票第二个解锁期解锁条件已成就，同意公 司按照相关规定办理解锁事宜。根据公司 2021 年第二次临时股东大 会的授权，公司按规定办理了限制性股票激励计划预留授予第二个解 锁期解锁股份的上市流通手续。现将具体情况公告如下： 一、激励计划已履行的相关审批程序 过了《关于公司 <限制性股票激励计划 草案="草案"> 及其摘要的议案 ...

Core Viewpoint - The announcement details the third unlock period of the restricted stock incentive plan for Zhongtung High-tech Materials Co., Ltd., confirming that the performance conditions have been met for the release of shares [1][10][11]. Summary by Sections Incentive Plan Approval and Implementation - The company held a board meeting on July 25, 2025, to approve the conditions for the third unlock period of the restricted stock incentive plan [1]. - The State-owned Assets Supervision and Administration Commission approved the implementation of the incentive plan [2]. Unlock Conditions and Performance Achievements - The performance conditions for the third unlock period have been achieved, including a net profit of 65,728.79 million yuan and a compound growth rate of 27.35% [8][10]. - The company’s performance metrics exceeded the set targets and industry averages, confirming the eligibility for unlocking [8][9]. Unlocking and Share Distribution - The unlocking date for the shares is set for August 11, 2025, with 125 eligible participants [10][11]. - A total of 7,370,990 shares will be unlocked, representing 0.3234% of the company's total share capital [11]. Changes in Share Capital Structure - The total share capital remains at 2,278,954,380 shares, with a slight adjustment in the structure due to the unlocking of shares [12]. - The number of restricted shares with limited sale conditions will decrease by 7,370,990 shares, while the number of unrestricted shares will increase by the same amount [12]. Variations in Incentive Plan - The number of participants and shares in the incentive plan has changed due to voluntary withdrawals, retirements, and performance evaluations [13][14]. - The company has taken necessary actions to adjust the incentive plan in response to these changes [15].

中钨高新材料股份有限公司 关于 2021 年限制性股票激励计划预留授予第二个 证券代码：000657 证券简称：中钨高新 公告编号：2025-95 解锁期解锁股份上市流通的提示性公告 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、本次解锁的限制性股票授予日为 2022 年 6 月 1 日，股票上 市日为 2022 年 7 月 8 日，上市流通日为 2025 年 8 月 11 日。 2、本次符合解锁条件的激励对象人数为 34 人。 3、解除限售股数量：本次限制性股票解锁数量为 676,800 股， 占公司目前总股本的 0.0297%。 中钨高新材料股份有限公司（以下简称"公司"）于 2025 年 7 月 25 日召开第十一届董事会第三次临时会议，审议通过了《中钨高 新材料股份有限公司关于限制性股票激励计划首次授予第三个解锁 期及预留授予第二个解锁期解锁条件成就的议案》，公司限制性股票 激励计划预留授予限制性股票第二个解锁期解锁条件已成就，同意公 司按照相关规定办理解锁事宜。根据公司 2021 年第二次临时股东大 2、2021 年 5 月 9 ...

证券代码：000657 证券简称：中钨高新 公告编号：2025-94 中钨高新材料股份有限公司 关于 2021 年限制性股票激励计划首次授予部分第三个 解锁期解锁股份上市流通的提示性公告 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、本次解锁的限制性股票授予日为 2021 年 7 月 2 日，股票上 市日为 2021 年 7 月 22 日，上市流通日为 2025 年 8 月 11 日。 2、本次符合解锁条件的激励对象人数为 125 人。 3、解除限售股数量：本次限制性股票解锁数量为 7,370,990 股，占公司目前总股本的 0.3234%。 中钨高新材料股份有限公司（以下简称"公司"）于 2025 年 7 月 25 日召开第十一届董事会第三次临时会议，审议通过了《中钨高 新材料股份有限公司关于限制性股票激励计划首次授予第三个解锁 期及预留授予第二个解锁期解锁条件成就的议案》，公司限制性股票 激励计划首次授予限制性股票第三个解锁期解锁条件已成就，同意公 司按照相关规定办理解锁事宜。根据公司 2021 年第二次临时股东大 会的授权，公司按规 ...

Core Viewpoint - The report from Guosheng Securities indicates that the long-term quotes from major tungsten manufacturers have significantly increased, suggesting a continued upward trend in tungsten prices due to ongoing supply-demand tightness [1][2]. Price Trends - As of August 5, the prices for black tungsten concentrate, APT, and tungsten carbide powder have risen by 12%, 13%, and 14% respectively compared to early July, with current prices at 194,500 CNY/ton, 285,000 CNY/ton, and 422,500 CNY/ton [2]. - The long-term quotes for major manufacturers in early August include: Xiamen Tungsten Industry at 279,500 CNY/ton for APT, Zhangyuan Tungsten at 192,500 CNY/ton for black tungsten concentrate and 283,000 CNY/ton for APT, and Jiangxi Tungsten Group at 194,000 CNY/ton for black tungsten concentrate [2]. Market Dynamics - The current strong performance of tungsten prices is driven by three factors: the manufacturing sector is at a cyclical low, inventory levels among industries and traders are low, and external tungsten prices have been rising since June, reflecting a recovery in exports [3]. - The price gap between domestic and international tungsten prices has reached historical highs, indicating strong demand for domestic products as external markets recover [3]. Supply Situation - The long-term quotes from major manufacturers are close to market price announcements, indicating that the tight supply situation persists [4]. - The Bakuta tungsten mine in Kazakhstan has resumed normal shipments since May, with an average monthly output of around 800 tons. However, the domestic tungsten price remains strong, suggesting that local demand and supply constraints have effectively mitigated any potential market disruption from this new supply [5]. Investment Recommendations - Companies positioned at both ends of the tungsten industry chain are expected to benefit from the rising tungsten prices. Recommended stocks include Zhongtung High-tech (000657.SZ) and Anyuan Coal Industry (600397.SH), with related stocks being Xiamen Tungsten Industry (600549.SH), Zhangyuan Tungsten (002378.SZ), and Xianglu Tungsten (002842.SZ) [6].