Core Viewpoint - Antai Technology has successfully won multiple contracts for advanced filter components, showcasing its technical strength and market position in the industry [1] Group 1: Contract Wins - In 2025, the company secured contracts for EAST filters, CRAFT filters, limiters, and BEST filters, with a total contract value exceeding 100 million yuan [1] - The company successfully won the "BEST filter target plate and integrated procurement project package 01" in November 2025, with a contract amount of 69.9085 million yuan [1] Group 2: Technical Strength - The components won in the contracts represent the highest technical barriers and harshest working conditions in the filter segment, indicating the company's national-level certification of its technical capabilities [1]

Group 1 - The company has identified the aerospace sector as a long-term key market, indicating a stable order flow in this area [1] - Specific details regarding cooperation projects and client information are considered company trade secrets, and stakeholders are advised to refer to official company announcements for accurate information [1]

Core Viewpoint - Antai Technology (000969) emphasizes its tungsten-copper alloy products as essential high-temperature structural materials for aerospace applications, highlighting their high melting point, high-temperature strength, and excellent resistance to liquid metal corrosion [1] Group 1: Product Characteristics - The tungsten-copper alloy products possess high melting points and high-temperature strength, making them suitable for aerospace applications [1] - Soft magnetic alloys and precision alloys exhibit high magnetic induction strength and excellent magnetic stability, which are critical for electromagnetic devices and attitude control systems in the aviation sector [1] Group 2: Market Position - The company provides high-quality and satisfactory key materials, devices, and solutions to aerospace enterprises, reinforcing its position in the aerospace industry [1]

Group 1 - Recent significant price increases in various minor metals, with tungsten showing the most notable rise. As of January 9, black tungsten concentrate (≥65%) is priced at 485,000 yuan/ton, a week-on-week increase of 5.4%. Ammonium paratungstate (APT) is priced at 710,000 yuan/ton, up 6.0% week-on-week; tungsten powder is priced at 1,130 yuan/kg, up 6.5% week-on-week, all reaching historical highs [1] - According to Shenwan Hongyuan Research, the minor metals sector is expected to see positive changes by 2026, driven by high growth in energy storage demand, which will accelerate the reversal cycle in the lithium carbonate industry. In the context of de-globalization, the value of strategic minor metals such as rare earths, tungsten, and antimony will continue to be reassessed [1] - The reshaping of the global credit landscape and the continuation of the Federal Reserve's interest rate cut cycle will jointly support the favorable trend of precious and minor metals [1] Group 2 - On January 9, the A-share market experienced a strong rally, with the Shanghai Composite Index breaking through 4,100 points. The total trading volume reached 3.12 trillion yuan, marking the sixth historical instance of surpassing 3 trillion yuan in trading volume [3] - The minor metals concept continues to strengthen, with several stocks such as Hailiang Co., Yunnan Tin Company, Antai Technology, Xiamen Tungsten, and Zhenhua Co. hitting the daily limit. Other stocks like Zhangyuan Tungsten, Tin Industry Co., Huaxi Nonferrous, Chihong Zinc & Germanium, and China Uranium Industry also saw price increases [3]

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 000969 | 安泰科技 | 10.00 | 10.75 | 63248.64 | | 601899 | 紫金矿业 | 2.53 | 1.36 | 55136.73 | | 002428 | 云南锗业 | 10.01 | 16.45 | 52580.59 | | 603993 | 洛阳钼业 | 5.07 | 1.48 | 37485.55 | | 600549 | 厦门钨业 | 10.00 | 4.51 | 36757.25 | | 000630 | 铜陵有色 | 3.68 | 4.67 | 30926.79 | | 600111 | 北方稀土 | 1.44 | 3.98 | 28226.33 | | 300748 | 金力永磁 | 6.48 | 9.87 | 25212.10 | | 000831 | 中国稀土 | 3.96 | 5.61 | 23184.87 | | 600547 | 山东黄金 | 5.75 | 1.51 | 22731.76 ...

Group 1 - The metal new materials sector increased by 3.12% on January 9, with Antai Technology leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] - Key stocks in the metal new materials sector showed significant price increases, with Antai Technology rising by 10.00% to a closing price of 25.19 [1] Group 2 - The sector saw a net inflow of 658 million yuan from main funds, while retail investors experienced a net outflow of 293 million yuan [2] - The trading volume and turnover for key stocks in the sector were substantial, with Jinli Permanent Magnet achieving a turnover of 4.212 billion yuan [1][2] - Antai Technology had a net inflow of 527.1 million yuan from main funds, indicating strong institutional interest despite retail outflows [3]

Group 1: Rare Earth Permanent Magnet Industry - The rare earth permanent magnet industry faced challenges in H1 2025 due to raw material price fluctuations, tariff policies, and market competition, resulting in a year-on-year decline in performance, although new contract amounts increased by 9.9% [2] - The company has a magnetic material production capacity of 12,000 tons, with the AnTai North 5,000 tons high-end rare earth permanent magnet product project currently ramping up production [2] - The company views emerging fields such as humanoid robots and low-altitude economy as key growth areas, focusing on high-performance neodymium-iron-boron magnetic materials essential for robotic joint servo motors [2] Group 2: Tungsten-Molybdenum Industry - In H1 2025, the company faced significant challenges from rising raw material prices and overseas market conditions, achieving new contract amounts of 972 million yuan, consistent with the previous year, while revenue decreased by 18% to 889 million yuan [3] - The net profit was 46.046 million yuan, down 9.4% year-on-year, but the company made strides in high-end medical equipment, achieving a 32.26% increase in new contracts [3] - New product developments in the semiconductor sector showed significant growth, with new contracts for planar display targets and heat sinks increasing by 60.13% and 64.37%, respectively [3] Group 3: Amorphous Industry - The amorphous industry maintained steady growth in 2025, with revenue reaching 508 million yuan, a year-on-year increase of 12.88%, and net profit soaring by 81.8% to 40.64 million yuan [4] - Despite a slight decline in overseas exports, sales of nanocrystalline strip materials continued to grow, with domestic sales of strip materials exceeding 1,800 tons in a single month [4] - The company plans to deepen its focus on the green power distribution field and expand its market share in high-efficiency energy-saving products [4] Group 4: Controlled Nuclear Fusion - In 2025, the company secured contracts for EAST and CRAFT filters, totaling over 100 million yuan, with a significant contract worth 69.9 million yuan for the BEST filter target plate [5] - The company is recognized as a leader in the production of tungsten-copper filters and has a complete closed-loop technology from raw material preparation to final component delivery [5] - The commercial prospects for controlled nuclear fusion are promising, with ongoing global investments and a clear commercialization path, although the timeline is lengthy [5] Group 5: Aerospace Market - The aerospace sector is a strategic emerging industry, with the company maintaining stable orders for its core products, such as tungsten-copper alloys, which are critical for high-temperature structural materials [6] - The company is closely monitoring developments in the commercial aerospace sector but has not yet established any order business in this area [6] - Future plans include providing high-quality materials and solutions for aerospace enterprises as the market evolves [6]

Core Viewpoint - The non-ferrous metal sector in the Shanghai and Shenzhen markets is experiencing active performance, with several companies showing significant stock price increases today. Group 1: Company Highlights - Antai Technology: Latest stock price is 25.19 yuan with a daily increase of +10.00%. It is a leader in refractory metals and semiconductor equipment materials, holding a leading global market share in tungsten alloy multi-leaf gratings [1]. - Xiamen Tungsten: Latest stock price is 48.19 yuan with a daily increase of +10.00%. It possesses a complete tungsten industry chain and is the first in China to develop and produce tungsten components for nuclear fusion devices [2]. - Zhangyuan Tungsten: Latest stock price is 16.96 yuan with a daily increase of +8.44%. It is a domestic producer with a complete tungsten industry chain and has its own tungsten mine resources with nearly 95,000 tons of tungsten reserves [3]. - Tin Industry Co.: Latest stock price is 33.82 yuan with a daily increase of +7.81%. It operates as a full industry chain enterprise in non-ferrous metals [4]. - Zhong Rare Earth: Latest stock price is 64.22 yuan with a daily increase of +6.41%. It is a core platform of China Rare Earth Group, spanning industries including rare earth, copper, and tungsten [5]. - Zhong Tung High-tech: Latest stock price is 32.89 yuan with a daily increase of +6.03%. It is a tungsten industry platform under China Minmetals, operating the entire industry chain, with significantly increased tungsten metal reserves after acquisitions [6]. - Luoyang Molybdenum: Latest stock price is 22.78 yuan with a daily increase of +5.07%. It is a global diversified mineral giant, operating molybdenum-tungsten mines that are associated with tungsten resources [7]. - Zhongjin Lingnan: Latest stock price is 6.51 yuan with a daily increase of +4.83%. It is a comprehensive non-ferrous metal enterprise [9].

Core Viewpoint - The A-share market showed strong performance with the Shanghai Composite Index surpassing 4100 points, indicating a potential bullish trend in the market [3][11]. Market Performance - The Shanghai Composite Index rose by 0.92% to close at 4120.43, the Shenzhen Component Index increased by 1.15% to 14120.15, the ChiNext Index gained 0.77% to 3327.81, and the Sci-Tech Innovation Board Index surged by 2.09% to 1803.40 [4][3]. - The total trading volume in the Shanghai and Shenzhen markets reached 3.12 trillion yuan, an increase of 322.4 billion yuan compared to the previous trading day, with over 3900 stocks rising and more than a hundred stocks hitting the daily limit for two consecutive days [8]. Sector Performance - AI application themes surged, particularly in the fields of healthcare, film, and short drama games, with stocks like Meian Health, Jiuyuan Yinhai, and Guoxin Health hitting the daily limit [5][6]. - The concept of controllable nuclear fusion continued to perform strongly, with stocks such as Hongxun Technology and Xiamen Tungsten rising by the daily limit [7]. Fund Flow - Major funds saw net inflows in sectors such as non-ferrous metals, media, and home appliances, while there were net outflows in semiconductor, insurance, and electronic components sectors [10]. - Specific stocks that attracted significant net inflows included Liou Co., Jinfa Technology, and Kunlun Wanwei, with inflows of 1.747 billion yuan, 1.663 billion yuan, and 1.369 billion yuan respectively [10]. Institutional Insights - Dexun Securities noted that the Shanghai Composite Index's rise above 4100 points, coupled with increased trading volume, suggests the potential for a comprehensive bull market [11]. - Guojin Securities emphasized the acceleration of the spring market and the importance of AI chain rotation opportunities, while Xiangcai Securities highlighted the recent upward breakout of the Shanghai Composite Index, indicating a possible recovery of the upward trend from the second half of 2025 [13].

Core Viewpoint - The A-share market continues to rise, with the Shanghai Composite Index surpassing the 4100-point mark for the first time in 10 years, indicating a significant bullish trend in the market [1][3]. Market Performance - The Shanghai Composite Index reached 4110.37, up 27.39 points or 0.67% - The Shenzhen Component Index rose to 14097.44, increasing by 137.95 points or 0.99% - The ChiNext Index climbed to 1787.39, up 20.82 points or 1.18% - The total trading volume in the market was 1.75 trillion, with a predicted increase to 3.12 trillion, up by 291.1 billion [2]. Sector Performance - The defense and military industry led the market with a nearly 4% increase, with stocks like Huayin Technology and Guoke Military reaching a 20% limit up [3]. - The non-ferrous metals sector also performed well, with a rise of over 2%, featuring stocks like Yunnan Zhiye and Antai Technology hitting the limit up [4]. - The machinery equipment sector saw a significant increase of over 2%, with stocks such as Jizhi Co. and Shaoyang Hydraulic reaching the limit up [5]. Notable Stocks - Huayin Technology (688281) at 93.47, up 20.00% - Guoke Military (688543) at 75.96, up 20.00% - Shanghai Hanyun (300762) at 51.65, up 16.70% - Jizhi Co. (300553) at 47.86, up 20.01% - Shaoyang Hydraulic (301079) at 59.52, up 20.00% [4][6]. ETF Performance - Several ETFs related to "satellite" and "rare earth" sectors experienced significant gains, with increases exceeding 5% [8]. Risk Alerts - Companies like Zhite New Materials and Hongxun Technology have issued risk alerts due to abnormal stock price fluctuations, indicating potential volatility and divergence from fundamental values [12][13].