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].

Group 1 - The A-share small metal sector showed strength, with the sector index rising by 3.59% as of the morning close on January 9, 2023, driven by significant price increases in tungsten and other rare metals [1] - Notable stocks in the sector included Yunnan Zhenye, Dongfang Tantalum, and Xiamen Tungsten, which reached their daily limit up, while other companies like Jinchuan Group and Huaxi Nonferrous also saw gains [1] - Tungsten prices have reached historical highs, with black tungsten concentrate priced at 485,000 yuan/ton, ammonium paratungstate (APT) at 710,000 yuan/ton, and tungsten powder at 1,130 yuan/kg, reflecting week-on-week increases of 5.4%, 6.0%, and 6.5% respectively [1] Group 2 - Analysts indicate that the tungsten market is supported by supply constraints due to lower ore grades, controlled mining volumes, and sellers' reluctance to sell, alongside a growing global demand for strategic resources [2] - The cobalt market is experiencing price increases due to export quota controls in the Democratic Republic of Congo and delays in domestic arrivals, with cobalt powder prices rising to 570 yuan/kg, a week-on-week increase of 10.7% [2] - The rare earth industry is witnessing price increases, with the rare earth industry index rising by 2.96% on January 9, driven by supply constraints, favorable macroeconomic conditions, and increasing downstream demand [2] Group 3 - The global rare earth industry is undergoing a transformation, with domestic supply consolidation and increased industry concentration, while overseas mines are actively developing, indicating a trend towards diversified global supply [3] - Demand for rare earths is stable in traditional sectors like electric vehicles and wind power, while emerging fields such as robotics and low-altitude economy are expected to provide long-term support for demand [3] - The supply-demand imbalance for strategic minor metals is tightening due to limited reserves, high extraction difficulty, and rapid growth in downstream demand from sectors like new energy and semiconductors [3]

Group 1 - The small metals sector increased by 3.14% on January 7, with Xianglu Tungsten leading the gains [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] - Key stocks in the small metals sector showed significant price increases, with Xianglu Tungsten rising by 9.98% to a closing price of 16.53 [1] Group 2 - The small metals sector experienced a net inflow of 1.543 billion yuan from main funds, while retail investors saw a net outflow of 703 million yuan [2][3] - Notable stocks with significant main fund inflows include Northern Rare Earth with 647 million yuan and China Rare Earth with 468 million yuan [3] - Conversely, stocks like Western Materials and Tian Gong Co. faced declines, with Western Materials down by 3.86% [2]

Group 1 - The core viewpoint of the news is that Zhangyuan Tungsten Industry has seen a stock price increase of 6%, reaching 15.90 yuan per share, with a trading volume of 697 million yuan and a turnover rate of 3.79%, resulting in a total market capitalization of 19.103 billion yuan [1] - Zhangyuan Tungsten Industry, established on February 28, 2000, and listed on March 31, 2010, is located in Chongyi County, Ganzhou City, Jiangxi Province. The company specializes in the tungsten industry chain, including products such as APT, tungsten oxide, tungsten powder, tungsten carbide powder, tungsten materials, and hard alloys [1] - The main business revenue composition of Zhangyuan Tungsten Industry includes tungsten carbide powder (34.10%), tungsten powder (31.47%), hard alloys (21.28%), and other products (8.49%) [1] Group 2 - From the perspective of fund holdings, one fund under Xinghua Fund has a significant position in Zhangyuan Tungsten Industry. The Xinghua Jingcheng Mixed A Fund (023173) held 406,000 shares in the third quarter, accounting for 7.25% of the fund's net value, making it the seventh-largest holding [2] - The Xinghua Jingcheng Mixed A Fund (023173) was established on July 9, 2025, with a latest scale of 60.2717 million yuan. The fund has achieved a year-to-date return of 0.4%, ranking 8112 out of 8823 in its category, and a cumulative return of 23.81% since inception [2] Group 3 - The fund managers of Xinghua Jingcheng Mixed A Fund (023173) include Lü Zhizhuo, Cui Tao, and Hu Xichao. Lü Zhizhuo has a tenure of 5 years and 10 days, with a total fund asset size of 3.364 billion yuan, achieving a best return of 23.32% and a worst return of -8.65% during his tenure [3] - Cui Tao has a tenure of 2 years and 217 days, managing a fund asset size of 160 million yuan, with a best return of 24.06% and a worst return of -6.1% [3] - Hu Xichao has a tenure of 108 days, overseeing a fund asset size of 123 million yuan, with a best return of 4.08% and a worst return of 0.11% [3]

Core Viewpoint - Zhangyuan Tungsten Industry (002378) announced the convening of its first extraordinary general meeting of shareholders for 2026 on January 16, 2026, at 14:30, to review proposals regarding expected daily related party transactions for 2026 and the establishment of a remuneration management system for directors and senior management [1] Group 1 - The company will hold the extraordinary general meeting both in-person and via online voting [1] - The agenda includes the review of expected daily related party transactions for the year 2026 [1] - The meeting will also address the proposal for the remuneration management system for directors and senior management [1]

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。 崇义章源钨业股份有限公司（以下简称"公司"）于 2025 年 12 月 27 日召开 第六届董事会第二十二次会议，审议通过《关于提请召开 2026 年第一次临时股 东会的议案》，现将本次股东会有关事项公告如下： 证券代码：002378 证券简称：章源钨业 公告编号：2025-066 崇义章源钨业股份有限公司 关于召开 2026 年第一次临时股东会的通知 一、召开会议的基本情况 1．股东会届次：2026 年第一次临时股东会 2．股东会的召集人：公司董事会 公司于 2025 年 12 月 27 日召开第六届董事会第二十二次会议，审议通过《关 于提请召开 2026 年第一次临时股东会的议案》，决定于 2026 年 1 月 16 日召开 公司 2026 年第一次临时股东会。 3．本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易 所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号—主板上市公 司规范运作》等法律、行政法规、部门规章、规范性文件及公司《章程》的有关 规定。 4．会议召开的日期、时间： ...

第一章 总则 第一条 为规范崇义章源钨业股份有限公司（以下简称"公司"）董事、高级 管理人员（以下简称"高管"）的薪酬管理，建立科学有效的激励与约束机制，提 高公司经营管理水平，促进公司稳健经营和可持续发展，根据《中华人民共和国 公司法》《上市公司治理准则》等有关法律、法规、规范性文件以及公司《章程》 的有关规定，结合公司实际情况，特制定本制度。 第二条 本制度适用于公司董事以及高管，董事包括非独立董事（含职工董 事）、独立董事。 第三条 公司董事、高管的薪酬分配遵循以下原则： 崇义章源钨业股份有限公司 董事、高级管理人员薪酬管理制度 （2025 年 12 月 27 日经公司第六届董事会第二十二次会议审议通过） （一）薪酬与公司行业地位及企业实际情况相匹配的原则； （二）薪酬与公司业绩和股东回报相结合的原则； （三）薪酬与个人职责、贡献和绩效相适应的原则； （四）薪酬与公司总体薪酬体系、公司其他重要管理和技术人才薪酬相适配 的原则； （五）薪酬与公司可持续发展相符合的原则。 第二章 薪酬方案及构成 第四条 公司董事、高管薪酬方案由薪酬与考核委员会制定，明确薪酬确定 依据和具体构成。董事薪酬方案经董事会审议后， ...

证券代码：002378 证券简称：章源钨业 公告编号：2025-065 崇义章源钨业股份有限公司 关于 2026 年度日常关联交易预计的公告 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。 一、日常关联交易基本情况 （一）日常关联交易概述 （三）2025 年日常关联交易实际发生情况 单位：人民币万元 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 12 月 27 日召开第六届董事会第二十二次会议，全体董事以 9 票同意，0 票反对，0 票 弃权的表决结果，审议通过了《关于 2026 年度日常关联交易预计的议案》。公 司及控股子公司根据生产经营需要，对与关联方西安华山金属材料科技有限公司 （以下简称"西安华山"）和 KBM Corporation（以下简称"KBM"）的日常关联交 易情况进行了估计，预计 2026 年与西安华山关联交易金额为 8,410 万元人民币； 预计 2026 年与 KBM 关联交易金额为 61,500 万元人民币。 截至本公告披露日，公司及控股子公司与西安华山交易金额为 4,668.67 万元 人民币，公司及控股 ...

证券代码：002378 证券简称：章源钨业 公告编号：2025-064 崇义章源钨业股份有限公司 表决结果：同意票 9 票，反对票 0 票，弃权票 0 票。 公司第六届董事会独立董事 2025 年第二次专门会议事前审议通过本议案。 具体内容参见公司于 2025 年 12 月 30 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）披露的《关于 2026 年度日 常关联交易预计的公告》。 第六届董事会第二十二次会议决议公告 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。 一、董事会会议召开情况 崇义章源钨业股份有限公司（以下简称"公司"）第六届董事会第二十二次会 议（以下简称"会议"）通知于 2025 年 12 月 19 日以专人送出或电子邮件的形式 发出，于 2025 年 12 月 27 日在公司会议室以现场结合视频方式召开。本次会议 应出席董事 9 名，实际出席董事 9 名（其中：委托出席的董事 1 名，以通讯表决 方式出席会议的董事 5 名）。董事长黄泽兰先生因工作安排，委托副董事长黄世 春先生出 ...

Core Insights - The report highlights the positive outlook for strategic metals investment opportunities due to favorable supply-demand dynamics and resource nationalism [3][5][11]. Market Review: Strategic Metals Lead Nonferrous - From the beginning of the year until December 18, 2025, the nonferrous metals sector has risen by 78.53%, ranking second among all industries. Strategic metals have shown significant gains, with tungsten up 136.7%, cobalt up 69.1%, and rare earth permanent magnets up 56.7% [7]. Cobalt: Supply Tightening from Congo (DRC) - The Democratic Republic of Congo (DRC) has implemented an export quota system for cobalt, leading to a projected supply-demand imbalance of -7.5/-3.3/-3.3 million tons for 2025-2027. The DRC's export ban and subsequent quota system are expected to keep cobalt prices elevated [3][14][16]. Rare Earths: Supply Expectations Tightening - The rare earth sector is experiencing tightening supply due to strategic export controls and a lack of public quota announcements. The price of light rare earths has seen fluctuations, with a peak price of 64.30 million yuan/ton for praseodymium and neodymium oxides in August 2025, followed by a decline [22][26][46]. Tungsten: Continued Supply-Demand Gap - The tungsten market is facing a supply squeeze due to mining restrictions and declining ore grades. Demand remains stable, supported by applications in military and photovoltaic sectors, suggesting that tungsten prices are likely to rise [3][5]. Tin: Supply Tightness and AI Demand Growth - The resumption of tin production in Myanmar is slow, with significant delays expected. However, the rapid development of AI is emerging as a new growth driver for tin demand [3][5]. Antimony: Export Recovery Expected - The suspension of export restrictions to the U.S. is anticipated to boost China's antimony exports, which currently account for 36% of its production. The lifting of these restrictions is expected to enhance export volumes significantly [5]. Investment Recommendations - The report suggests focusing on companies benefiting from the tightening supply of strategic metals, including Huayou Cobalt, China Rare Earth, and Xiamen Tungsten. Specific recommendations include companies with significant cobalt production quotas in the DRC and those involved in rare earth processing [5][3].