Core Viewpoint - Dongfang Tantalum Industry has experienced a significant decline in stock price, with a cumulative drop of 10.09% over three consecutive days, indicating potential concerns among investors [1] Company Overview - Dongfang Tantalum Industry Co., Ltd. is located in Shizuishan City, Ningxia Hui Autonomous Region, established on April 30, 1999, and listed on January 20, 2000. The company specializes in the research, production, and sales of tantalum, niobium, and beryllium metal and alloy products [1] - The main revenue composition of the company includes tantalum and niobium alloy products at 98.36%, titanium and titanium alloy products at 1.30%, and other products at 0.34% and 0.01% [1] Fund Holdings - In terms of fund holdings, one fund under Invesco Great Wall has a significant position in Dongfang Tantalum Industry. The Invesco Great Wall National Index 2000 Enhanced A (019013) held 25,900 shares in the third quarter, accounting for 0.5% of the fund's net value, ranking as the sixth-largest holding [2] - The fund has incurred a floating loss of approximately 41,700 yuan today, with a total floating loss of 90,100 yuan during the three-day decline [2] - The Invesco Great Wall National Index 2000 Enhanced A fund was established on September 5, 2023, with a latest scale of 15.12 million yuan, and has achieved a year-to-date return of 41.1% [2]

Meeting Overview - The fifth temporary shareholders' meeting of Ningxia Dongfang Tantalum Industry Co., Ltd. was held on October 31, 2025, with both on-site and online voting options available [2][3][18] - A total of 314 participants attended the meeting, representing 223,389,183 shares, which accounts for 44.2474% of the company's total voting shares [4][18] Voting Results - The proposal for the election of company directors received overwhelming support, with 223,303,933 shares (99.9618%) in favor, 46,600 shares (0.0209%) against, and 38,650 shares (0.0173%) abstaining [7][19] - Among minority shareholders, 21,387,133 shares (99.6030%) supported the proposal, while 46,600 shares (0.2170%) opposed it [7][19] Legal Compliance - The meeting's procedures, including the qualifications of the conveners and attendees, were confirmed to comply with the Company Law, Securities Law, and relevant regulations [9][20] - The legal opinion provided by Guohao Law Firm affirmed that the meeting's convening, voting procedures, and results were legitimate and valid [9][20]

2025 年第五次临时股东会决议公告 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。 特别提示： 证券代码：000962 证券简称：东方钽业 公告编号：2025-091 号 宁夏东方钽业股份有限公司 4、召集人：公司董事会 5、主持人：黄志学董事长 （1）现场会议时间：2025 年 10 月 31 日 14:30 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票 的时间为：2025 年 10 月 31 日上午 9:15～9:25，9:30～11:30，下午 13:00～15:00；通过深圳证券交易所互联网投票系统投票的时间为 2025 年 10 月 31 日 9:15 至 15:00 期间的任意时间。 2、本次股东会没有涉及变更前次股东会决议。 一、会议召开和出席情况 2、现场会议召开地点：宁夏东方钽业股份有限公司办公楼二楼会 议室 （一）会议召开的情况 1、召开时间 3、召开方式：现场投票与网络投票相结合的方式 1、本次股东会没有出现否决议案的情形。 1、出席会议的总体情况 1 6、会议的召开符合《公司法》《深圳证券交易所股票上市规则》 及《公司章 ...

法律意见书 国浩律师（银川）事务所 关于宁夏东方钽业股份有限公司 2025 年第五次临时股东会的法律意见书 GHFLYJS〔2025〕553 号 致：宁夏东方钽业股份有限公司 根据《中华人民共和国公司法》（下称《公司法》）、《中华人民共和 国证券法》（下称《证券法》）、《上市公司股东会规则》（下称《股东会 规则》）和《深圳证券交易所上市公司股东会网络投票实施细则（2025 年 修订）》等法律、法规和规范性文件及《宁夏东方钽业股份有限公司章程》 （下称《公司章程》）的要求，国浩律师（银川）事务所（下称"本所"） 接受公司委托，指派刘宁、石薇律师出席公司 2025 年第五次临时股东会（下 称"本次会议"），并就会议相关事宜出具本法律意见书。 为出具本法律意见书，本所律师对本次会议所涉及的有关事项进行了审 查，查阅了本所律师认为出具本法律意见书所必须查阅的文件，并对有关问 题进行了必要的核查和验证。 本所律师同意将本法律意见书随本次会议决议一起予以公告，并依法对 本法律意见书承担相应的责任。 本所律师根据《公司法》《证券法》《股东会规则》等相关法律、法规、 规范性文件的要求，按照律师行业公认的业务标准、道德规范和勤 ...

Group 1 - The trading volume of Dongfang Tantalum Industry reached a new high of 2.103 billion RMB, marking the highest since its listing [2] - The latest stock price of Dongfang Tantalum Industry decreased by 1.42%, with a turnover rate of 12.16% [2] - The previous trading day's total transaction volume was 2.096 billion RMB [2] Group 2 - Dongfang Tantalum Industry Co., Ltd. was established on April 30, 1999, with a registered capital of 504.864268 million RMB [2]

Core Viewpoint - The stock prices of quality companies with improving performance have surged, with the Shanghai Composite Index breaking the 4000-point mark for the first time in over 3700 days [1] Group 1: Market Performance - The market is shifting towards sectors with relatively better performance as the third-quarter reports are gradually disclosed, particularly favoring the communication sector [3] - Over 2000 listed companies have released their third-quarter earnings, with more than half reporting year-on-year profit growth or turning losses into profits [4] - 18 companies have reported a net profit increase of over 10 times year-on-year, while over 130 companies have doubled their net profits but remain below a tenfold increase [4] Group 2: Notable Companies - Companies with significant profit growth include Fangzheng Electric, Jingrui Electric Materials, and Tianbao Infrastructure, with net profit increases of 153128.60%, 19202.65%, and 7158.91% respectively [5] - The high growth in profits for some companies is attributed to low base figures from the previous year [5] - Companies like Liyang Instrument and Oat Technology have seen their stock prices rise significantly post third-quarter report disclosures, with Liyang Instrument's net profit increasing by over 49% year-on-year [6] Group 3: Institutional Investment - Among the stocks with a net profit increase of over 30% and rated by multiple institutions, 23 stocks saw their prices rise by over 5% with significant net inflows from main funds [7] - Leading the net inflow is Ruida Futures, with over 18% of its shares being bought by main funds [8] - Huaxin Cement received the highest attention from institutions, with 18 ratings, and its third-quarter performance exceeded expectations due to the consolidation of Nigerian assets [10]

Core Viewpoint - Dongfang Tantalum Industry (000962) clarified that its main products are tantalum, niobium, and their alloy products, and it does not produce or sell beryllium-related products [1] Company Summary - The company specializes in tantalum and niobium products, indicating a focused product line in the rare metal industry [1] - The clarification on product offerings suggests a strategic positioning in the market, potentially avoiding confusion with other metal producers [1]

Market Overview - The small metals sector experienced a decline of 1.55% on October 28, with Xiyang Co. leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Small Metals Sector Performance - Notable gainers in the small metals sector included: - Zhongtung High-tech (000657) with a closing price of 22.51, up 10.02% and a trading volume of 1.46 million shares [1] - Dongfang Silver (000962) closed at 34.50, up 8.15% with a trading volume of 606,400 shares [1] - Yunnan Chuangye (002428) closed at 27.96, up 3.44% with a trading volume of 388,100 shares [1] - Other companies with positive performance included Xianglu Tungsten Industry (002842) and Jintian Titanium Industry (688750), both showing modest gains [1] Fund Flow Analysis - The small metals sector saw a net outflow of 3.028 billion yuan from main funds, while retail investors contributed a net inflow of 2.267 billion yuan [2] - The main funds showed significant outflows from companies like Zhongtung High-tech and Yunnan Chuangye, while retail investors were net buyers in these stocks [3] Individual Stock Highlights - Zhongtung High-tech had a main fund net inflow of 509 million yuan, but also saw significant outflows from retail investors [3] - Yunnan Chuangye reported a main fund net inflow of 154 million yuan, with retail investors also showing net outflows [3] - Dongfang Silver experienced a main fund net inflow of 73.66 million yuan, while retail investors had a slight outflow [3]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 12 months [6][12]. Core Insights - The company reported a revenue of 1.199 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 33.90%. The net profit attributable to shareholders was 208 million yuan, also up by 33.43% year-on-year [1]. - The demand for tantalum capacitors remains strong, driven by AI applications, which has led to price increases from major manufacturers. This trend is expected to support the company's performance [2]. - The company is expanding its production capacity through a planned capital increase of 1.2 billion yuan, which aims to enhance its production capabilities in various areas, including wet and fire metallurgy [3]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved a revenue of 1.199 billion yuan, with a net profit of 208 million yuan, reflecting a year-on-year growth of 33.90% and 33.43% respectively. In Q3 alone, revenue was 402 million yuan, up 32.83% year-on-year but down 12.41% quarter-on-quarter [1]. - The tantalum and niobium segment's profit for Q1-Q3 2025 was approximately 150 million yuan, marking a 52.58% increase year-on-year [1]. Investment and Growth Opportunities - The company has seen stable investment returns from its subsidiary, with investment income of 59.63 million yuan for Q1-Q3 2025, a 1.27% increase year-on-year [2]. - The planned capital increase will address production capacity issues and meet the growing domestic demand for high-temperature alloy materials and high-end products [3]. Market Trends - The price of tantalum ore has risen from 70 USD/pound to over 90 USD/pound since Q4 2023, indicating a clear upward trend in prices [2]. - The company is positioned to benefit from the recovery in downstream orders, particularly in the military sector, despite a temporary slowdown in military product deliveries [1][2]. Earnings Forecast - The company is projected to achieve net profits of 301 million yuan, 415 million yuan, and 550 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 53, 39, and 29 [5][10].

Core Insights - The controlled nuclear fusion sector continues to show strong momentum, with companies like Antai Technology and Dongfang Tantalum experiencing significant stock price increases [1][4] - The Chinese Academy of Sciences has successfully developed a second-generation high-temperature superconducting tape core material, marking a significant advancement in clean energy materials [3] - The Chinese "artificial sun" project is expected to be completed by 2027, potentially becoming the first device to achieve fusion power generation in human history [4] Company Performance - Antai Technology (000969.SZ) saw a stock price increase of 10.00%, reaching 22.98 [2] - Dongfang Tantalum (000962.SZ) also experienced a 10.00% rise, with a stock price of 35.09 [2] - Other companies like Western Superconducting (688162.SH) and Yongding Co. (600105.SH) also reported gains of 8.62% and 7.92%, respectively [2] Industry Developments - The global nuclear fusion market is projected to exceed $40 trillion by 2050, according to the International Atomic Energy Agency [4] - As of September 2025, the total investment in domestic nuclear fusion projects is expected to surpass 150 billion yuan, indicating a phase of capital expenditure expansion in the industry [4] - Various technological routes in nuclear fusion, including magnetic confinement and Z-pinch, are experiencing significant changes, with private capital increasingly involved in planned projects [5]