Core Viewpoint - The article highlights the trading activities and capital flows in the stock market, focusing on the performance of specific stocks, sectors, and ETFs, indicating potential investment opportunities and trends in the market [1][2][4]. Trading Volume Summary - The total trading volume for the Shanghai-Hong Kong Stock Connect reached 237.13 billion, with Industrial Fulian and CATL leading in trading volume for Shanghai and Shenzhen respectively [1][2]. - The top ten stocks by trading volume in the Shanghai Stock Connect included Industrial Fulian (3.065 billion), Cambricon (1.923 billion), and Hengrui Medicine (1.801 billion) [3]. - In the Shenzhen Stock Connect, the top stocks were CATL (4.321 billion), Zhongji Xuchuang (4.190 billion), and Xinyi Technology (3.202 billion) [3]. Sector Performance - The defense and military sector saw the highest net inflow of capital, amounting to 2.081 billion, with a net inflow rate of 2.44% [5]. - Other sectors with notable inflows included shipping and port (0.179 billion) and publishing (0.171 billion) [5]. - Conversely, the electronics sector experienced the largest net outflow of capital, totaling -15.239 billion, with a net outflow rate of -3.42% [6][7]. ETF Trading Activity - The top ETF by trading volume was the Hong Kong Securities ETF, with a trading amount of 18.2634 billion, followed by the Gold ETF at 9.4333 billion [12]. - The Gold Fund ETF (518800) saw a remarkable increase in trading volume, with a growth rate of 198% compared to the previous trading day [13]. Stock Market Dynamics - Notable stock movements included Zhongtung High-tech, which received significant buying from two institutional investors totaling 1.03 billion and 0.8871 billion [14][18]. - Hengrui Medicine faced selling pressure, with net outflows totaling -1.095 billion from institutional investors [9][14]. - The article also noted the active participation of retail investors, particularly in stocks like Zhongtung High-tech and Hengrui Medicine, indicating a mixed sentiment in the market [18].

Core Viewpoint - The total trading volume of the Shanghai and Shenzhen Stock Connect reached 237.13 billion, with Industrial Fulian and CATL leading in trading volume for the Shanghai and Shenzhen markets respectively [1][2]. Trading Volume Summary - The total trading amount for the Shanghai Stock Connect was 117.00 billion, while the Shenzhen Stock Connect totaled 120.13 billion [2]. - The top traded stocks in the Shanghai Stock Connect included Industrial Fulian (3.065 billion), Cambricon (1.923 billion), and Ruis Pharmaceutical (1.801 billion) [3]. - In the Shenzhen Stock Connect, CATL led with 4.321 billion, followed by Zhongji Xuchuang (4.190 billion) and Xinyi Technology (3.202 billion) [3]. Sector Performance - The defense and military sector saw the highest net inflow of funds, amounting to 2.081 billion, with a net inflow rate of 2.44% [5]. - Other sectors with notable inflows included shipping and port (0.179 billion) and publishing (0.171 billion) [5]. - Conversely, the electronics sector experienced the largest net outflow, totaling -15.239 billion, with a net outflow rate of -3.42% [6]. ETF Trading Summary - The top ETF by trading volume was the Hong Kong Securities ETF, with a trading amount of 18.2634 billion, followed by the Gold ETF at 9.4333 billion [9][10]. - The Gold Fund ETF saw a remarkable increase in trading volume, with a growth rate of 198% compared to the previous trading day [11]. Futures Positioning - In the futures market, both long and short positions in the main contracts (IH, IF, IC, IM) saw a reduction, with the IC and IM contracts experiencing a greater decrease in short positions [12]. Stock Market Activity - Notable institutional buying included Hengbao Co., which received 193 million from four institutions, while Zhongtung High-tech saw significant selling, with 174 million sold by one institution [13][14]. - The trading activity of retail investors was highlighted by significant purchases in Zhongtung High-tech, totaling 1.03 billion from two major retail investors [15].

Core Insights - Tungsten products have seen a rapid price increase since October, with black tungsten concentrate (≥65%) priced at 288,000 CNY/ton, up 3,000 CNY/ton from the previous trading day, and ammonium paratungstate (APT: ≥88.5%) at 425,000 CNY/ton, up 7,000 CNY/ton [1] - Year-to-date, tungsten product prices have doubled, with black tungsten concentrate increasing by 101.4% from 143,000 CNY/ton at the beginning of the year, APT up 101.42%, and tungsten powder (≥99.7%) up 100.95% [1] Company Performance - In the A-share market, seven companies involved in tungsten production have seen most of their stocks rise since October, with Zhongtung High-tech leading at a 20.83% increase, followed by Xiamen Tungsten (18.75%), Zhangyuan Tungsten (7.5%), and Luoyang Molybdenum (6.69%) [1] - Institutional interest is high in three companies primarily engaged in tungsten products: Xiamen Tungsten, Zhongtung High-tech, and Zhangyuan Tungsten, with the number of institutional research visits reaching 366, 104, and 69 respectively [1]

Group 1: Pricing Strategy - The company maintains a dual pricing strategy for existing products while introducing new pricing standards for AI-related products, aiming for long-term stable cooperation with clients [2][3] - Price adjustments for hard alloy products vary based on raw material costs, product negotiation power, and customer acceptance, with significant adjustments made for blade products throughout the year [3][4] Group 2: Production Capacity - The average monthly production capacity increased from over 60 million units in the first half of the year to over 70 million units from July to September, with expectations to exceed 80 million units by the end of October [3] - The board approved a capacity expansion project for micro-drills by 140 million units, with implementation closely tied to market demand [3] Group 3: Sales Structure - The core product line, represented by "Jinzhou Sanbao," accounts for over 50% of total sales, with ongoing investments in R&D to enhance core competitiveness and optimize product structure [3] Group 4: Market Outlook - The supply side of tungsten faces constraints due to slower-than-expected new tungsten mine production, reduced national quotas, and natural declines in existing mine grades, leading to a widening supply-demand gap [5] - The company is actively monitoring raw material market changes and will adjust pricing strategies flexibly based on actual conditions while maintaining communication with clients [4][5] Group 5: Future Developments - The acquisition of Yuanjing Tungsten has been approved by the board and is pending shareholder approval, with expectations for financial consolidation by the end of the year if progress is smooth [5] - The company plans to advance the integration of three remaining tungsten mines, with timelines dependent on regulatory requirements and business needs [5]

资金流向方面，今日该股主力资金净流入5.83亿元，其中，特大单净流入5.81亿元，大单资金净流入 179.20万元。近5日主力资金净流入8.45亿元。 融资融券数据显示，该股最新（10月27日）两融余额为9.07亿元，其中，融资余额为9.02亿元，融券余 额为476.51万元。近5日融资余额合计增加5492.38万元，增幅为6.48%，融券余额合计增加303.62万元， 增幅175.62%。（数据宝） 中钨高新10月28日交易公开信息 中钨高新今日涨停，全天换手率10.13%，成交额32.32亿元，振幅5.68%。龙虎榜数据显示，机构净卖出 1.05亿元，深股通净买入8061.17万元，营业部席位合计净买入1.27亿元。 深交所公开信息显示，当日该股因日涨幅偏离值达10.23%上榜，机构专用席位净卖出1.05亿元，深股通 净买入8061.17万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交9.46亿元，其中，买入成交额为5.25亿 元，卖出成交额为4.22亿元，合计净买入1.03亿元。 具体来看，今日上榜的营业部中，共有2家机构专用席位现身，即买三、卖一，合计买入金额9176.71万 元，卖出 ...

Market Overview - The small metals sector experienced a decline of 1.55% on October 28, with Xiyang Co. leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Small Metals Sector Performance - Notable gainers in the small metals sector included: - Zhongtung High-tech (000657) with a closing price of 22.51, up 10.02% and a trading volume of 1.46 million shares [1] - Dongfang Silver (000962) closed at 34.50, up 8.15% with a trading volume of 606,400 shares [1] - Yunnan Chuangye (002428) closed at 27.96, up 3.44% with a trading volume of 388,100 shares [1] - Other companies with positive performance included Xianglu Tungsten Industry (002842) and Jintian Titanium Industry (688750), both showing modest gains [1] Fund Flow Analysis - The small metals sector saw a net outflow of 3.028 billion yuan from main funds, while retail investors contributed a net inflow of 2.267 billion yuan [2] - The main funds showed significant outflows from companies like Zhongtung High-tech and Yunnan Chuangye, while retail investors were net buyers in these stocks [3] Individual Stock Highlights - Zhongtung High-tech had a main fund net inflow of 509 million yuan, but also saw significant outflows from retail investors [3] - Yunnan Chuangye reported a main fund net inflow of 154 million yuan, with retail investors also showing net outflows [3] - Dongfang Silver experienced a main fund net inflow of 73.66 million yuan, while retail investors had a slight outflow [3]

Group 1 - The stock price of Zhongtung High-tech (SZ:000657) reached its daily limit, closing at 22.51 yuan, with an increase of 10.02% [1] - The total market capitalization of Zhongtung High-tech is 51.291 billion yuan [1]

Core Insights - The China Central Enterprise Innovation Driven Index decreased by 0.17% as of October 28, 2025, with mixed performance among constituent stocks [3] - Notable gainers included Zhongtung High-tech, which rose by 10.02%, and China Materials Technology, which increased by 6.50% [3] - The Central Enterprise Innovation Driven ETF (515900) fell by 0.37%, with a latest price of 1.62 yuan [3] - Over the past week, the ETF has accumulated a rise of 3.90%, ranking in the top quarter among comparable funds [3] - The ETF's trading volume was 902.88 million yuan, with a turnover rate of 0.25% [3] - The ETF's average daily trading volume over the past year was 1989.74 million yuan, the highest among comparable funds [3] Company Developments - Zhongtung High-tech announced a cash acquisition of a 99.9733% stake in Hengyang Yuanjing Tungsten Industry from Minmetals Tungsten for 821 million yuan, constituting a related party transaction [3] - The successful development of second-generation high-temperature superconducting tape core material by the Institute of Metal Research, Chinese Academy of Sciences, marks a significant step in the clean energy materials sector [3] Industry Trends - The controllable nuclear fusion industry is entering a capital expenditure expansion phase, with significant investments exceeding 150 billion yuan in domestic fusion projects as of September 2025 [4] - The Central Enterprise Innovation Driven ETF reached a new high of 3.633 billion yuan in scale, ranking in the top quarter among comparable funds [4] - The ETF has seen a notable increase of 3 million shares over the past two weeks, also placing it in the top quarter among comparable funds [4] - The index tracks 100 representative listed companies from state-owned enterprises, assessing their innovation and profitability quality [4][5] Market Composition - As of September 30, 2025, the top ten weighted stocks in the index accounted for 36.04% of the total, including companies like China Shipbuilding and Hikvision [5]

Core Viewpoint - The company, Zhongtung High-tech, plans to acquire a 99.9733% stake in Hunan Yuanjing Tungsten Industry Co., Ltd. from Minmetals Tungsten Industry Group for a transaction price of 821 million yuan, aiming to resolve competition issues and enhance business independence [2][3]. Group 1: Acquisition Details - The acquisition is motivated by the commitment of the actual controller, China Minmetals, to avoid competition in the capital market and to integrate the tungsten industry chain [2]. - The transaction constitutes a related party transaction but does not qualify as a major asset restructuring [2]. - Yuanjing Tungsten Industry, established in January 2003, has a registered capital of 305 million yuan and primarily engages in tungsten metal mining and sales [2]. Group 2: Financial Performance of Yuanjing Tungsten - For the period from January to May 2025, Yuanjing Tungsten reported revenues of 142 million yuan and a net profit of 34 million yuan, with a negative cash flow from operating activities of 17 million yuan [3]. - As of May 31, 2025, Yuanjing Tungsten's total assets were 409 million yuan, total liabilities were 105 million yuan, and net assets were 304 million yuan [3]. - The company holds approximately 154,500 tons of tungsten metal, with an annual production capacity of 2,600 tons [3]. Group 3: Impact on Zhongtung High-tech - The acquisition is expected to enhance the tungsten resource self-sufficiency rate of Zhongtung High-tech, improve asset quality and profitability, and strengthen the company's risk resistance capabilities [3]. - Zhongtung High-tech operates as the tungsten industry management platform under China Minmetals, managing a complete tungsten industry chain from mining to trading [3]. - In the first three quarters of 2025, Zhongtung High-tech reported revenues of 4.906 billion yuan, a year-on-year increase of 13.39%, and a net profit of 335 million yuan, up 18.26% year-on-year [4].

Group 1 - A-shares experienced significant activity with 64 stocks hitting the daily limit up and 6 stocks hitting the limit down on October 28 [1] - The non-ferrous and tungsten sectors were particularly active, with AnTai Technology achieving a consecutive limit up and Zhongtung High-tech also hitting the limit up [1] - The fiberglass sector showed strength, with Honghe Technology reaching the limit up [1] - Fujian state-owned assets concept stocks rose, with Haixia Innovation and Fujian Cement achieving consecutive limit ups, along with HeLiTai and Xiamen Port reaching the limit up [1] Group 2 - *ST Yuan Cheng faced a continuous decline with 12 consecutive limit downs, while *ST Su Wu and ST Huatong experienced 2 consecutive limit downs [2] - Other companies such as *ST HeKe and Shi Long Industrial also hit the limit down [2]