Meeting Overview - The second extraordinary general meeting of shareholders was held on August 5, 2025, at 14:30 [4] - The meeting combined on-site voting and online voting [6] - The meeting was convened by the board of directors and presided over by Chairman Huang Zelan [7] Attendance - A total of 388 shareholders and authorized representatives attended the meeting, representing 724,570,568 shares, which is 60.3096% of the total voting shares [8] - 9 shareholders attended the meeting on-site, representing 712,624,821 shares (59.3153% of total voting shares) [8] - 379 shareholders participated via online voting, representing 11,945,747 shares (0.9943% of total voting shares) [8] - Among the attendees, 380 were small shareholders, representing 12,245,747 shares (1.0193% of total voting shares) [9] Resolutions Passed - The following proposals were approved during the meeting: 1. Revision of the company's articles of association and its attachments [10] 2. Revision of the independent director work system [11] 3. Revision of the related party transaction decision-making system [13] 4. Revision of the external guarantee management measures, renamed as "Management Measures for External Guarantees and Financial Assistance" [14] 5. Revision of the investment management measures [15] 6. Revision of the fundraising management system [16] Legal Opinion - The legal opinion provided by Guohao Law Firm confirmed that the meeting's convening, attendance, and voting procedures complied with relevant laws, regulations, and the company's articles of association, deeming the resolutions valid [16]

（文章来源：证券日报） 证券日报网讯 8月5日晚间，章源钨业发布公告称，公司2025年第二次临时股东大会审议通过了《关于 修订公司及其附件的议案》等多项议案。 ...

2025 年第二次临时股东大会的法律意见书 致：崇义章源钨业股份有限公司 国浩律师（上海）事务所（以下简称"本所"）担任崇义章源钨业股份有限公 司（以下称"公司"或"章源钨业"）之特聘法律顾问，根据《中华人民共和国公司 法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券 法》"）等法律、法规和《上市公司股东会规则》（以下称"《股东会规则》"）及 《崇义章源钨业股份有限公司章程》（以下称"公司《章程》"）等有关规定，指 派金诗晟律师、何佳欢律师出席并见证了公司于2025年8月5日（星期二）下午 14:30在江西省赣州市崇义县城塔下崇义章源钨业股份有限公司二楼多媒体会议 室召开的2025年第二次临时股东大会（以下简称"本次股东会"），对本次股东会 的召集、召开程序、出席人员资格、会议表决程序等事宜进行了审查。 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于崇义章源钨业股份有限公司 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神，对公 司本次股东会的相关法律问题发表如下意见： 一、本次股东会的召集、召开程序 公司董事会已于 2025 年 7 月 12 日召开第六 ...

证券代码：002378 证券简称：章源钨业 公告编号：2025-038 崇义章源钨业股份有限公司 2025 年第二次临时股东大会决议公告 一、会议召开和出席情况 1. 会议召开时间： （1）现场会议召开时间：2025 年 8 月 5 日（星期二）14:30 （2）网络投票时间： 通过深圳证券交易所互联网投票系统的投票时间为 2025 年 8 月 5 日 9:15 至 15:00 期间的任意时间。 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： 1. 本次股东大会未出现否决议案的情形。 2. 本次股东大会未涉及变更以往股东大会已通过的决议。 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 8 月 5 日 9:15-9:25、9:30-11:30 和 13:00-15:00。 2. 现场会议召开地点：江西省赣州市崇义县城塔下崇义章源钨业股份有限 公司二楼多媒体会议室。 3. 会议召开方式：本次股东大会采用现场表决与网络投票相结合的方式召 开。 4. 会议召集人：公司董事会 5. 会议主持人：董事长黄泽兰先生 6. 本次会议的召集、召开 ...

从资金流向上来看，当日小金属板块主力资金净流入5000.67万元，游资资金净流入537.53万元，散户资 金净流出5538.2万元。小金属板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002167 | 东方错业 | 12.72 | 1.19% | 66.93万 | 8.56亿 | | 600301 | 华锡有色 | 22.43 | 0.95% | 7.47万 | · 1.68亿 | | 600281 | 华阳新材 | 6.82 | 0.59% | 16.88万 | 1.15亿 | | 002378 | 章源钨业 | 9.09 | 0.55% | 1 30.32万 | 2.76亿 | | 600111 | 北方稀土 | 36.45 | 0.41% | 133.59万 | 48.48 乙 | | 301026 | 浩通科技 | 27.19 | 0.33% | 2.68万 | 7285.68万 | | 002182 | 宝武镁业 | 12.19 | 0.33% | 11.1 ...

Company Overview - Zhangyuan Tungsten Industry Co., Ltd. is located in Ganzhou, Jiangxi Province, known as the "World Tungsten Capital," and integrates tungsten exploration, mining, smelting, powder production, hard alloy manufacturing, deep processing, and trade [1] - The company was listed on the Shenzhen Stock Exchange in 2010 [1] Recent Performance - Zhangyuan Tungsten's stock has declined for five consecutive trading days, with a cumulative drop of -8.04% [1] - The fund "Yinhua Xinjia Two-Year Holding Period Mixed Fund" remains one of the top ten shareholders of Zhangyuan Tungsten, with a year-to-date return of 17.62%, ranking 1161 out of 3671 in its category [1][2] Fund Manager Profiles - The fund managers of Yinhua Xinjia include Li Xiaoxing, Zhang Teng, and Du Yu, each with significant experience in the investment management field [3][5] - Li Xiaoxing has been with Yinhua Fund since 2011 and has managed multiple funds, including Yinhua Zhongxiaopan Selected Mixed Fund since July 2015 [4] - Du Yu, with a master's degree from New York University, joined Yinhua Fund in 2015 and has been managing funds since December 2019 [6]

Industry Overview - The ammonium paratungstate (APT) industry in China has seen significant development driven by national policy support and market demand, with China being the largest producer and seller of tungsten globally [1][7] - As of June 2025, the price of APT in China reached 251,500 yuan per ton, marking a year-on-year increase of 19.19% [1][7] - The Chinese government has implemented strict total control and quota management on tungsten mining to ensure sustainable resource utilization, with the first batch of tungsten mining indicators for 2025 being tightened, reducing the total control indicator by 4,000 tons, a decrease of 6.45% compared to 2024 [1][7] Supply and Demand Dynamics - The supply of tungsten concentrate is limited due to government policies, which in turn affects APT production [1][7] - There is a continuous increase in demand for APT driven by rapid global manufacturing and infrastructure development, particularly in downstream industries such as hard alloys, tungsten material processing, and petrochemicals [1][7] Production and Profitability - As of June 2025, the operating rate of APT in China was 74.95%, an increase of 9.76 percentage points year-on-year, driven by high APT prices that expanded profit margins for producers [9] - The gross profit margin for APT in the last week of June 2025 was 0.08 yuan per ton, a decrease of 52.94% year-on-year, indicating challenges in maintaining profitability due to raw material price fluctuations and increased competition [11] Export Trends - China has historically been a major exporter of APT, with export volumes significantly exceeding imports. However, in 2025, the implementation of export control policies led to a notable decline in export quantities, with a 52.78% year-on-year decrease in the first five months of 2025 [12] Key Players in the Industry - Major companies in the APT market include Xiamen Tungsten Industry Co., Ltd., Zhangyuan Tungsten Industry Co., Ltd., and Jiangxi Tungsten Industry Group, which are leaders in production scale, technology, and market share [14] - Xiamen Tungsten Industry has an annual APT production capacity of 45,000 tons and is recognized for its high-purity APT production technology [16] - Zhangyuan Tungsten Industry has a production capacity of 22,000 tons per year and has achieved significant improvements in production efficiency through advanced technologies [18] Industry Development Trends - The APT industry is expected to focus on technological innovation and green production methods to enhance product quality and production efficiency while minimizing environmental impact [20] - Companies are likely to accelerate the integration and extension of the industrial chain to enhance competitiveness and reduce risks, potentially through mergers and acquisitions [21] - The demand for APT is anticipated to expand further due to the acceleration of global industrialization and the growth of high-end manufacturing sectors such as renewable energy and aerospace [22]

Group 1 - The company, Zhangyuan Tungsten Industry (002378.SZ), confirmed that its mining operations primarily consist of quartz vein-type black tungsten ore, with associated metals including tin and copper, but no bismuth metal [2]

Investment Rating - The investment rating for the tungsten industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The tungsten industry chain extends from exploration and mining of tungsten ore to smelting and deep processing, ultimately applied in various industrial fields. The upstream focuses on black and white tungsten ore, while the midstream involves the smelting of tungsten concentrate, ammonium paratungstate (APT), and tungsten powder. The downstream includes the processing of tungsten materials, tungsten wires, and hard alloys, with demand coming from sectors like machinery manufacturing, automotive, and electronics [2][6] - As of July 23, 2023, the prices for tungsten products have seen significant increases compared to the beginning of the year, with black tungsten concentrate at 185,000 RMB/ton (up 29.4%), APT at 272,000 RMB/ton (up 28.9%), tungsten powder at 405 RMB/kg (up 28.2%), and tungsten carbide powder at 395 RMB/kg (up 27.0%) [2][16] - The supply of tungsten is tightening, with the first batch of mining indicators for 2023-2025 showing a decrease in quotas, leading to expectations of a supply shortage. China's tungsten resources are abundant, holding the world's largest tungsten reserves and production, but total control policies have gradually lowered production levels [2][29] - Demand for tungsten is expected to grow, particularly in the fields of new energy vehicles and military applications, with the APT operating rate at historical highs. The demand for high-end hard alloys is resilient, supporting mid-to-high-end tungsten prices [2][16] - The tungsten supply-demand balance indicates a projected shortage of 2,919 tons in 2025, with prices expected to continue rising. Demand is anticipated to grow at a rate of 4.9% to 6.3% from 2025 to 2027, while supply is expected to increase by only 2,000 tons annually [2][16] - Key companies in the tungsten industry include Xiamen Tungsten, which has a full industry chain layout and is rapidly increasing its photovoltaic tungsten wire production; Zhongtung High-tech, a leader in hard alloys with significant raw material supply advantages; and Zhangyuan Tungsten, which has prominent resource advantages and improved deep processing profitability [2][16] Summary by Sections Tungsten Price Review - The tungsten prices have shown a steady increase over the past five years, correlating positively with PMI [9][12] Supply: Decrease in Mining Indicators - The first batch of mining indicators for 2023-2025 shows a reduction, with 2025's indicators down by 6.45%. This reduction reinforces expectations of a tight supply [2][16] Demand: Growth Driven by Photovoltaic Tungsten Wire - The demand for tungsten is expected to increase, particularly in high-end applications, with a projected consumption of 71,000 tons in 2024, reflecting a growth rate of 3.5% [2][6] Supply-Demand Balance: Expanding Shortage - The tungsten supply-demand balance indicates a growing shortage, with projected deficits increasing from 2,919 tons in 2025 to 9,020 tons by 2027 [2][16] Company Analysis - Xiamen Tungsten is expanding its photovoltaic tungsten wire production, while Zhongtung High-tech is a leader in hard alloys with strong raw material supply advantages [2][16]

Group 1: Price Trends - Tungsten prices have been rising continuously this year, with black tungsten concentrate (≥65%) reaching 190,000 yuan/ton, up 32.9% since the beginning of the year [1] - White tungsten concentrate (≥65%) is priced at 189,000 yuan/ton, an increase of 33.1% year-to-date [1] - Ammonium paratungstate (APT) is at 280,000 yuan/ton, reflecting a 32.7% rise since the start of the year [1] Group 2: Market Performance - The A-share tungsten sector has seen a cumulative increase of over 60% as of July 25 this year [1] - Market funds are beginning to reassess investment opportunities in tungsten, which has been undervalued compared to other non-ferrous metals like copper and aluminum [1] Group 3: Supply Dynamics - The Ministry of Natural Resources has set a total tungsten mining quota of 58,000 tons for the first batch in 2025, a decrease of 4,000 tons or 6.45% from the previous year [1] - Major tungsten-producing provinces, Jiangxi and Yunnan, have reduced their mining volumes by 2,370 tons and 400 tons, respectively [1] - The natural decline in tungsten ore grades is providing strong support for tungsten prices [1] Group 4: Demand Drivers - The demand for tungsten products is increasing due to the accelerated transformation and upgrading of China's manufacturing sector, particularly in photovoltaic and hard alloy fields [2] - The market size for tungsten wire used in photovoltaic cutting is projected to grow from 719 million yuan in 2022 to 6.659 billion yuan by 2025 [2] - Companies like Guangdong Xianglu Tungsten Industry Co., Ltd. are ramping up production capabilities, with plans for an annual output of 30 billion meters of ultra-fine tungsten wire [2] Group 5: Industry Responses - Companies are actively responding to the challenges and opportunities presented by rising tungsten prices, with upstream mining firms leveraging resource advantages and downstream firms optimizing product structures [2] - Changyi Zhangyuan Tungsten Industry Co., Ltd. is enhancing its resource base through the integration of mining rights and increased exploration efforts [2] - Xiamen Tungsten Co., Ltd. aims to increase its tungsten resource assurance rate from 20% to 70% in the future [3] Group 6: Innovation and Cost Management - Companies are improving processes to manage cost pressures and enhance product value, such as Zhongtung High-tech Materials Co., Ltd. extending APT into micro-drill production for printed circuit boards [3] - The focus on high-value-added products is seen as a strategy to mitigate risks associated with raw material price fluctuations [3] - The impact of rising tungsten prices varies across the industry, with upstream companies benefiting from higher prices while downstream firms need to invest in product upgrades and innovation capabilities [3]