中钨高新材料股份有限公司 内幕信息及知情人管理办法 第一章 总则 第一条 为进一步规范中钨高新材料股份有限公司（下称"公 司"）内幕信息管理行为，加强内幕信息保密工作，维护公司信 息披露的公开、公平、公正原则，根据《上市公司信息披露管理 办法》、《深圳证券交易所股票上市规则》、《公司章程》等有关规 定，制定本制度。 第二条 公司董事及高级管理人员和其他知情人均应做好内 幕信息的保密工作。 第三条 公司董事会是内幕信息的管理机构。公司董事会秘 书是内幕信息管理工作负责人，公司证券部在董事会秘书的领导 下具体负责公司内幕信息的日常管理工作。 第二章 内幕信息及内幕信息知情人 第四条 内幕信息是指根据《证券法》相关规定，涉及上市 公司的经营、财务或者对公司股票及其衍生品种交易价格有重大 影响的尚未公开的信息。 第五条 内幕信息包括但不限于： （一）公司的经营方针和经营范围发生重大变化； （二）公司的重大投资行为和重大购置或出售资产的决定； （三）公司订立重要合同，可能对公司资产、负债、权益和 经营成果产生重要影响； （四）公司对外提供重大担保； （五）发生重大债务和未能清偿到期重大债务的违约情况， 或者发生大额赔偿 ...

中钨高新材料股份有限公司 市值管理制度 第一章 总则 第一条 为加强中钨高新股份有限公司（以下简称"公司"） 市值管理工作，规范公司市值管理行为，切实保护公司投资者特 别是中小投资者的合法权益，提升公司投资价值，实现可持续发 展，根据《中华人民共和国公司法》《中华人民共和国证券法》 《国务院关于加强监管防范风险推动资本市场高质量发展的若 干意见》《关于改进和加强中央企业控股上市公司市值管理工作 的若干意见》《上市公司监管指引第 10 号——市值管理》《深 圳证券交易所股票上市规则》《公司章程》及其他法律、行政法 规的有关规定，结合公司实际情况，制定本制度。 第二条 本制度所称市值管理，是指公司以提高经营发展质 量和规范运作水平为基础，为提升公司投资价值和股东回报能力 而实施的战略管理行为。 第三条 公司牢固树立回报股东意识，采取措施保护投资者 尤其是中小投资者利益，诚实守信、专注主业、稳健经营、积极 开拓市场、强化成本控制、加大研发力度，以新质生产力的培育 和运用，推动经营水平和发展质量提升，并在此基础上做好投资 者关系管理，增强信息披露质量和透明度，必要时积极采取措施 提振投资者信心，推动公司投资价值合理反 ...

第四条 本制度遵循的原则：实事求是、客观公正、有错必究； 过错与责任相适应；责任与权利对等原则。 第五条 公司证券部在董事会秘书指导下负责收集、汇总与追 究责任有关的资料，按制度规定提出相关处理方案，逐级上报公司 董事会批准。 第六条 有下列情形之一的应当追究责任人的责任： （一）违反《公司法》、《证券法》、《企业会计准则》和《企 业会计制度》等法律法规的规定，使年报信息披露发生重大差错或 造成不良影响的； （二）违反《上市公司信息披露管理办法》、《深圳证券交易 所股票上市规则》以及中国证监会和深圳证券交易所发布的有关年 报信息披露指引、准则、通知等，使年报信息披露发生重大差错或 中钨高新材料股份有限公司 年报信息披露重大差错责任追究办法 第一条 为提高中钨高新材料股份有限公司（以下简称"公司"） 规范运作水平，加大对年报信息披露重大差错责任人的问责力度， 提高年报信息披露的质量和透明度，根据有关法律、法规规定，结 合公司实际情况，制定本制度。 第二条 本制度是指年报信息披露工作中有关人员不履行或 者不正确履行职责、义务以及其他个人原因，对公司造成重大经济 损失或不良社会影响时的追究与处理制度。 第三条 本制 ...

中钨高新材料股份有限公司 独立董事工作办法 第四条 独立董事对公司及全体股东负有忠实与勤勉义务。 独立董事应当按照相关法律、法规、中国证券监督管理委员（以 下简称"中国证监会"）规定、深圳证券交易所业务规则和《公 司章程》的要求，认真履行职责，在董事会中发挥参与决策、监 督制衡、专业咨询作用，维护公司整体利益，尤其要关注中小股 东的合法权益不受损害。 第二章 独立董事任职条件 第五条 本公司独立董事应符合下列基本条件： （一）根据法律、行政法规及其他有关规定，具备担任上市 公司董事的资格； （二）具有《独立董事管理办法》所要求的独立性； - 1 - 第一章 总则 第一条 为规范公司独立董事议事程序，确保独立董事的工 作效率和科学决策，根据《中华人民共和国公司法》（以下简称 《公司法》）、《上市公司治理准则》、《深圳证券交易所股票 上市规则》（以下简称《上市规则》）、《上市公司独立董事管 理办法》（以下简称"《独立董事管理办法》"）、本公司《公 司章程》及其他有关法律、法规的规定，制定本办法。 第二条 独立董事不得在公司担任除独立董事以外的其他任 何职务，与公司及主要股东、实际控制人不得存在直接或者间接 利害关 ...

中钨高新材料股份有限公司 投资者关系管理办法 第一章 总则 第一条 为了完善公司治理结构，规范公司投资者关系管理 工作，促进公司与投资者之间良性关系的发展，结合公司实际情 况，制定本制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、 信息披露、互动交流和诉求处理等工作，加强与投资者及潜在投 资者之间的沟通，增进投资者对上市公司的了解和认同，以提升 上市公司治理水平和企业整体价值，实现尊重投资者、回报投资 者、保护投资者目的的相关活动。 第三条 公司投资者关系管理工作严格遵守《公司法》、《证 券法》等有关法律、法规、规章及深圳证券交易所有关业务规则 的规定。 第四条 公司投资者关系管理工作遵循公平、公正、公开原 则，平等对待全体投资者，保障所有投资者享有知情权及其他合 法权益。 第五条 公司以及董事、高级管理人员和工作人员开展投资 者关系管理工作，应当遵守法律法规和深圳证券交易所其他相关 规定，体现公平、公正、公开原则，客观、真实、准确、完整地 介绍和反映公司的实际状况，不得在投资者关系管理活动中出现 下列情形： （一）透露或者发布尚未公开的重大事件信息，或者与依法 披露的信息相冲突的信息； （二）透 ...

Group 1 - The core point of the article is that Zhongtung High-tech (000657) announced that its wholly-owned subsidiary, Rare New Materials, plans to purchase machinery, buildings, and land use rights from Minmetals Tungsten for 123 million yuan (excluding tax) [1] - This transaction is classified as a related party transaction and does not constitute a major asset restructuring [1] - The assessed value of the fixed assets (machinery) is 20.8079 million yuan, the investment property (buildings) is 62.0993 million yuan, and the intangible asset (land use rights) is 39.7569 million yuan, totaling 123 million yuan [1] Group 2 - The purpose of the transaction is to improve the asset structure of Rare New Materials and promote the sustainable development of the company [1]

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]