Group 1 - The price of black tungsten concentrate (≥65%) has increased by 101.4% to 288,000 yuan/ton, while ammonium paratungstate (APT) price has risen by 98.1% to 418,000 yuan/ton since the beginning of the year [1] - The Ministry of Natural Resources has set a total control index for tungsten mining of 58,000 tons for the first batch in 2025, a decrease of 4,000 tons compared to the first batch in 2024, representing a decline of over 6% [1] - Demand for tungsten products has significantly increased due to the recovery of the manufacturing sector, particularly in automotive, aerospace, and machinery processing industries [1] Group 2 - Companies like Changyi Zhangyuan Tungsten Industry Co., Ltd. reported a revenue of 2.4 billion yuan in the first half of the year, a year-on-year increase of 32.27%, with tungsten powder sales rising by 43.68% to 2,657.83 tons [1] - The company has six mining rights and ten exploration rights, enhancing its resource reserve capabilities through collaboration with geological experts [2] - High tungsten prices may lead upstream mining companies to seek potential resource development, while also prompting downstream companies to accelerate the search for alternative materials [2] Group 3 - The development cycle for tungsten mining is long and capital-intensive, making it difficult to quickly increase production, suggesting that tungsten prices may still have room for growth [3] - The value of tungsten resources is being re-evaluated in the market, necessitating all stakeholders, including resource, processing, and end-use companies, to adapt to market changes [3]

Core Viewpoint - The industrial metal sector in A-share listed companies has shown overall profit improvement as of the first half of 2025, with many companies reporting a turnaround from losses to profits or an increase in profits compared to the previous year [1] Group 1: Profit Improvement - Among the 23 selected industrial metal companies, 8 companies reported both revenue and profit growth, including Northern Rare Earth, Dongfang Tantalum, and others [1] - 7 companies turned losses into profits, such as China Rare Earth, Yunnan Germanium, and others, with notable profit recoveries [1] - China Rare Earth's net profit improved from a loss of 244 million yuan in H1 2024 to a profit of 162 million yuan in H1 2025 [2] - Yunnan Germanium's net profit shifted from a loss of 9 million yuan to a profit of 22 million yuan [2] - Shenghe Resources reported a net profit turnaround from a loss of 69 million yuan to a profit of 377 million yuan [2] Group 2: Revenue and Profit Decline - Companies such as Western Materials, Baotai Co., and Jintian Titanium reported declines in both revenue and profit [2][8] - Western Materials' revenue decreased by 0.35% to 1.539 billion yuan, with a net profit drop of 36.03% to 61.16 million yuan [3][8] - Baotai Co. saw a 20.45% decline in revenue to 2.967 billion yuan and a 49% drop in net profit to 205 million yuan [8] - Jintian Titanium's revenue fell by 22.38% to 318 million yuan, with a net profit decrease of 49.71% to 40.53 million yuan [8] Group 3: Mixed Performance - Companies like Zhongkuang Resources, Xiamen Tungsten, and others experienced revenue growth but profit declines [4][5] - Zhongkuang Resources' revenue increased by 34.89% to 3.267 billion yuan, but net profit plummeted by 81.16% to 89.13 million yuan [6][7] - Xiamen Tungsten's revenue decreased by 4.37% to 972 million yuan, with a net profit decline of 46.47% to 64.12 million yuan [5][6] - Baowu Magnesium's net profit fell by 46.47% despite revenue growth [7]

Core Viewpoint - The company, Zhongtung High-tech, has confirmed its production capacity for various rare metals and indicated that rising prices of by-products could enhance its profitability [2] Production Capacity - The company’s subsidiary, Shizhu Garden, is a large tungsten polymetallic mine, primarily producing tungsten concentrate, with by-products including molybdenum concentrate, bismuth concentrate, and fluorite [2] - The annual production of molybdenum concentrate and bismuth concentrate is approximately 1,500 tons each [2] - The annual production of fluorite is around 320,000 tons [2] Impact of Price Increases - The company stated that an increase in the prices of its by-product metals would positively impact its profitability [2]

"我们处在一个从学习、追赶、并跑到领跑的过程。"李仲泽如此评价公司在全球产业链中的所处阶段。 目前，中钨高新旗下柿竹园公司拥有全球在产的最大单体钨矿山，上半年，公司钨精矿产量、硬质合金 产量稳居全球第一。近日，中钨高新披露的2025年半年报显示，公司实现营收与利润双增长，延续了过 去五年的增长趋势。在实地采访中，李仲泽深入剖析了业绩增长的核心逻辑，勾勒出中钨高新未来发展 的蓝图。 全产业链协同 谈及过去五年公司持续增长的原因，李仲泽将"全产业链优势"作为首要因素。中钨高新构建了从钨矿山 开采、冶炼，到硬质合金加工及制成品的完整产业链，且在每个环节都具备行业领先的实力。 在矿山领域，2024年，中钨高新宣布以52亿元收购柿竹园公司，通过重大资产重组将全球最大的单体钨 矿山收入麾下。"柿竹园公司为增厚上市公司利润做出了较大贡献。"李仲泽表示。目前中钨高新还受托 管理着实控人中国五矿旗下的四座钨矿山。"公司将继续推进四座矿山的注入工作，目前这项工作正在 有序推进。"李仲泽说，公司也在关注资源端和加工制造端的并购机会。 汇正财经资深研究员朱杲怡认为，中钨高新对柿竹园公司的收购是其全产业链战略布局的里程碑式举 措，通过 ...

从钨矿的开采到硬质合金产品的研发、加工与生产，中钨高新的目标是成为一家全产业链布局的世界一 流钨产业集团。日前，中钨高新董事长李仲泽在接受中国证券报专访时称，产业链资源整合、持续的科 技创新、产品规模与品质升级，是公司业绩保持增长的三大原因，未来公司还将继续推动资产注入，持 续提升产品品质与技术含量，优化业务结构。 "我们处在一个从学习、追赶、并跑到领跑的过程。"李仲泽如此评价公司在全球产业链中的所处阶段。 目前，中钨高新旗下柿竹园公司拥有全球在产的最大单体钨矿山，上半年，公司钨精矿产量、硬质合金 产量稳居全球第一。近日，中钨高新披露的2025年半年报显示，公司实现营收与利润双增长，延续了过 去五年的增长趋势。在实地采访中，李仲泽深入剖析了业绩增长的核心逻辑，勾勒出中钨高新未来发展 的蓝图。 汇正财经资深研究员朱杲怡认为，中钨高新对柿竹园公司的收购是其全产业链战略布局的里程碑式举 措，通过整合全球顶级钨矿资源与冶炼技术，形成了"资源-冶炼-加工-应用"的闭环体系，在资源端构建 了全球稀缺的钨、铋、萤石资源控制体系，为高端制造提供稳定原料保障，在全球钨产业链中占据战略 主导地位。 在硬质合金领域，2025年上半 ...

为了让全产业链的协同效应最大化，中钨高新在今年5月启动了一场"刀刃向内"的组织架构改革。李仲 泽介绍，公司撤销了运营部、贸易部、集采中心三个二级部门，重组新设供应链部，下设大宗原材料供 应中心、矿冶集采服务中心、合金集采服务中心、进出口经营中心四个中心。 ● 本报记者 郑萃颖 熊永红 从钨矿的开采到硬质合金产品的研发、加工与生产，中钨高新（000657）的目标是成为一家全产业链布 局的世界一流钨产业集团。日前，中钨高新董事长李仲泽在接受中国证券报专访时称，产业链资源整 合、持续的科技创新、产品规模与品质升级，是公司业绩保持增长的三大原因，未来公司还将继续推动 资产注入，持续提升产品品质与技术含量，优化业务结构。 "我们处在一个从学习、追赶、并跑到领跑的过程。"李仲泽如此评价公司在全球产业链中的所处阶段。 目前，中钨高新旗下柿竹园公司拥有全球在产的最大单体钨矿山，上半年，公司钨精矿产量、硬质合金 产量稳居全球第一。近日，中钨高新披露的2025年半年报显示，公司实现营收与利润双增长，延续了过 去五年的增长趋势。在实地采访中，李仲泽深入剖析了业绩增长的核心逻辑，勾勒出中钨高新未来发展 的蓝图。 全产业链协同 谈及过 ...

2025年上半年，中钨高新实现营业收入78.49亿元，同比增长3.09%；扣非净利润为4.84亿元，同比增长 310.54%。 二级市场上，K线图显示，中钨高新股价从年初的9.05元/股涨至9月8日收盘的19.79元/股，2025年年内 涨幅达118.67%。 长江商报消息 ●长江商报记者 潘瑞冬 中钨高新（000657.SZ）业绩股价双双高增。 对于钨价走势，公司在投资者活动中表示，钨作为国家战略性稀缺资源，其供给端受到国家开采配额管 控、环保监管趋严以及在产矿山资源品位自然下降等多种因素影响，2025年叠加出口管制、第一批配额 下降等因素，进一步推动供求紧平衡，对钨价形成有力支撑。 钨价保持高位运行，完成收购湖南柿竹园有色金属有限责任公司（以下简称"柿竹园公司"），推动公司 盈利水平提升。 同时，长江商报记者注意到，中钨高新研发投入跃上新台阶，推动毛利率提升。近两年半，公司研发费 用合计达16.32亿元。2025年上半年，公司毛利率增至21.18%。 主营业务盈利能力大幅提升 中钨高新是中国五矿旗下钨产业的运营管理平台，拥有集矿山、冶炼、加工于一体的完整钨产业链。 2025年上半年，中钨高新的主营业务盈利 ...

Core Viewpoint - Tungsten prices remain high, positively impacting the company's performance due to its strong resource base and innovative product offerings [1] Group 1: Company Performance - The company benefits from owning high-quality mining enterprises, directly profiting from the rise in tungsten and other associated metal prices [1] - The company's hard alloy segment focuses on innovation, continuously optimizing product structure, which increases the proportion of high-value-added products [1] Group 2: Market Conditions - The overall high tungsten price environment is favorable for the company's performance [1] - The ability to resist risks from raw material price fluctuations is enhanced by the increasing share of high-value-added products [1]

Group 1: Company Overview and Strategy - Zhongtung High-tech Materials Co., Ltd. is a platform for tungsten industry management under China Minmetals, integrating mining, smelting, and deep processing [2] - The company will actively seize opportunities from the Hainan Free Trade Port policies to enhance its tungsten industry and improve the quality of the listed company [3] Group 2: Market Conditions and Impact on Profit - Tungsten prices are currently high due to supply-demand dynamics, influenced by national mining quotas, stricter environmental regulations, and declining resource grades [3] - The high tungsten prices are beneficial for the company's performance, as it owns quality mining enterprises that directly benefit from rising tungsten and associated metal prices [3] Group 3: Future Plans and Acquisitions - The company plans to actively pursue the acquisition of assets from four other mines to minimize related transactions and eliminate industry competition, thereby enhancing profitability [3]

Market Overview - The non-ferrous metal sector has seen a strong rebound, with the Shenwan Non-Ferrous Metal Index rising by 8.59% over the past two weeks, ranking fifth among 31 primary industries [7] - The market has shown significant structural differentiation, with small metals, precious metals, and new materials performing particularly well, while rare earths, copper, and aluminum have attracted substantial capital [1][2] Precious Metals - Gold and silver prices have strengthened, with COMEX gold closing at $3,516 per ounce, reflecting a year-to-date increase of 31.63%, while silver has risen by 35.88% [1][17] - The demand for gold from global central banks continues to rise, enhancing its financial attributes, leading to increased investment in companies like Shandong Gold, Zhongjin Gold, and Hunan Gold [1][17] Industrial Metals - Copper prices have shown a strong upward trend, with LME copper settling at $9,805 per ton, up 12.89% year-to-date, driven by expectations of increased infrastructure investment and demand from the renewable energy sector [2][23] - Aluminum prices are constrained by production capacity limits, with domestic electrolytic aluminum capacity reaching 44 million tons, while demand from the new energy sector remains robust [2][27] Rare Earths - The rare earth sector has experienced a strong performance, with the rare earth price index rising by 6.39% over the past two weeks and 37.44% year-to-date [2][41] - Recent policy changes have tightened supply controls, benefiting companies like China Rare Earth, Northern Rare Earth, and Shenghe Resources [2][41][55] Small Metals - The small metals sector has seen significant price increases, with black tungsten concentrate prices rising by 24.26% over the past two weeks and 75.52% year-to-date [3][30] - Tin prices have also increased due to raw material shortages and recovering semiconductor demand, benefiting companies like Tin Industry Co., Huaxi Nonferrous Metals, and Xingye Silver Tin [3][31] Energy Metals - The energy metals sector has shown mixed performance, with electrolytic cobalt prices rising by 1.33% over the past two weeks and 86.71% year-to-date, while lithium carbonate prices have decreased by 3.69% in the short term but remain positive year-to-date [3][47][49] - Companies like Zijin Mining, Ganfeng Lithium, and Huayou Cobalt are positioned well across multiple supply chains, benefiting from low inventory and downstream replenishment demand [3][47] Fund Flow and Market Sentiment - The non-ferrous metal ETF has seen record trading volumes, with significant inflows into rare earth and copper sectors, indicating strong market sentiment and recognition of the sector's growth potential [3][56] - The market is shifting towards low-valuation, high-growth segments, with leading companies benefiting from favorable conditions [3][56]