Investment Rating - The industry rating is "Recommended" [3] Core Views - Short-term lithium prices are expected to remain volatile, with a positive outlook on antimony, cobalt, tungsten, and tin due to a reassessment of strategic metal values [1][2][7] - Supply concerns in the nickel market are supported by the lack of new approvals from Indonesia's RKAB, which may lead to price stabilization [1][28] - The cobalt market is expected to see continued price increases due to structural supply tightness, with Congo's export regulations impacting availability [2][5][16] - Antimony prices are anticipated to converge towards higher overseas prices due to export controls and tight domestic supply [6][17] - The lithium market is experiencing a strong demand backdrop, with expectations of continued inventory depletion supporting prices [7][17] - The rare earth market is tightening due to Vietnam's export ban, which is expected to support prices [9][18] - Tin prices are supported by ongoing supply concerns from overseas sources, particularly from Myanmar and Congo [11][20] - Tungsten prices are expected to remain supported due to supply constraints and regulatory controls [12][21] - The uranium market is facing supply tightness, which is likely to support prices amid geopolitical uncertainties [14][22] Summary by Sections Nickel and Cobalt Industry Update - Nickel prices are under pressure due to stable demand but cautious purchasing from smelters, with LME nickel closing at $14,420 per ton, down 2.04% [1][28] - Cobalt prices are expected to rise further, with Congo's export regulations causing supply constraints [2][5][16] Antimony Industry Update - Domestic antimony prices are lower compared to international prices, but supply tightness is expected to support future price increases [6][17] Lithium Industry Update - Lithium carbonate prices have increased, with a strong demand outlook from the electric vehicle sector [7][17] Rare Earth Industry Update - Vietnam's recent export ban on rare earths is expected to tighten global supply and support prices [9][18] Tin Industry Update - Tin prices are supported by supply concerns from Myanmar and Congo, with LME tin prices rising to $41,905 per ton [11][20] Tungsten Industry Update - Tungsten prices are expected to remain high due to supply constraints and regulatory measures [12][21] Uranium Industry Update - The uranium market is facing supply tightness, with prices supported by geopolitical factors and production delays [14][22]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | | | | | 2025-12-11 | 002378 | 章源钨业 | 12.01 | 20.00 | 240.20 机构专用 | | 国泰海通证券股份 | | | | | | | | | 有限公司南昌红谷 | | | | | | | | | 中大道证券营业部 | | 2025-12-11 | 002378 | 草源钨业 | 12.01 | 33.50 | 402.34 机构专用 | | 国泰海通证券股份 | | | | | | | | | 有限公司南昌红谷 | | | | | | | | | 中大道证券营业部 | 12月11日，章源钨业大宗交易成交53.5万股，成交额642.54万元，占当日总成交额的0.98%，成交价 12.01元，较市场收盘价13.18元折价8.88%。 ...

Core Viewpoint - China's net exports have turned negative in the past two months, indicating significant changes in tungsten supply and demand dynamics, with tight supply expected to persist in the short term, leading to price increases for long-term contracts [1][5]. Group 1: Market Conditions - Domestic and international tungsten supply is tight, and this situation is unlikely to ease in the short term, resulting in an upward adjustment of long-term prices [1][5]. - Tungsten inventory levels are low, and the strategic importance of tungsten resources has increased, making it easier for prices to rise rather than fall in the short term [1][5]. Group 2: Price Adjustments - The price for 65% black tungsten concentrate is currently at 358,000 yuan per ton, while APT (Ammonium Paratungstate) is around 530,000 yuan per ton [1][5]. - Major domestic tungsten companies have announced long-term prices for December, with Jiangxi Tungsten Holding Group quoting 350,000 yuan per ton for black tungsten concentrate, an increase of 25,000 yuan per ton from the previous period [2][6]. - Zhangyuan Tungsten's long-term prices for December include black tungsten concentrate at 350,000 yuan per ton (up 22,000 yuan), white tungsten concentrate at 349,000 yuan per ton (up 22,000 yuan), and APT at 510,000 yuan per ton (up 32,000 yuan) [2][6]. - Xiamen Tungsten has set its APT long-term cash purchase price at 500,000 yuan per ton, an increase of 30,000 yuan from the last period [2][6]. - The Ganzhou Tungsten Association has forecasted average prices for December 2025, with black tungsten concentrate at 350,000 yuan per ton (up 41,000 yuan), APT at 510,000 yuan per ton (up 57,000 yuan), and medium particle tungsten powder at 880 yuan per kilogram (up 150 yuan) [2][6].

Investment Ratings - The report maintains a positive outlook on copper, aluminum, and rare earths, indicating high market activity and potential for growth [12][33][34]. Core Insights - Copper prices increased by 4.38% to $11,665.00 per ton on LME, with domestic prices rising by 6.12% to 92,800 yuan per ton, driven by supply constraints and high demand [1][13]. - Aluminum prices rose by 1.24% to $2,900.50 per ton on LME, with domestic prices up 3.4% to 22,300 yuan per ton, reflecting stable demand despite seasonal fluctuations [2][14]. - Gold prices decreased by 0.87% to $4,227.7 per ounce, influenced by geopolitical risks and market volatility, while SPDR gold holdings increased [3][15]. - Rare earth prices, particularly praseodymium-neodymium oxide, rose by 2.79%, with expectations of increased demand due to supply constraints and favorable export conditions [4][34]. - Antimony prices decreased by 1.79%, but the outlook remains positive due to anticipated recovery in exports [4][35]. - Tin prices increased by 4.70%, supported by low inventory levels and supply disruptions in Indonesia and Myanmar [4][36]. Summary by Sections Copper - LME copper price increased by 4.38% to $11,665.00 per ton, with domestic prices at 92,800 yuan per ton [1][13]. - Supply constraints are evident with a decrease in copper inventory and processing fees [1][13]. - Downstream demand is weakening due to high prices, leading to a decline in new orders [1][13]. Aluminum - LME aluminum price rose by 1.24% to $2,900.50 per ton, with domestic prices at 22,300 yuan per ton [2][14]. - Inventory levels remain stable, but processing rates have decreased slightly [2][14]. - Demand is cautious due to high prices affecting transaction volumes [2][14]. Precious Metals - Gold prices fell by 0.87% to $4,227.7 per ounce, with geopolitical factors influencing market dynamics [3][15]. - SPDR gold holdings increased, indicating a slight uptick in investor interest [3][15]. Rare Earths - Praseodymium-neodymium oxide prices increased by 2.79%, with expectations of higher demand due to supply constraints [4][34]. - Export conditions are improving, contributing to a positive outlook for the sector [4][34]. Antimony - Antimony prices decreased by 1.79%, but the long-term outlook remains optimistic due to potential export recovery [4][35]. Tin - Tin prices increased by 4.70%, driven by low inventory levels and supply disruptions [4][36].

证券日报网讯12月4日晚间，章源钨业（002378）发布公告称，控股股东崇义章源投资控股有限公司及 其一致行动人黄世春于2025年11月7日、12月3日通过大宗交易合计减持13，852，900股，占公司总股本 1.1530%，持股比例由58.7742%降至57.6212%，触及1%整数倍。 ...

Market Overview - Major stock indices in the A-share market experienced a collective rise, with the Shanghai Composite Index up by 0.08%, the Shenzhen Component Index up by 0.39%, and the ChiNext Index up by 0.47% [1] Sector Performance - The optical module sector continued to show strength, with the concept index rising by 4.41%. Other sectors such as superconductors, fiberglass, and charging piles also saw significant gains [2] New Stock Performance - The stock N-Mole-U debuted on the STAR Market, opening with a surge of 468% and reaching a peak increase of 502.03%, trading at 688 CNY per share. By midday, it closed with a gain of 416.79% at 590.59 CNY per share. Investors holding one lot (500 shares) could potentially earn over 286,860 CNY [3] Market Reaction to New Listings - Following the listing of N-Mole-U, related A-share stocks experienced a collective pullback. For instance, Heertai saw a drop of 9.32%, while Yingqu Technology and others also faced declines of over 3% [4] Tungsten Market Dynamics - Tungsten product prices have surged significantly, with black tungsten concentrate prices reaching 353,000 CNY per ton, reflecting a 146.85% increase since the beginning of the year. APT and tungsten powder prices also saw substantial increases of 145.5% and 161.08%, respectively [6][9] Supply and Demand Factors - The price increase in tungsten products is attributed to supply constraints and rising demand. China, being a major producer and consumer, is projected to produce approximately 67,000 metric tons of tungsten in 2024, accounting for 82.7% of global output. The government has also implemented mining quotas, reducing the total output for 2025 by 6.45% compared to 2024 [9] Emerging Applications and Industry Outlook - Companies in the tungsten sector are actively exploring new applications in emerging industries. For instance, Zhongtung High-tech has developed high-quality nano-grade tungsten carbide powder for PCB micro-drills, while Xiamen Tungsten is expanding its tungsten wire applications in the photovoltaic sector [11][12] Company Performance - Tungsten-related stocks have shown positive earnings trends, with companies like Xianglu Tungsten and Guangsheng Nonferrous Metals turning profitable. Other companies reported significant year-on-year profit growth, with Luoyang Molybdenum and Hunan Gold seeing increases of 72.61% and 54.28%, respectively [12]

Core Viewpoint - The prices of tungsten products have surged significantly in 2023, with black tungsten concentrate prices increasing over 140% year-to-date, driven by supply constraints and rising demand in high-end manufacturing and emerging industries [1][3]. Price Trends - As of December 5, black tungsten concentrate (≥65%) is priced at 353,000 CNY/ton, up 3.8% week-on-week; APT (ammonium paratungstate: ≥88.5%) is at 518,000 CNY/ton, up 4.7%; tungsten powder is at 825 CNY/kg, up 3.8% [1]. - Compared to the beginning of the year, black tungsten concentrate has increased by 146.85% from 143,000 CNY/ton, APT by 145.5%, and tungsten powder by 161.08% [1][3]. Supply and Demand Dynamics - China is the world's leading tungsten producer and consumer, with an estimated production of 67,000 metric tons in 2024, accounting for 82.7% of global output [3]. - The Ministry of Natural Resources and the Ministry of Industry and Information Technology have set a total mining control target of 58,000 tons for tungsten concentrate (65% WO3) in 2025, a decrease of 4,000 tons (6.45%) from 2024 [3]. - The demand for tungsten is driven by its unique physical properties, making it essential in high-end manufacturing and emerging industries such as photovoltaics, military, and semiconductors [3]. Future Outlook - According to Zhejiang Securities, the recovery of China's manufacturing sector is expected to accelerate post-global interest rate cuts, which will boost tungsten consumption [4]. - New applications in AI, controlled nuclear fusion, and new infrastructure are anticipated to increase marginal demand for tungsten-based new materials [4]. Company Developments - Seven A-share companies involved in tungsten production have seen collective stock price increases, averaging 2.02%, with notable gains from Zhongtung High-tech, Xianglu Tungsten, and Luoyang Molybdenum [5]. - Companies are actively expanding tungsten applications in emerging industries, with Zhongtung High-tech successfully producing high-quality nano-grade tungsten carbide powder for PCB micro-drills [5]. - Xiamen Tungsten is focusing on expanding its tungsten wire applications in photovoltaics, achieving significant results with mainstream product lines reaching below 28μ in diameter [5]. - Zhangyuan Tungsten is committed to high-value hard alloy markets, focusing on aerospace and new energy sectors, and developing core business areas including cutting tools and high-end ceramic materials [6]. Financial Performance - In the first three quarters, tungsten-related companies reported improved profitability, with Xianglu Tungsten and Guangsheng Nonferrous turning profitable, while others like Luoyang Molybdenum, Hunan Gold, and Zhangyuan Tungsten saw significant year-on-year profit growth of 72.61%, 54.28%, and 29.71% respectively [6].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002378 证券简称：章源钨业 公告编号：2025-056 崇义章源钨业股份有限公司 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。 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"）于近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 ■ 2.股东股份累计质押的基本情况 截至本公告披露日，上述股东及其一致行动人所持质押股份情况如下： ■ 3.章源控股资信状况良好，具备资金偿付能力。其所质押的股份不存在平仓风险或被强制过户风险，不 会对本公司生产经营、公司治理产生影响，本次股份解除质押不涉及业绩补偿义务履行。本公司将持续 关注章源控股股份质押变动情况及风险，并及时履行信息披露义务。 二、备查文件 1. 证券质押及司法冻结明细表； 2.解除证券质押登记通知。 特此公告。 崇义章源钨业股份有限公司董事会 证券代码：00237 ...

证券日报网讯 12月4日晚间，章源钨业发布公告称，控股股东崇义章源投资控股有限公司所持9，500， 000股股份于2025年12月1日解除质押，占其所持股份比例1.37%，占公司总股本比例0.79%。 （文章来源：证券日报） ...

Group 1 - The core point of the article is that Zhangyuan Tungsten Industry has announced the release of 9.5 million shares from pledge by its controlling shareholder, Zhangyuan Investment Holdings, which currently has approximately 370 million shares pledged, accounting for 53.54% of its total holdings [1] - As of the announcement date, Zhangyuan Tungsten Industry's market capitalization is 15.2 billion yuan [2] - For the first half of 2025, the company's revenue composition is 91.51% from non-ferrous metal mining and smelting, and 8.49% from other businesses [1]