中信证券股份有限公司 关于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暨关联交易 之募集配套资金新增股份解除限售上市流通的核查意见 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"或"上市公司"）发行股份 购买资产并募集配套资金暨关联交易（以下简称"本次重组"）的独立财务顾问， 根据《上市公司重大资产重组管理办法》《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》等有关法 律法规和规范性文件的要求，对上市公司本次重组新增股份部分解除限售并上市 流通的事项进行了审慎核查，并出具核查意见如下： 一、本次解除限售股份基本情况 上市公司于 2025 年 1 月 8 日取得中国证券登记结算有限责任公司深圳分公 司出具的《股份登记申请受理确认书》，本次重组中发行股份购买资产所登记的 新增股份合计 692,850,302 股（有限售条件的流通股），上市时间为 2025 年 1 月 21 日。 上市公司于 2025 年 4 月 3 日取得中国证券登记结算有限责任公司深圳分公 司出具的《股份登记申 ...

证券代码：000657 证券简称：中钨高新 公告编号：2025-110 中钨高新材料股份有限公司 - 1 - 关于发行股份购买资产并募集配套资金暨关联交易之募集配 套资金新增股份解除限售上市流通的公告 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、本次申请上市流通的限售股份为中钨高新材料股份有限公司（以下简称 "公司"）在发行股份购买资产并募集配套资金暨关联交易中向特定对象发行的 股份，本次解除限售的股东共计 17 名，解除限售的股份数量为 189,473,684 股， 占公司总股本的 8.3141%。 2、本次申请上市流通的限售股份于 2025 年 4 月 16 日在深圳证券交易所上 市，本次解除限售的 17 名股东发行时承诺的限售期限为新增股份上市之日起 6 个月，本次限售股份可上市流通日为 2025 年 10 月 16 日。 一、本次解除限售股份的基本情况 本次解除限售股份的上市类型为本次重组募集配套资金之新增限售股份上 市流通。 （一）注册批复情况 2024 年 12 月 25 日，公司收到中国证券监督管理委员会（以下简称"中国 ...

证券之星消息，10月13日小金属板块较上一交易日上涨6.26%，广晟有色领涨。当日上证指数报收于 3889.5，下跌0.19%。深证成指报收于13231.47，下跌0.93%。小金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600259 | 广晟有色 | 64.85 | 10.01% | 34.97万 | | 22.00亿 | | 000831 | 中国稀土 | 60.14 | 10.01% | 116.92万 | | 68.13亿 | | 600111 | 北方稀土 | 57.73 | 10.00% | 380.26万 | | 214.56 Z | | 000962 | 东方银业 | 27.62 | 10.00% | 24.75万 | | 6.39亿 | | 600392 | 盛和盗源 | 26.07 | 8.81% | 214.67万 | | 54.64亿 | | 600549 | 厦门钨业 | 33.29 | 7.77% | 103.85万 | ...

Investment Rating - The report maintains an "Outperform" rating for the industry [2][9]. Core Insights - The report highlights the increasing geopolitical tensions between China and the U.S., which may elevate demand for safe-haven assets like gold and strategic metals such as rare earths and tungsten [5][9]. - The copper market is experiencing supply disruptions, with prices trending upward due to tight supply conditions [5]. - Aluminum demand is expected to continue, with potential opportunities for investment following market corrections [5]. - The strategic importance of rare earths and tungsten is emphasized due to recent export controls and geopolitical developments [5][9]. Summary by Sections Copper Sector - Supply disruptions are ongoing, with LME copper prices at $10,735 per ton, reflecting a week-on-week increase of 1.9% [5]. - The processing fee for imported copper concentrate is negative, indicating tight supply [5]. - Companies with rich copper reserves are recommended for investment [9]. Aluminum Sector - LME aluminum prices reached $2,800 per ton, up 3.6% week-on-week [5]. - The operating rate for aluminum processing enterprises has slightly decreased, but demand is expected to remain stable [5]. - Investment opportunities are suggested for companies in the aluminum sector following market corrections [9]. Gold Sector - Gold prices are rising, with SHFE gold at 901.6 RMB per gram, up 3.1% week-on-week [5]. - The report suggests that geopolitical tensions may enhance gold's strategic position as a safe-haven asset [5]. - Investment in gold-related companies is recommended due to their undervalued resource potential [9]. Rare Metals Sector - Rare earth prices remain stable, with praseodymium-neodymium oxide at 683,000 RMB per ton [5]. - Recent export controls on rare earths have heightened their strategic importance amid U.S.-China tensions [5][9]. - Investment opportunities are highlighted in companies involved in rare earth production [9]. Steel Sector - Steel prices are stable, with SHFE rebar at 3,103 RMB per ton, reflecting a week-on-week increase of 1.0% [6]. - The report notes frequent disruptions in iron ore supply negotiations, which may impact future prices [6]. - Companies with high self-sufficiency in iron ore are recommended for investment [9].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the mining machinery sector [4]. Core Insights - The increase in metal prices is expected to drive higher capital expenditures on equipment by mining companies. As metal prices rise, mining profits increase, leading to a stronger willingness to purchase equipment. Initially, demand for vehicles, consumables, and maintenance services will rise, followed by increased investment in new mining projects and equipment procurement as prices continue to climb [4]. - Precious metals and industrial metals have seen significant price increases this year, with gold rising over 50%, silver over 60%, and copper and tin both increasing by over 26% [4]. - The demand for tools and spare parts is expected to rise due to increased mining and processing volumes. Recommendations include focusing on companies like New Sharp, Hengli Drill, and Zhongtung High-Tech for tools, and companies like Fushite and Naipu Mining for spare parts [4]. - The acceleration of new mining projects will lead to increased demand for complete equipment. Key equipment segments include excavation, crushing, transportation, and mineral processing, with recommended companies including Xugong Machinery, Sany Heavy Industry, and CITIC Heavy Industries [4]. - Mining asset companies will directly benefit from price increases. For instance, tungsten concentrate prices have surged from 143,000 CNY per ton at the beginning of the year to 271,000 CNY per ton by September 30, marking an increase of 89.51%. This price surge significantly boosts profits for tungsten mining companies [4]. Summary by Sections Equipment Demand - The demand for mining equipment is expected to rise as metal prices increase, leading to higher capital expenditures by mining companies [4]. - Specific recommendations for equipment manufacturers include Xugong Machinery, Sany Heavy Industry, and Zhongtung High-Tech [4]. Tool and Spare Parts - Increased mining activity will drive demand for tools and spare parts, with a focus on companies like New Sharp and Hengli Drill for tools, and Fushite and Naipu Mining for spare parts [4]. Mining Asset Companies - Companies with tungsten mining assets are expected to benefit significantly from rising tungsten prices, with notable mentions including Zhongtung High-Tech and Xiamen Tungsten [4].

行 业 及 产 业 机械设备 行 业 研 究 / 行 业 点 评 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 郭中伟 A0230524120004 guozw@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 研究支持 券 研 苏萌 A0230122080001 sumeng@swsresearch.com 联系人 何佳霖 (8621)23297818× hejl@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 10 月 13 日 金属涨价驱动设备需求增加，关注 矿山机械及相关拥有矿山资产公司 看好 ——矿山机械行业点评 投资观点： 请务必仔细阅读正文之后的各项信息披露与声明 证 究 报 告 相关研究 - ⚫ 有色金属价格上行，有望带动设备资本开支增加。价格是设备投资的"指挥棒"，当终 端金属价格上涨，矿企利润增加，设备采购的意愿会变强，设备需求随着价格上涨幅度 的增加而增 ...

10月13日，中钨高新涨5.15%，截至发稿，报19.59元/股，成交10.50亿元，换手率4.41%，总市值446.45 亿元。 资料显示，中钨高新材料股份有限公司位于湖南省株洲市荷塘区钻石路288号钻石大厦10-12楼，成立日 期1993年3月18日，上市日期1996年12月5日，公司主营业务涉及硬质合金和钨、钼、钽、铌等稀有金属 及其深加工产品的研制、开发、生产、销售及贸易业务。主营业务收入构成为：精矿及粉末产品 34.74%，其他硬质合金23.13%，切削刀具及工具21.68%，难熔金属16.23%，贸易及装备等4.22%。 华泰柏瑞中证1000指数增强A（019240）基金经理为笪篁。 截至发稿，笪篁累计任职时间5年157天，现任基金资产总规模13.15亿元，任职期间最佳基金回报 66.19%， 任职期间最差基金回报-0.87%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，华泰柏瑞基金旗下1只基金重仓中钨 ...

Core Insights - Zhongtung High-tech Materials Co., Ltd. experienced a stock price increase of 5.15%, reaching 19.59 CNY per share, with a trading volume of 1.049 billion CNY and a turnover rate of 4.41%, resulting in a total market capitalization of 44.645 billion CNY [1] Company Overview - Zhongtung High-tech Materials Co., Ltd. is located in Zhuzhou City, Hunan Province, and was established on March 18, 1993, with its listing date on December 5, 1996. The company specializes in the research, development, production, sales, and trade of hard alloys and rare metals such as tungsten, molybdenum, tantalum, and niobium [1] - The revenue composition of the company includes: 34.74% from ore and powder products, 23.13% from other hard alloys, 21.68% from cutting tools and instruments, 16.23% from refractory metals, and 4.22% from trade and equipment [1] Fund Holdings - Xinyuan Fund has a significant holding in Zhongtung High-tech, with its Xinyuan Guozheng 2000 Index Enhanced A fund (018579) holding 95,300 shares, accounting for 0.87% of the fund's net value, ranking as the eighth largest holding. The estimated floating profit from this position is approximately 91,500 CNY [2] - The Xinyuan Guozheng 2000 Index Enhanced A fund was established on August 10, 2023, with a latest scale of 68.8649 million CNY. Year-to-date returns are 34.94%, ranking 1473 out of 4220 in its category; the one-year return is 44.78%, ranking 929 out of 3855; and since inception, the return is 35.64% [2]

Core Viewpoint - The recent price increases in products and rising downstream demand have led to significant stock price movements among several companies in the non-ferrous metals sector, prompting many to issue announcements regarding abnormal trading fluctuations [1] Group 1: Performance Forecasts - As of October 12, 2023, four out of five non-ferrous metal companies that disclosed their Q3 2025 performance forecasts expect a net profit increase of over 100% year-on-year [1] - Northern Rare Earth (600111) anticipates a net profit of between 1.51 billion to 1.57 billion yuan, representing a year-on-year increase of 272.54% to 287.34% [2] - Yuyuan New Materials (600206) expects a net profit of 230 million to 260 million yuan, with a year-on-year growth of 101% to 127% [2] Group 2: Stock Trading Anomalies - Yunnan Copper (000878) reported a cumulative stock price increase of over 20% over three consecutive trading days, indicating abnormal trading activity [3] - Tongling Nonferrous Metals (000630) also noted a similar cumulative price fluctuation of over 20% across three trading days, confirming no significant changes in its operational environment [4] - Baiyin Nonferrous Metals (601212) disclosed a cumulative price increase exceeding 20% over three trading days, with no major undisclosed information affecting its stock [4] Group 3: Market Outlook - CITIC Securities expresses optimism regarding investment opportunities in the non-ferrous metals sector, highlighting the recent surge in gold and silver prices driven by expectations of continued interest rate cuts by the Federal Reserve and ongoing global central bank purchases [5] - The report suggests that the supply shortage and the logic of computational revolution have contributed to the recent strength in copper prices, indicating potential investment opportunities in gold, silver, and copper [5] Group 4: Price Trends and Company Strategies - Zhongtung High-tech (000657) indicates that tungsten prices are influenced by supply and demand dynamics, with domestic supply tightening and limited new overseas production, leading to sustained high prices [6] - Northern Rare Earth emphasizes its proactive market strategies and cost reduction efforts, which have positively impacted its operational performance amid rising prices for major rare earth products [6]

Core Viewpoint - The recent price increases in products and rising downstream demand have led to significant stock price movements among companies in the non-ferrous metals sector, prompting many to issue announcements regarding abnormal trading fluctuations [1] Group 1: Performance Forecasts - As of October 12, 2025, five companies in the non-ferrous metals sector have disclosed their performance forecasts for the first three quarters of 2025, with four companies expecting a net profit increase of over 100% year-on-year [1] - Northern Rare Earth anticipates a net profit of 1.51 billion to 1.57 billion yuan, representing a year-on-year increase of 272.54% to 287.34% [1] - Yuyuan New Materials expects a net profit of 230 million to 260 million yuan, with a year-on-year growth of 101% to 127% [2] Group 2: Stock Trading Anomalies - Yunnan Copper reported a cumulative stock price increase of 20% over three consecutive trading days, indicating abnormal trading activity [3] - Tongling Nonferrous Metals also noted a similar cumulative price deviation of 20% over three trading days, confirming that there were no undisclosed significant matters affecting stock prices [4] - Baiyin Nonferrous Metals disclosed a cumulative price increase of over 20% over three trading days, with no major changes in its internal operating environment [4] Group 3: Market Outlook - CITIC Securities expressed optimism regarding investment opportunities in the non-ferrous metals sector, highlighting the recent surge in gold and silver prices driven by expectations of continued interest rate cuts by the Federal Reserve and ongoing global central bank gold purchases [4] - The report also noted a significant increase in copper prices due to supply shortages and the logic of a computing revolution [4] Group 4: Price Trends and Company Strategies - China Tungsten High New Materials indicated that tungsten prices are influenced by supply and demand dynamics, with domestic supply shrinking and demand rising, suggesting that tungsten prices will remain high [5] - Northern Rare Earth mentioned that it has actively adjusted its strategies to improve operational performance in response to rising prices of major rare earth products [5]