2025年07月30日 证券研究报告 | 钨行业专题 战略金属供给收缩，雅下项目打开产业空间 行业研究 · 行业专题 有色金属 · 小金属 投资评级：优于大市（维持） | 证券分析师：刘孟峦 | 证券分析师：谷瑜 | | --- | --- | | 010-88005312 | 021-61761033 | | liumengluan@guosen.com.cn | guyu@guosen.com.cn | | S0980520040001 | S0980524110001 | 请务必阅读正文之后的免责声明及其项下所有内容 核心要点 钨产业链 图：钨产业链 上游采选 中游冶炼 下游加工 白钨矿 黑钨矿 钨精矿 钨化工 仲钨酸铵 （APT） 钨铁 钨酸钠 钨酸钙 AMT 钨酸 氧化钨 催化剂 钨粉 高密度合金 碳化钨 钨丝、钨材 （钨制品） 合金钢 硬质合金 终端应用 工具 机械制造 矿山采掘 汽车制造 钢铁工业 国防军工 石油石化 电子信息 41409吨，59% 16000吨，23% 10648吨，15% 2711吨，4% 资料来源：观研天下，华经产业研究院，智研咨询，国信证券经济研究所整理 请务必阅读正文之 ...

今年以来，钨价持续攀升。中钨在线数据显示，截至7月25日，黑钨精矿（≥65%）报价至19万元/吨， 较年初上涨32.9%；白钨精矿（≥65%）达18.9万元/吨，较年初上涨33.1%；仲钨酸铵（APT）为28万元/ 吨，较年初上涨32.7%。 二级市场方面，数据显示，今年以来截至7月25日，A股钨板块期间累计涨幅超60%。前海开源基金首 席经济学家杨德龙在接受《证券日报》记者采访时表示，二级市场对钨的价值正在重估，相较于铜、铝 等有色金属，钨板块估值长期偏低，市场资金开始重新审视包括钨在内的小金属投资机会。 从供给端来看，今年4月份，自然资源部下达2025年第一批钨矿开采总量控制指标为58000吨，较2024年 第一批开采总量控制指标减少4000吨，降幅为6.45%。而钨矿主产区江西省、云南省的开采量分别缩减 2370吨、400吨。与此同时，随着钨矿矿山资源品位自然下降、原矿品位持续走低，也对钨价形成了有 力支撑。 从需求端来看，随着我国制造业转型升级加速，光伏、硬质合金等领域对钨制品的需求不断提升。华经 产业研究院数据显示，2022年至2025年，我国光伏切割用钨丝市场规模将从7.19亿元增长至66.59亿 ...

Investment Rating - Investment rating: Positive (maintained) [5] Core Views - The rare earth sector is experiencing price increases driven by overseas catalysts, with neodymium oxide rising 7.29% to 478,500 CNY/ton, dysprosium oxide up 2.44% to 1,680,000 CNY/ton, and terbium oxide increasing 0.84% to 7,180,000 CNY/ton [5][12] - Molybdenum prices are fluctuating at high levels due to increased steel demand, with molybdenum concentrate prices rising 4.46% to 3,985 CNY/ton [5][24] - Tungsten prices are at new highs due to supply contraction expectations, with black tungsten concentrate prices increasing 4.07% to 179,000 CNY/ton [5][29] - Tin prices are under pressure with SHFE tin down 1.01% to 264,500 CNY/ton, influenced by raw material shortages from Myanmar [5][37] - Antimony prices are adjusting downwards, with antimony ingot prices falling 1.30% to 190,000 CNY/ton due to reduced smelting output [5][48] - The controllable nuclear fusion materials sector is in a high-growth phase, with significant opportunities for upstream materials [6] Summary by Category Rare Earths - Recent price increases: neodymium oxide up 7.29% to 478,500 CNY/ton, dysprosium oxide up 2.44% to 1,680,000 CNY/ton, terbium oxide up 0.84% to 7,180,000 CNY/ton [5][12] Molybdenum - Molybdenum concentrate price increased 4.46% to 3,985 CNY/ton, while molybdenum iron (Mo60) rose 3.49% to 252,000 CNY/ton [5][24] Tungsten - Black tungsten concentrate price increased 4.07% to 179,000 CNY/ton, and ammonium paratungstate rose 4.35% to 264,000 CNY/ton [5][29] Tin - SHFE tin price decreased 1.01% to 264,500 CNY/ton, and LME tin fell 1.82% to 33,160 USD/ton [5][37] Antimony - Antimony ingot price decreased 1.30% to 190,000 CNY/ton, and antimony concentrate price fell 1.49% to 16,500 CNY/ton [5][48] Nuclear Fusion Materials - The controllable nuclear fusion industry is accelerating commercialization, with significant benefits expected for upstream materials [6]

证券代码：002378 证券简称：章源钨业 公告编号：2025-037 崇义章源钨业股份有限公司 部分董事、高级管理人员减持计划实施完成的公告 公司董事、高级管理人员范迪曜、陈邦明，高级管理人员石雨生、赖昌洪保 证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 崇义章源钨业股份有限公司（以下简称"公司"或"本公司"）于 2025 年 6 月 25 日 在 《 证 券 时 报 》 《 中 国 证 券 报 》 《 上 海 证 券 报 》 和 巨 潮 资 讯 网 （http://www.cninfo.com.cn）披露了《部分董事、高级管理人员减持股份预披露 公告》（公告编号 2025-034，以下简称"减持计划"），具体情况如下： 1. 持有公司 1,520,304 股（占公司总股本比例 0.13%）的董事、常务副总经 理、财务总监范迪曜先生，计划在减持计划披露之日起 15 个交易日后的 3 个月 内，以集中竞价或大宗交易方式减持其持有的本公司股份不超过 380,000 股（占 公司总股本比例 0.03%）。 【注 ...

章源钨业（002378）公告，公司董事、高级管理人员范迪曜、陈邦明、石雨生、赖昌洪的减持计划已实 施完成。范迪曜减持38万股，占公司总股本比例0.0316%；陈邦明减持30.53万股，占公司总股本比例 0.0254%；石雨生减持35.14万股，占公司总股本比例0.0293%；赖昌洪减持30.76万股，占公司总股本比 例0.0256%。合计减持134.43万股，占公司总股本比例0.1119%。 ...

Industry Overview - The tungsten market prices have continued to rise, with domestic black tungsten concentrate, APT, and tungsten iron prices reported at 179,000 yuan, 260,000 yuan, and 265,000 yuan per ton respectively, marking increases of 25%, 23.5%, and 24.4% since the beginning of the year [1] - A new round of price adjustments by institutions and tungsten enterprises has enhanced market bullish sentiment, supporting the upward trend in tungsten prices [1] - The Ministry of Natural Resources issued a total mining quota of 58,000 tons for tungsten in April, which is a reduction of 4,000 tons and 5,000 tons compared to 2024 and 2023 respectively [1] - The quality of tungsten ore in China has declined, with tungsten ore and concentrate grades decreasing from 0.42% and 66.57% in 2004 to 0.28% and 56.08% in 2020, further limiting capacity release [1] - There has been no significant increase in domestic supply in recent years, and overseas supply from Bakuta and Sandong tungsten mines may be lower than expected, reinforcing tight supply logic [1] Company Insights - Zhongtung High-tech is a leading comprehensive supplier of hard alloy tools in China, forming a complete tungsten industry chain that includes tungsten mining, smelting, hard alloys, and deep processing [3] - Zhangyuan Tungsten Industry leverages its tungsten resource advantages and integrated industry chain layout, continuously enhancing its competitiveness in the high-end hard alloy products sector [4]

Summary of Conference Call Industry Overview - The company operates in the uranium industry, which is considered a strategic mineral resource in China, subject to protective mining regulations [2][3] - Uranium has three key characteristics: high melting point, high hardness, and high density, making it essential in various sectors of the national economy [2] Company Business - The company is engaged in the resource development and utilization of uranium mines, producing and selling various products derived from uranium [3][4] - The product range includes ammonium diuranate, uranium oxide, uranium carbide powder, thermal spray powder, and hard alloys [3] - The company has established an integrated production system covering upstream mining, midstream smelting, and downstream processing, making it one of the few domestic manufacturers with a complete uranium industry chain [3][4] Resource and Production Data - As of the end of 2024, the company holds uranium reserves of 79,400 tons, tin reserves of 17,600 tons, and copper reserves of 11,300 tons [4] - The company ranks first in uranium powder production and second in uranium carbide powder production in China [4] Market Trends and Pricing - The average price of uranium products has increased by 11% to 14% year-on-year [3] - The company is focusing on expanding its market presence and has seen a rise in market prices for uranium products and by-products [6] Production Challenges - There has been a slight decline in uranium ore production due to natural grade degradation, but the company is working on resource integration to stabilize production levels [8][9] - The company is also addressing rising mining costs, which have increased slightly over the years [10] Financial Performance - The company reported a stable performance in 2024, with an increase in sales volume for uranium powder and hard alloys, despite some pressure in the hard alloy market [24] - The gross margin for hard alloys has improved, with a reported increase from 16-17% to 20% [20][21] Strategic Initiatives - The company is actively pursuing resource integration projects to enhance production capacity and efficiency [9] - There are ongoing efforts to expand into high-end markets, particularly in the aerospace and automotive sectors [17][30] Export and Trade Considerations - The company’s export ratio is around 12%, primarily to Asia and Europe, with minimal exposure to the U.S. market [18] - Recent trade tensions and export controls have not significantly impacted the company, although they have extended export processing times [19] Future Outlook - The company remains optimistic about the long-term price trends for uranium, despite current market fluctuations [28] - Plans for a new uranium project are underway, with expectations for production to commence in the near future [29] Conclusion - The company is positioned as a leading player in the uranium industry, with a comprehensive production chain and a focus on market expansion and product innovation [30]

Core Points - The company has established an internal reporting system for significant information to ensure timely, fair, truthful, accurate, and complete disclosure of information [1][10] - The reporting obligations apply to various personnel and entities within the company, including directors, senior management, and major shareholders [2][3] - The company outlines specific criteria for reporting significant transactions, including asset purchases or sales, investments, and other financial activities that meet certain thresholds [3][4][5] Reporting Obligations - Reporting obligations include continuous disclosure after the initial report of significant events, ensuring that updates on the matter are communicated promptly [2] - Each unit within the company must designate a specific person responsible for reporting significant information to maintain accuracy and timeliness [2][3] Scope of Significant Information - Significant information includes transactions involving assets that exceed 10% of the company's audited total assets, investments, and other financial activities that meet specified thresholds [3][4] - The company must report on related party transactions, litigation, and any significant risks that may impact its operations [3][4][5] Reporting Procedures - Upon becoming aware of significant information, responsible personnel must notify the board secretary on the same day through various communication methods [6][7] - The board secretary is responsible for analyzing reported information and ensuring that necessary disclosures are made to the board [6][7] Confidentiality Measures - Individuals with knowledge of significant information are required to maintain confidentiality until the information is publicly disclosed [7][8] - There are provisions for exempting reports if the information involves state secrets or could violate confidentiality regulations [8] Compliance and Accountability - The company emphasizes strict adherence to the reporting system, with consequences for any failure to report accurately or timely [7][10] - Individuals responsible for reporting may face disciplinary actions if their negligence leads to significant impacts on the company [7]

General Principles - The company establishes a system to regulate financial derivatives trading and mitigate associated risks, in accordance with relevant laws and regulations [1] - Financial derivatives trading includes activities involving swap contracts, forward contracts, and non-standard options, with underlying assets being securities, indices, interest rates, exchange rates, currencies, commodities, or combinations thereof [1] Operational Principles - The company strictly controls the types and scale of financial derivatives trading, focusing on hedging and risk avoidance rather than profit-making [2] - Transactions are only permitted with qualified financial institutions approved by regulatory authorities, and the company must use its own funds for these activities [2] Approval Authority - Financial derivatives trading requires a feasibility analysis report to be submitted to the board for approval, with certain conditions necessitating shareholder approval [3] - The board or shareholders must approve the trading limits, and the general manager is authorized to manage and operate the derivatives business [3] Management and Internal Processes - The finance department is responsible for planning, funding, operations, accounting, and daily management of derivatives trading [4] - The audit and supervision department evaluates risks and compliance of trading activities, while the board office ensures legal compliance and information disclosure [4] Risk Management - The company must establish a robust risk management mechanism to prevent and address various risks associated with derivatives trading [6] - In case of significant risks, the finance department must report to the financial director and board secretary, who will discuss countermeasures [6] Information Disclosure - The company must disclose trading activities according to regulatory requirements, especially when losses exceed certain thresholds [7] - Documentation related to trading plans and agreements must be maintained for ten years by the finance department [7] Miscellaneous - The system will be revised in accordance with any new laws or regulations that conflict with it, and it will take effect upon board approval [8]

Core Viewpoint - The company has established a comprehensive insider information management system to ensure confidentiality and compliance with relevant laws and regulations regarding insider information disclosure and management. Group 1: Insider Information Management - The company aims to improve insider information management and confidentiality based on the Securities Law and other regulatory guidelines [1][2] - The board of directors is responsible for ensuring the accuracy and completeness of insider information registries, with the chairman as the primary responsible person [1][2] - The company must maintain a record of insider information and its informants, ensuring that all relevant parties are informed of their legal obligations regarding insider information [1][2][3] Group 2: Definition and Scope of Insider Information - Insider information refers to non-public information that could significantly impact the company's operations, finances, or stock market prices [3][4] - The definition includes major events that could affect stock prices, such as significant asset transactions or changes in the company's operational status [3][4] Group 3: Registration and Documentation - The company must fill out and maintain an insider information informant registry, documenting the stages of information handling and the individuals involved [6][7] - All relevant parties, including shareholders and management, must complete the registry when involved in significant company matters that could affect stock prices [5][6] Group 4: Confidentiality and Accountability - Insider information informants are required to maintain confidentiality and are prohibited from disclosing or using insider information for trading purposes [9][10] - The company will take disciplinary actions against informants who violate confidentiality, including potential legal consequences [10][11] Group 5: Compliance and Reporting - The company must report insider information registries and significant event progress memos to the Shenzhen Stock Exchange within specified timeframes [8][9] - The company is responsible for ensuring that all insider information management practices comply with national laws and regulations [11]