Core Viewpoint - Zhongtung High-tech (000657.SZ) experienced a limit down today with a turnover rate of 15.67% and a transaction volume of 3.439 billion yuan [1] Trading Activity - The top buying entity was "Zhen Ai Kun," which net bought 60.98 million yuan, while "Yue Wang Da Dao" was the top seller with a net sell of 61.85 million yuan [1] - The total buying from the top trading seats amounted to 181 million yuan, while total selling reached 533 million yuan, resulting in a net sell of 353 million yuan [1] Top Buying and Selling Entities - The top five buying entities accounted for a total buying amount of 180.54 million yuan, representing 5.25% of the total transaction volume [1] - The largest buying entity was Guotai Junan Securities with a purchase amount of 61.29 million yuan, making up 1.78% of the total transaction [1] - The largest selling entity was China Galaxy Securities with a negligible selling amount of 0.39 million yuan, which is 0.01% of the total transaction [1]

Group 1 - Zhongtung High-tech experienced a limit down today with a trading volume of 3.439 billion yuan and a turnover rate of 15.67% [1] - The post-market dragon and tiger list shows that Zhenai Kun seat net bought 60.984 million yuan, while Galaxy Dalian Huanghe Road net sold 242 million yuan [1] - One institutional special seat net sold 74.4353 million yuan [1]

Group 1 - The stock of Zhongtung Gaoxin fell by 10.00% today [1] - The trading volume reached 3.439 billion yuan, with a turnover rate of 15.67% [1] - Post-market data shows that Zhenai Kun's trading seat had a net purchase of 60.9845 million yuan [1] Group 2 - The trading seat of Galaxy Dalian Huanghe Road had a net sell of 242 million yuan [1] - One institutional special seat had a net sell of 74.4353 million yuan [1]

证券之星消息，7月30日小金属板块较上一交易日下跌2.02%，中钨高新领跌。当日上证指数报收于 3615.72，上涨0.17%。深证成指报收于11203.03，下跌0.77%。小金属板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600281 | 华阳新材 | 1030.21万 | 4.79% | -39.21万 | -0.18% | -991.00万 | -4.61% | | 002978 安宁股份 | | -101.99万 | -0.61% | 659.43万 | 3.92% | -557.44万 | -3.32% | | 301026 浩通科技 | | -362.11万 | -4.91% | -383.97万 | -5.20% | 746.08万 | 10.11% | | 600301 | 华锡有色 | -1089.62万 | -5.40% | 684.50万 | 3.39% | 405. ...

证券日报网讯博云新材（002297）7月30日在互动平台回答投资者提问时表示，公司下属子公司博云东 方的硬质合金产品有向中钨高新（000657）、中信重工（601608）等上市公司或其下属公司供货。 ...

New Stock Listings - HanGao Group listed on July 30, 2025, with an issue price of 15.43[1] - *ST Zitian and *ST Suwu are under severe abnormal fluctuations as of July 30, 2025[1] - Tianlu Convertible Bonds listed on July 30, 2025, with a risk warning[1] Market Alerts - Multiple stocks including *ST Xinchao and *ST Yuancheng are flagged for severe abnormal fluctuations on July 30, 2025[1] - New listings include companies like Xianghe Precision and Shenshui Planning, with announcements made on July 30, 2025[1] - The report includes links to detailed announcements for each stock, ensuring transparency and accessibility for investors[1] Trading Insights - The report highlights the importance of monitoring newly listed stocks for potential volatility and investment opportunities[1] - Investors are advised to review the latest announcements and risk warnings associated with these stocks to make informed decisions[1]

Group 1 - Several high-profile stocks experienced significant declines, with Construction Industry hitting the limit down, and companies like China Tungsten High-Tech, Dongxin Peace, Bank of China Securities, Honghe Technology, Shijia Photon, and Shenghe Resources dropping over 8% [1]

Investment Rating - The investment rating for the tungsten industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The tungsten industry chain extends from exploration and mining of tungsten ore to smelting and deep processing, ultimately applied in various industrial fields. The upstream focuses on black and white tungsten ore, while the midstream involves the smelting of tungsten concentrate, ammonium paratungstate (APT), and tungsten powder. The downstream includes the processing of tungsten materials, tungsten wires, and hard alloys, with demand coming from sectors like machinery manufacturing, automotive, and electronics [2][6] - As of July 23, 2023, the prices for tungsten products have seen significant increases compared to the beginning of the year, with black tungsten concentrate at 185,000 RMB/ton (up 29.4%), APT at 272,000 RMB/ton (up 28.9%), tungsten powder at 405 RMB/kg (up 28.2%), and tungsten carbide powder at 395 RMB/kg (up 27.0%) [2][16] - The supply of tungsten is tightening, with the first batch of mining indicators for 2023-2025 showing a decrease in quotas, leading to expectations of a supply shortage. China's tungsten resources are abundant, holding the world's largest tungsten reserves and production, but total control policies have gradually lowered production levels [2][29] - Demand for tungsten is expected to grow, particularly in the fields of new energy vehicles and military applications, with the APT operating rate at historical highs. The demand for high-end hard alloys is resilient, supporting mid-to-high-end tungsten prices [2][16] - The tungsten supply-demand balance indicates a projected shortage of 2,919 tons in 2025, with prices expected to continue rising. Demand is anticipated to grow at a rate of 4.9% to 6.3% from 2025 to 2027, while supply is expected to increase by only 2,000 tons annually [2][16] - Key companies in the tungsten industry include Xiamen Tungsten, which has a full industry chain layout and is rapidly increasing its photovoltaic tungsten wire production; Zhongtung High-tech, a leader in hard alloys with significant raw material supply advantages; and Zhangyuan Tungsten, which has prominent resource advantages and improved deep processing profitability [2][16] Summary by Sections Tungsten Price Review - The tungsten prices have shown a steady increase over the past five years, correlating positively with PMI [9][12] Supply: Decrease in Mining Indicators - The first batch of mining indicators for 2023-2025 shows a reduction, with 2025's indicators down by 6.45%. This reduction reinforces expectations of a tight supply [2][16] Demand: Growth Driven by Photovoltaic Tungsten Wire - The demand for tungsten is expected to increase, particularly in high-end applications, with a projected consumption of 71,000 tons in 2024, reflecting a growth rate of 3.5% [2][6] Supply-Demand Balance: Expanding Shortage - The tungsten supply-demand balance indicates a growing shortage, with projected deficits increasing from 2,919 tons in 2025 to 9,020 tons by 2027 [2][16] Company Analysis - Xiamen Tungsten is expanding its photovoltaic tungsten wire production, while Zhongtung High-tech is a leader in hard alloys with strong raw material supply advantages [2][16]

本文源自：金融界 作者：金股通 截至7月30日开盘一小时，主力资金流出前20的股票分别为：中银证券（-7.00亿元）、恒生电子（-6.77 亿元）、宁德时代（-5.15亿元）、上海电气（-4.92亿元）、恒宝股份（-4.64亿元）、北方稀土（-4.53 亿元）、四方精创（-4.37亿元）、西藏天路（-4.07亿元）、盛和资源（-4.01亿元）、建设工业（-3.84 亿元）、山河智能（-3.18亿元）、中钨高新（-3.15亿元）、中油资本（-2.94亿元）、比亚迪（-2.80亿 元）、云南锗业（-2.57亿元）、天孚通信（-2.52亿元）、东芯股份（-2.48亿元）、中航沈飞（-2.43亿 元）、中大力德（-2.42亿元）、内蒙一机（-2.11亿元）。 ...

Core Viewpoint - The PCB market is experiencing a structural transformation driven by the demand for high-end products, particularly in AI-related applications, leading to a significant increase in both demand and prices for high-end PCBs [1][3][4]. Group 1: Market Conditions - The current PCB market is characterized by a shortage of high-end products and pressure on low-end products, with overall market conditions improving compared to last year [1][2]. - Many PCB companies have reported positive earnings forecasts for the first half of the year, with some companies experiencing significant growth, such as a 3.7 times increase in net profit for certain firms [2][3]. - The demand for high-end PCBs is being driven by the rapid growth of AI server hardware, which requires advanced PCB technologies [3][9]. Group 2: Company Performance - Major companies like Pengding Holdings and Huadian Electronics are seeing substantial increases in net profits, with expected growth rates exceeding 40% year-on-year [3][6]. - Companies involved in the production of electronic-grade fiberglass and copper-clad laminates are also reporting significant increases in sales and profitability due to rising demand [2][6]. - The overall order saturation for PCB manufacturers is reported to be over 90%, indicating strong market demand [6][7]. Group 3: Future Projections - The global PCB market is projected to grow significantly, with estimates suggesting a market value of $78.6 billion by 2025, driven by advancements in AI and high-performance computing [4][8]. - The demand for high-layer and high-density interconnect (HDI) boards is expected to grow at rates of 14.2% and 18.5%, respectively, indicating a shift towards more complex PCB designs [8][10]. - The industry is likely to face challenges related to potential overcapacity as more companies announce expansion plans to meet the surging demand for high-end PCBs [10][12]. Group 4: Technological Advancements - The shift towards high-end PCBs is accompanied by increased technical barriers, with only a few manufacturers capable of producing advanced PCBs that meet the requirements of AI servers and high-speed data transmission [9][11]. - Companies are investing heavily in new technologies and production capabilities to meet the evolving demands of the market, including investments in low-loss materials and advanced manufacturing processes [5][10]. - The regulatory environment is also pushing companies to focus on high-quality production and green manufacturing practices, further raising the competitive bar in the industry [11][12].