证券代码：000657 证券简称：中钨高新 公告编号：2025-121 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。 一、董事会会议召开情况 中钨高新材料股份有限公司（以下简称公司）第十一届董事会第 七次会议于 2025 年 12 月 15 日以现场和视频相结合方式在公司会议 室召开。本次会议通知于 2025 年 12 月 5 日以电子邮件方式送达全体 董事。会议由董事长李仲泽主持，应出席董事 9 人，实际出席董事 9 人，部分高级管理人员列席会议。本次会议的召开符合《中华人民共 和国公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 （一）审议通过了《关于使用募集资金向全资子公司增资以及 提供借款以实施募投项目的议案》 表决结果：9 票同意、0 票反对、0 票弃权。 重要提示： 1.本议案已经公司董事会审计委员会事前审议通过； 中钨高新材料股份有限公司 第十一届董事会第七次会议决议公告 2.以上具体内容详见公司同日刊登在《中国证券报》、巨潮资讯 网（www.cninfo.com.cn）的《关于使用募集资金向全资子公司增资 以及提供借款以实施募投项目 ...

中信证券股份有限公司 关于中钨高新材料股份有限公司 2026 年度日常关联交易预计的核查意见 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""上市公司"或"公司"）发行股份购买 资产并募集配套资金暨关联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》《上市公司并购重组财务顾问业务管理办法》《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》等相关法律、 法规的规定，对上市公司 2026 年度日常关联交易预计事项进行了审慎核查，核查情况 及意见如下： 一、日常关联交易基本情况 （一）2025 年度关联交易执行情况 因日常生产经营需要，公司 2025 年 1-10 月与实际控制人中国五矿集团有限公司（以 下简称"中国五矿"）及其直接或间接控制的公司累计已发生采购原材料及产品 233,718 万元，销售产品 23,306 万元，项目建设 24,409 万元，房屋租赁 469 万元（以上金额均 为无税），未超过经股东会审批通过的 2025 年度总金额 420,000 万元。 公司 2025 ...

中信证券股份有限公司 关于中钨高新材料股份有限公司 使用募集资金向全资子公司增资及提供借款以实施募投 项目的核查意见 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""上市公司"或"公司"）发行股份购买 资产并募集配套资金暨关联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》《上市公司并购重组财务顾问业务管理办法》《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》等相关法律、 法规的规定，对上市公司拟使用募集资金向全资子公司增资以及提供借款以实施募投项 目的事项进行了审慎核查，核查情况及意见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意中钨高新材料股份有限公司发行股份购买资 产并募集配套资金注册的批复》（证监许可〔2024〕1898 号）核准，公司通过向特定 投资者非公开发行普通股（A 股）189,473,684.00 股，发行价格为每股人民币 9.50 元， 募集资金总额为人民币 1,799,999,998.00 元，扣除不含税承销费人民币 19,698,113 ...

中钨高新材料股份有限公司 募集资金使用管理办法 第一章 总则 第一条 为了规范公司募集资金的管理和使用，提高募集资金 使用效率，最大程度地保障投资者的权益，依照《中华人民共和国 公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《深圳证券交易所股票上市规则》 （以下简称"《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》、《上市公司募集资 金监管规则》等法律法规的规定和《公司章程》的要求，结合公司 实际情况，特制定本办法。 第二条 本办法所称募集资金，是指公司通过发行股票或者其 他具有股权性质的证券向投资者募集并用于特定用途的资金，但不 包括上市公司为实施股权激励计划募集的资金。 第三条 公司对募集资金的使用应与招股说明书或募集说明 书或重组报告书等其他公开发行募集文件所承诺用途相一致，不得 随意改变募集资金的投向。公司应真实、准确、完整地披露募集资 金的实际使用情况，并在年度审计的同时聘请会计师事务所对募集 资金存放、管理与使用情况进行鉴证。公司变更募集资金投资项目 应当履行本办法规定的决策程序和批准程序。 第四条 募集资金的 ...

Investment Rating - The industry rating is "Recommended" [3] Core Views - Short-term lithium prices are expected to remain volatile, with a positive outlook on antimony, cobalt, tungsten, and tin due to a reassessment of strategic metal values [1][2][7] - Supply concerns in the nickel market are supported by the lack of new approvals from Indonesia's RKAB, which may lead to price stabilization [1][28] - The cobalt market is expected to see continued price increases due to structural supply tightness, with Congo's export regulations impacting availability [2][5][16] - Antimony prices are anticipated to converge towards higher overseas prices due to export controls and tight domestic supply [6][17] - The lithium market is experiencing a strong demand backdrop, with expectations of continued inventory depletion supporting prices [7][17] - The rare earth market is tightening due to Vietnam's export ban, which is expected to support prices [9][18] - Tin prices are supported by ongoing supply concerns from overseas sources, particularly from Myanmar and Congo [11][20] - Tungsten prices are expected to remain supported due to supply constraints and regulatory controls [12][21] - The uranium market is facing supply tightness, which is likely to support prices amid geopolitical uncertainties [14][22] Summary by Sections Nickel and Cobalt Industry Update - Nickel prices are under pressure due to stable demand but cautious purchasing from smelters, with LME nickel closing at $14,420 per ton, down 2.04% [1][28] - Cobalt prices are expected to rise further, with Congo's export regulations causing supply constraints [2][5][16] Antimony Industry Update - Domestic antimony prices are lower compared to international prices, but supply tightness is expected to support future price increases [6][17] Lithium Industry Update - Lithium carbonate prices have increased, with a strong demand outlook from the electric vehicle sector [7][17] Rare Earth Industry Update - Vietnam's recent export ban on rare earths is expected to tighten global supply and support prices [9][18] Tin Industry Update - Tin prices are supported by supply concerns from Myanmar and Congo, with LME tin prices rising to $41,905 per ton [11][20] Tungsten Industry Update - Tungsten prices are expected to remain high due to supply constraints and regulatory measures [12][21] Uranium Industry Update - The uranium market is facing supply tightness, with prices supported by geopolitical factors and production delays [14][22]

Industry Overview - The price of tungsten series products in China has increased, with tungsten powder, tungsten materials, and sodium tungstate rising by 2.35%, 2.2%, and 2% respectively as of December 11 [1] - The supply of tungsten is expected to tighten due to China's implementation of total mining control, while global reserves are gradually increasing [1] - Demand for tungsten is anticipated to grow due to diverse downstream applications, potentially supporting high tungsten prices in the future [1] - Global tungsten supply is expected to remain tight over the next 3-5 years, driven by declining ore grades and stricter regulations in China, as well as slow supply increases outside Kazakhstan [1] Company Insights - Xiamen Tungsten focuses on three core businesses: tungsten-molybdenum, rare earths, and new energy materials, actively expanding its deep processing capabilities in these areas [2] - China Tungsten High-Tech primarily engages in the research, development, production, sales, and trade of hard alloys and various non-ferrous metals, including tungsten, molybdenum, tantalum, and niobium [2]

中钨高新公告称，公司此前审议通过以8.21亿元现金收购五矿钨业所持远景钨业99.9733%股权。2025年 12月11日，远景钨业99.9733%股权过户至公司名下的变更登记手续办理完毕，交易完成资产交割过 户，远景钨业成为其控股子公司并纳入合并报表范围。公司需在交割手续后30个工作日内支付现金对 价，交易相关各方还需继续履行相关协议、承诺事项。 ...

证券代码：000657 证券简称：中钨高新 公告编号：2025-120 中钨高新材料股份有限公司 关于现金收购远景钨业股权 暨关联交易完成资产交割过户的公告 三、远景钨业基本信息 本次工商变更完成后，远景钨业具体登记信息如下： 企业名称：衡阳远景钨业有限责任公司 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。 一、关联交易概述 中钨高新材料股份有限公司（以下简称中钨高新或公司）分别于 2025 年 10 月 24 日召开第十一届董事会独立董事第三次专门会议、 第十一届董事会第六次会议，2025 年 11 月 14 日召开 2025 年第七次 临时股东会，审议通过了《关于现金收购衡阳远景钨业有限责任公司 99.9733%股权暨关联交易的议案》，同意公司以 82,149.31 万元人民 币（含税）现金收购五矿钨业集团有限公司（以下简称五矿钨业）所 持有的衡阳远景钨业有限责任公司（以下简称远景钨业）99.9733% 股权，所需资金全部来源于公司自有资金。公司于 2025 年 10 月 24 日与五矿钨业签订《中钨高新材料股份有限公司与五矿钨业集团有限 公司之股权转让 ...

Summary of PCB Equipment Industry Conference Call Industry Overview - The PCB equipment industry is entering a performance inflection point starting from Q4 2024, with significant revenue growth observed in companies like Dazhu CNC, driven by capital expenditures from PCB manufacturers, particularly those receiving orders from Nvidia like Shenghong and Hude. [1][5] - The demand for AI computing servers is surging, leading to increased production of complex, high-layer HDI boards, resulting in substantial capital expenditure increases among suppliers. Domestic PCB manufacturers such as Shennan and Jingwang are accelerating their capital investments, with expectations of strong capital expenditures and equipment procurement in 2026. [1][6] Key Financial Insights - Leading PCB manufacturers are planning a total capital expenditure of 58 billion yuan, with 40 billion yuan allocated for production equipment, indicating an 80% increase in global demand. This suggests a high level of industry prosperity in 2026. [1][7] - Dazhu CNC reported a nearly 500% year-on-year growth in Q4 2024, with quarterly growth rates exceeding 100% in 2025. Other companies like Xinqi Micro and Kaige are also showing strong performance. [3] Technological Developments - The introduction of the Rubin architecture server has raised the requirements for PCBs, necessitating new materials and orthogonal backplanes, which in turn increases the demand for high-end PCBs and difficult-to-process materials. [1][12] - The drilling equipment segment is crucial, accounting for up to 40% of the production line, with significant demand growth expected due to new materials and technological upgrades. Ultra-fast laser drilling is emerging as a key development direction. [1][15][17] Market Dynamics - The strong capital expenditure from PCB manufacturers is positively impacting equipment manufacturers' performance, with companies like Shenghong benefiting from high-margin orders from Nvidia. [5][9] - The market for high aspect ratio drill bits is expanding rapidly, with significant growth expected in the 40x aspect ratio segment. Companies like Dingtai and Zhongtung are well-positioned to capitalize on this trend. [4][20] Future Outlook - The PCB industry is expected to maintain strong capital expenditures and equipment procurement in 2026, with many projects still in early stages and not yet undergoing large-scale equipment tenders. [7] - Key players expected to drive growth in 2026 include Shennan Circuit, Pengding, Dongshan Precision, Jingwang, and others, with substantial planned investments. [8] - The introduction of new materials, such as 麻九 (Majiuwu) material, is anticipated to enhance performance but may also increase the complexity and cost of production. [14][23] Company-Specific Insights - Dazhu CNC is recommended as a key player in the drilling equipment segment, with expectations of achieving a market value of 80 billion yuan by 2026 due to successful product penetration and order fulfillment. [23] - Zhongtung High-tech's subsidiary, Jingzhou Precision, is expected to expand its capacity significantly, with a projected monthly capacity of 120-130 million by 2026, indicating strong growth potential. [24] - Dingtai High-tech is noted for its high capacity and rapid expansion, with a target market value of 60 billion yuan or higher due to its competitive advantages in the high aspect ratio drill bit market. [25] Conclusion - The PCB equipment industry is poised for significant growth driven by technological advancements, strong capital expenditures, and increasing demand for high-performance materials and equipment. Key players like Dazhu CNC, Dingtai High-tech, and Zhongtung High-tech are expected to lead this growth trajectory. [26]

Core Viewpoint - The small metals sector in A-shares has shown a significant upward trend, with the sector index closing up by 0.79% on December 10, driven by notable price increases in various small metal varieties, particularly tungsten [2][3]. Price Movements - Tungsten prices have surged, with black tungsten concentrate (≥65%) priced at 363,000 yuan/ton, up 153.85% year-to-date; ammonium paratungstate (APT) at 535,000 yuan/ton, up 153.55%; and tungsten powder at 880 yuan/kg, up 178.48%, all reaching historical highs [3][5]. - Other small metals like cobalt and tin have also seen significant price increases, with cobalt averaging 408,000 yuan/ton (up 16.91% since October) and tin futures rising 15.74% since October [3][5]. Factors Driving Price Increases - The price increases are attributed to supply constraints, favorable macroeconomic conditions, and rising downstream demand. Supply-side constraints include strict mining quotas and environmental regulations for tungsten, and slow recovery of tin production in Myanmar [5]. - Macroeconomic factors include strong market expectations for a Federal Reserve interest rate cut, which typically weakens the dollar and supports commodity prices [5]. - Downstream demand is driven by growth in industries such as new energy, semiconductors, and military applications, enhancing the outlook for strategic small metals [5]. Capital Inflows - The small metals sector has seen substantial capital inflows, with a net inflow of 1.732 billion yuan on December 10, ranking high among secondary industries [7]. - Notable companies like Western Materials received a net inflow of 1.274 billion yuan, benefiting from their core supply roles in aerospace and marine engineering [7]. Company Performance - The small metals sector's overall performance has improved, with a total net profit of 13.589 billion yuan in the first three quarters, a year-on-year increase of 41.42% [8]. - Companies like Shenghe Resources and Northern Rare Earth have reported significant profit growth, with increases of 748.07% and 280.27% respectively [8]. Capacity Expansion - Shenghe Resources has disclosed plans for capacity expansion, with its subsidiary's high-performance rare earth polishing powder project progressing as scheduled, expected to be operational by the end of Q1 2026 [9].