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].

Group 1 - The small metals sector increased by 2.12% on December 26, with Zhongkuang Resources leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] - Zhongkuang Resources saw a closing price of 80.22, with a rise of 8.04% and a trading volume of 305,400 shares, amounting to a transaction value of 2.404 billion yuan [1] Group 2 - The small metals sector experienced a net outflow of 601 million yuan from main funds, while retail investors saw a net inflow of 698 million yuan [2] - The trading data indicates that the main funds had a net inflow of 208 million yuan into China Uranium Industry, while other companies like Xianglu Tungsten and Zhongkuang Resources had varying net inflows and outflows [3] - The overall trading volume and transaction values for various small metal stocks reflect significant activity, with companies like Xiyang Materials and China Rare Earth showing positive movements [2][3]

Group 1 - The core point of the announcement is that the controlling shareholder, Changyi Zhangyuan Investment Holding Co., Ltd., has released part of its pledged shares in Changyi Zhangyuan Tungsten Industry Co., Ltd. [2] - As of the announcement date, the pledged shares held by the shareholder and its concerted parties are detailed, indicating a stable financial situation without risks of forced liquidation or transfer [2] - The company will continue to monitor the changes in share pledges and related risks, ensuring timely information disclosure [2] Group 2 - The company has approved a guarantee for its wholly-owned subsidiary, Ganzhou Aoketai Tool Technology Co., Ltd., to apply for bank loans totaling 110 million yuan, with 50 million yuan from Industrial and Commercial Bank of China and 60 million yuan from China Merchants Bank [5][7] - The guarantee agreement with Industrial and Commercial Bank was signed on December 24, 2025, covering a maximum balance of 50 million yuan for a period from December 24, 2025, to December 24, 2028 [8] - The total approved external guarantee amount is 400 million yuan, with 179 million yuan currently utilized, representing 8.40% of the company's audited net assets for 2024 [14]

Core Viewpoint - Zhangyuan Tungsten Industry announced the release of 30 million shares from pledge by its controlling shareholder, Zhangyuan Holdings, which holds approximately 340 million pledged shares, accounting for 49.94% of its total holdings [1] Group 1: Company Financials - For the first half of 2025, Zhangyuan Tungsten's revenue composition is as follows: non-ferrous metal mining and smelting, along with metal processing, account for 91.51% of total revenue, while other businesses contribute 8.49% [1] - As of the announcement date, Zhangyuan Tungsten's market capitalization stands at 17.3 billion yuan [1]

Core Viewpoint - The announcement reveals that the controlling shareholder, Changyi Zhangyuan Investment Holding Co., Ltd., has released a portion of its pledged shares in Zhangyuan Tungsten Industry, indicating a potential shift in the company's financial strategy and shareholder confidence [1] Group 1: Share Pledge Details - The number of shares released from pledge is 30,000,000, which accounts for 4.40% of the shares held by the controlling shareholder and 2.50% of the total share capital of the company [1] - The pledge was initiated on March 24, 2025, and was released on December 24, 2025, with the pledgee being Ganzhou Bank Co., Ltd. Chongyi Branch [1] Group 2: Shareholding Structure - As of the announcement date, the controlling shareholder holds 681,534,203 shares, representing 56.73% of the total shares [1] - After the release of the pledged shares, the number of pledged shares is now 340,330,000, which constitutes 49.94% of the shares held by the controlling shareholder and 28.33% of the total share capital of the company [1]

证券代码：002378 证券简称：章源钨业 公告编号：2025-063 崇义章源钨业股份有限公司 关于为全资子公司赣州澳克泰工具技术有限公司 申请银行贷款提供担保的进展公告 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、担保情况概述 崇义章源钨业股份有限公司（以下简称"公司"）于 2025 年 12 月 13 日召开 第六届董事会第二十一次会议，审议通过《关于为全资子公司赣州澳克泰工具技 术有限公司申请银行贷款提供担保的议案》，同意由公司为全资子公司赣州澳克 泰工具技术有限公司（以下简称"赣州澳克泰"）向中国工商银行股份有限公司崇 义支行（以下简称"工商银行崇义支行"）申请贷款 5,000 万元、向招商银行股份 有限公司赣州分行（以下简称"招商银行赣州分行"）申请贷款 6,000 万元提供担 保。 具体内容参见公司于 2025 年 12 月 16 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《第六届董事会第 二十一次会议决议公告》（公告编号：2025-057）和《关于为全资子公司赣州 ...

关于控股股东部分股份解除质押的公告 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。 证券代码：002378 证券简称：章源钨业 公告编号：2025-062 一、股东股份解除质押基本情况 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 25 日接到控股股东崇义章源投资控股有限公司（以下简称"章源控股"）函告， 获悉章源控股所持本公司的部分股份解除质押，具体事项如下： 1．本次股份解除质押的基本情况 | 股东 | 是否为控股股东 或第一大股东及 | 本次解除质 押股份数量 | 占其所持 | 占公司总 | 起始日 | | 解除日期 | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | | 股份比例 | 股本比例 | | | | | | | | 其一致行动人 | （股） | | | | | | | | | 章源 | 为公司 | 30,000,000 | 4.40% | 2.50% | 2025 | 年 | 年 2025 | | ...