Summary of the Conference Call for Dongfang Tantalum Industry Industry and Company Overview - **Company**: Dongfang Tantalum Industry - **Industry**: Tantalum materials, particularly in the semiconductor and AI sectors Key Points and Arguments 1. **Surge in Downstream Demand**: The demand for tantalum materials, especially tantalum capacitors, has surged due to the AI wave and semiconductor chip upgrades. The price increase of 10% by Yageo confirms this demand growth, benefiting Dongfang Tantalum, which holds over 50% market share in tantalum powder and wire [2][4][6]. 2. **Accelerated Capacity Expansion**: The company has initiated capacity expansion since 2023, with plans for further increases in 2025. The wet process capacity is expected to increase sixfold compared to 2022, enhancing the company's ability to respond to market fluctuations [2][4][7][16]. 3. **Leading Industry Position**: Dongfang Tantalum is a leader in both global and domestic tantalum refining, being the only company in China with a complete tantalum industry chain. The company is expected to further increase its market share as it expands capacity and the market develops [2][5][12]. 4. **Profit Growth Projections**: The company forecasts profits of 210 million yuan in 2024, 320 million yuan in 2025, and 460 million yuan in 2026, with significant profit growth driven by investment income and low debt levels. Gross and net profit margins are expected to approach 18% [2][8][20]. 5. **Diversified Business Operations**: Dongfang Tantalum is involved in various sectors, including superconducting niobium materials and high-temperature alloy additives, which enhances its market adaptability. The company holds approximately 70% market share in superconducting niobium materials domestically [2][9][13]. 6. **Stable Raw Material Supply**: The company benefits from stable titanium ore prices, around 90 USD per pound, despite geopolitical tensions in the Democratic Republic of Congo and Rwanda. This stability is further supported by purchasing tantalum ore from its controlling shareholder [3][11]. 7. **Market Dynamics for Tantalum Capacitors**: The tantalum capacitor market is experiencing growth, with a significant contribution to profits. The company is also expanding its production of tantalum targets, currently holding about 4% market share [6][13]. 8. **Future Revenue and Profit Expectations**: Revenue projections for 2025 to 2027 are 1.711 billion, 2.244 billion, and 2.684 billion yuan, respectively, with net profits of 324 million, 467 million, and 534 million yuan. The company maintains a "buy" rating, while cautioning about potential risks from raw material costs, exchange rate fluctuations, and policy changes [3][20]. Additional Important Information - **Historical Background**: Established in 1965 and listed in 2000, the company has undergone significant changes, including asset swaps to focus on its core business [10]. - **Global Titanium Ore Supply**: The global supply of titanium ore is relatively abundant, with total reserves of about 140,000 tons and an annual production of approximately 2,100 tons [11]. - **Competitive Landscape**: The company faces limited domestic competition and primarily competes with foreign firms from the US and Japan [12]. This summary encapsulates the essential insights from the conference call, highlighting the company's strategic positioning, market dynamics, and financial outlook.

截至10月23日收盘，超导概念上涨2.03%，位居概念板块涨幅第4，板块内，16股上涨，国缆检测20%涨 停，东方钽业涨停，辰光医疗、中孚实业、博菲电气等涨幅居前，分别上涨16.01%、5.98%、3.39%。 跌幅居前的有安泰科技、白银有色、宁波韵升等，分别下跌5.39%、2.04%、1.99%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 深圳国企改革 | 6.62 | 培育钻石 | -2.94 | | 赛马概念 | 2.45 | 共封装光学(CPO) | -1.32 | | MLOps概念 | 2.41 | 铜缆高速连接 | -1.24 | | 超导概念 | 2.03 | 重组蛋白 | -1.15 | | 煤炭概念 | 1.97 | 细胞免疫治疗 | -1.05 | | 量子科技 | 1.96 | 创新药 | -1.04 | | 盐湖提锂 | 1.79 | 同花顺果指数 | -1.00 | | 短剧游戏 | 1.77 | 华为手机 | -0.99 | | 共享单车 | 1.58 | 仿制药一致性评价 ...

资料显示，宁夏东方钽业股份有限公司位于宁夏回族自治区石嘴山市大武口区冶金路，成立日期1999年 4月30日，上市日期2000年1月20日，公司主营业务涉及钽铌铍金属及合金制品的研发、生产和销售。主 营业务收入构成为：钽铌及其合金制品98.36%，钛及钛合金制品1.30%，其他(补充)0.34%，其他 0.01%。 从基金十大重仓股角度 数据显示，华泰柏瑞基金旗下1只基金重仓东方钽业。华泰柏瑞中证2000指数增强A（019923）二季度 持有股数15.91万股，占基金净值比例为0.64%，位居第九大重仓股。根据测算，今日浮盈赚取约24.18 万元。 10月23日，东方钽业涨5.67%，截至发稿，报28.32元/股，成交4.92亿元，换手率3.58%，总市值142.98 亿元。 华泰柏瑞中证2000指数增强A（019923）基金经理为盛豪、雷文渊、孔令烨。 截至发稿，盛豪累计任职时间10年14天，现任基金资产总规模30.69亿元，任职期间最佳基金回报 126.02%， 任职期间最差基金回报-29.48%。 雷文渊累计任职时间3年81天，现任基金资产总规模10.42亿元，任职期间最佳基金回报71.05%， 任职 期 ...

证券日报网讯东方钽业10月21日在互动平台回答投资者提问时表示，截至2025年10月20日收盘，公司持 有人数量为42，404户。 （文章来源：证券日报） ...

截至10月20日收盘，小金属概念下跌0.55%，位居概念板块跌幅榜前列，板块内，湖南白银、白银有 色、*ST亚振等跌停，西部黄金、盛达资源、招金黄金等跌幅居前，股价上涨的有59只，涨幅居前的有 杉杉股份、东方钽业、金杨股份等，分别上涨7.26%、6.12%、5.48%。 | 601958 | 金钼股份 | 0.00 | 0.73 | -335.15 | | --- | --- | --- | --- | --- | | 002009 | 天奇股份 | 3.97 | 4.31 | -307.84 | | 002667 | 威领股份 | 0.88 | 2.43 | -293.29 | | 000751 | 锌业股份 | -1.78 | 3.55 | -280.54 | | 300402 | 宝色股份 | 1.60 | 1.18 | -264.31 | | 600622 | 光大嘉宝 | 0.72 | 1.77 | -239.34 | | 002721 | 金一文化 | 0.00 | 1.31 | -191.33 | | 000546 | 金圆股份 | 1.21 | 1.34 | -190.22 | | 00211 ...

超导概念持续走强，东方钽业涨停，宝胜股份、精达股份、永鼎股份、胜宏科技、中天科技、沃尔核材 等跟涨。 ...

截至2025年10月20日 10:38，中证稀有金属主题指数上涨0.44%，成分股东方钽业10cm涨停，铂科新材上涨4.81%，融捷股份上涨3.53%，雅化集团上涨 2.90%，章源钨业上涨2.34%。稀有金属ETF(562800)上涨0.50%。拉长时间看，截至2025年10月17日，稀有金属ETF近1月累计上涨8.61%。 资金流入方面，拉长时间看，稀有金属ETF近5个交易日内有4日资金净流入，合计"吸金"7.18亿元。 有机构表示，在供给端，前期受行业扩产潮影响，锂市场长期处于供大于求格局，锂价持续承压；但随着国内行业 " 反内卷 " 政策推进，已逐步推动锂价触 底上行。预计随着 " 反内卷 " 措施持续推进，锂行业低效产能有望逐步出清，进而推动锂价企稳上行，为相关企业业绩修复提供支撑。 而对于钴而言，在供给端，2025 年 9 月，刚果（金）发布钴出口配额政策。从产量数据来看，刚果（金）2024 年钴产量占据全球总产量的 76%，此次出口 配额政策的实施，或将进一步加剧全球钴市场的供给紧张程度。 流动性方面，稀有金属ETF盘中换手2.52%，成交9166.08万元。规模方面，稀有金属ETF最新规模达3 ...

10月20日，东方钽业涨5.29%，截至发稿，报27.85元/股，成交1.98亿元，换手率1.45%，总市值140.60 亿元。 资料显示，宁夏东方钽业股份有限公司位于宁夏回族自治区石嘴山市大武口区冶金路，成立日期1999年 4月30日，上市日期2000年1月20日，公司主营业务涉及钽铌铍金属及合金制品的研发、生产和销售。主 营业务收入构成为：钽铌及其合金制品98.36%，钛及钛合金制品1.30%，其他(补充)0.34%，其他 0.01%。 从东方钽业十大流通股东角度 数据显示，华夏基金旗下1只基金位居东方钽业十大流通股东。华夏稳增混合（519029）二季度新进十 大流通股东，持有股数211.24万股，占流通股的比例为0.42%。根据测算，今日浮盈赚取约295.74万 元。 华夏稳增混合（519029）成立日期2006年8月9日，最新规模11.46亿。今年以来收益29.32%，同类排名 2368/8234；近一年收益45.68%，同类排名1233/8095；成立以来收益451.93%。 华夏稳增混合（519029）基金经理为彭海伟。 截至发稿，彭海伟累计任职时间11年280天，现任基金资产总规模13.3亿元， ...

Group 1 - The report highlights the strategic acquisition of Venator UK's titanium dioxide business assets by Longbai Group, aiming to enhance its European operations and global footprint [6][7][8] - Longbai Group plans to establish subsidiaries in Malaysia and the UK, investing $5 million and $50 million respectively, to further its globalization strategy [4][9] - The titanium dioxide market is experiencing price increases, with the current market price for sulfate titanium dioxide ranging from 12,700 to 13,800 RMB per ton, indicating a positive market trend for Longbai Group [10] Group 2 - Haiguang Information reported a significant revenue growth of 54.65% year-on-year for the first three quarters of 2025, with a notable acceleration in Q3 revenue growth reaching 69.60% [12][13] - The company is expanding its market presence through partnerships with key industry players, which is driving its revenue and profit growth [13][15] - Haiguang's CPU and DCU segments are expected to see substantial growth, particularly with increasing demand from government and internet sectors [16] Group 3 - The report indicates that the advertising business of Baidu is under short-term pressure, while AI SaaS is positively impacting cloud services [31][32] - Baidu's core revenue is projected to decline by 8% in Q3 2025, with online marketing revenue expected to drop by 22% [31][34] - The company is focusing on AI-driven search transformation to enhance user engagement and satisfaction, which may provide long-term growth potential [32] Group 4 - The report discusses the mechanical industry, specifically the Japanese motorcycle market, which saw a total production of 639,000 units in 2024, a decrease of 6.4% year-on-year [21] - The domestic sales of motorcycles in Japan totaled 368,000 units in 2024, reflecting a decline of 9.2% year-on-year [22] - The report emphasizes the export dynamics and overseas production capacity of Japanese motorcycle manufacturers, with a total export volume of 484,000 units in 2024 [24] Group 5 - Zhongke Shuguang reported a revenue of 8.804 billion RMB for the first three quarters of 2025, with a year-on-year growth of 9.49% [26][27] - The company's non-recurring net profit increased by 66.79% year-on-year, indicating a significant improvement in its core business profitability [27][28] - The launch of the Shuguang AI supercluster system is expected to enhance the company's competitive position in the AI computing infrastructure market [28] Group 6 - The report indicates that the coal price is expected to show a long-term upward trend due to rising production costs and increased taxation [43][46] - The coal industry has experienced a consistent upward price trend over the past 30 years, driven by factors such as labor costs and environmental investments [44][46] - The report suggests that the coal price will continue to face upward pressure in the long term, despite potential fluctuations [46] Group 7 - The report highlights the growth of the cloud computing and network security sectors, with a focus on AI-driven opportunities for companies like Deepin Technology [47] - Deepin Technology has seen a significant increase in its cloud computing revenue, which now constitutes 46.36% of its total revenue, reflecting its strategic shift towards cloud services [47]

证券日报网讯10月17日晚间，东方钽业（000962）发布关于2022年限制性股票激励计划预留授予部分第 一个解除限售期解除限售股份上市流通的提示性公告称，公司2022年限制性股票激励计划第一个解除限 售期解除限售条件已经成就，本次符合解除限售条件的激励对象共计5名，可解除限售的限制性股票共 计39，601股，占目前公司总股本的0.0078%。本次解除限售股份可上市流通的日期为：2025年10月22 日。 ...