Investment Rating - The industry investment rating is "Strong Outperform" [1] Core Viewpoints - Tungsten is a significant strategic resource, widely used in various industries, and its price has risen to 161,000 yuan/ton, the highest since 2013, due to supply tightening and supportive policies [2][19] - The global tungsten resource distribution is concentrated, with China holding 55% of reserves and 83% of production, and no new mines expected to come online in the next two years [2][29] - Demand for tungsten is expected to improve significantly due to large-scale equipment updates and supportive policies, particularly in the machinery and aerospace sectors [2][54] - Export controls implemented by China in February 2025 have strengthened the strategic nature of tungsten resources, with a projected global supply-demand gap of 5,433 tons by 2027 [2][19] Supply Summary - Domestic supply is tightening, with the first batch of tungsten mining indicators for 2025 reduced by 4,000 tons compared to 2024, leading to a 6.45% decrease in total mining quotas [33] - China's tungsten production is expected to decline due to the lack of new mining projects and decreasing ore grades, with the first batch of mining indicators for 2025 set at 58,000 tons [33][29] - The industry is experiencing consolidation, with larger companies dominating production as smaller firms exit the market due to regulatory pressures [33][29] Demand Summary - The demand for tungsten is closely linked to industrial development and macroeconomic conditions, with hard alloys being the primary application, accounting for 58.51% of tungsten consumption in 2024 [50] - The demand for tungsten materials is expected to rise, particularly in the photovoltaic sector, where tungsten wire is gaining traction due to its superior performance [62][66] - A large-scale equipment update initiative is expected to boost demand for tungsten, with significant investments planned across various sectors [54][57]

Investment Ratings - The report does not explicitly provide investment ratings for the industry sectors discussed. Core Insights - The industrial metals sector is experiencing an upward turning point in market conditions, particularly for copper and aluminum, driven by easing trade tensions between the US and China [13]. - Precious metals, particularly gold, are facing downward pressure due to a stronger US dollar and reduced appeal as a safe-haven asset amid improving trade relations [15]. - The rare earth sector is witnessing a simultaneous increase in both domestic and international prices, driven by export controls and a recovering market sentiment [32]. Summary by Sections 1. Overview of Bulk and Precious Metals Market - Copper prices increased slightly, with LME copper at $9,440.00 per ton and Shanghai copper at ¥78,100 per ton. A notable rise in copper inventory was observed, ending a ten-week decline, attributed to weakened downstream demand [13]. - Aluminum prices rose by 2.75% to $2,484.50 per ton, with domestic inventories remaining low despite a slight decrease in stock levels [14]. - Gold prices fell by 1.13% to $3,205.30 per ounce, influenced by a stronger dollar and easing trade tensions between the US and China [15]. 2. Updates on Bulk and Precious Metals Fundamentals 2.1 Copper - The report highlights a significant increase in copper inventory, reaching 132,000 tons, marking a shift in market dynamics due to reduced demand [13]. - The processing fee for imported copper concentrate has dropped to -$43.05 per ton, indicating pressure on the supply side [13]. 2.2 Aluminum - Domestic electrolytic aluminum ingot inventory decreased to 581,000 tons, remaining at a near three-year low, while the cost of prebaked anodes increased slightly [14]. - The report notes that the Guinean government has revoked mining licenses for over 40 companies, impacting aluminum ore production capacity [14]. 2.3 Precious Metals - The report discusses the impact of US-China trade negotiations on gold prices, with a significant reduction in SPDR gold holdings [15]. - Economic indicators such as the US CPI and PPI suggest a cooling inflation environment, which may influence future monetary policy [15]. 3. Overview of Minor Metals and Rare Earths Market - The rare earth market is experiencing price increases, particularly for dysprosium and terbium, driven by export controls and a recovering market sentiment [32]. - The antimony market is expected to see price recovery due to supply disruptions from Myanmar and ongoing anti-smuggling efforts in China [33]. - Tin prices have risen, supported by positive expectations from US-China trade negotiations, despite some production concerns [35]. 4. Updates on Minor Metals and Rare Earths Fundamentals 4.1 Rare Earths - Prices for rare earth elements are showing upward trends, with significant increases in overseas prices following export control measures [32]. - The report anticipates a continued tightening of supply due to regulatory changes and geopolitical factors affecting production [32]. 4.2 Antimony - Antimony prices are expected to recover as supply constraints from Myanmar persist, alongside increased demand from various sectors [33]. 4.3 Tin - Tin prices are supported by a favorable market outlook, driven by demand recovery in sectors such as semiconductors and photovoltaics [35].

证券代码：002378 证券简称：章源钨业 公告编号：2025-031 崇义章源钨业股份有限公司 2024 年度股东大会决议公告 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。 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。 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 5 月 16 日（星期五）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 5 月 16 日 9:15 至 15:00 期间的任意时间。 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 5 月 16 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、召开符 ...

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 2024 年度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、陈小形律师出席并见证了公司于2025年5月16日（星期五）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2024年度股东大会（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。 本所依据本法律意见书出具日之前已经发生或存在的事实及中国现行法律、 法规及规范性文件发表法律意见。 本所同意将本法律意见书作为公司本次股东会公告的法定文件，随公司其他 公告一并提交深圳证券交易所审查并予公告。 ...

Core Viewpoint - The company, Zhangyuan Tungsten, is adjusting the prices of its hard-facing materials due to a significant increase in tungsten raw material costs, which has led to a substantial rise in production costs [1] Group 1 - The price adjustment for hard-facing materials will take effect from May 20, 2025 [1] - All products will be executed at the new prices starting from the adjustment date [1]

Core Viewpoint - The small metal concept stocks are experiencing a strong upward trend, particularly in the tungsten sector, with significant gains reported among various companies [1] Group 1: Company Performance - Zhangyuan Tungsten Industry has reached its daily limit increase [1] - Xianglu Tungsten Industry and China Tungsten High-tech have both risen over 5% [1] - Other companies such as Xiamen Tungsten Industry, Xingye Silver Tin, Dongfang Zirconium, and Yunnan Germanium have also seen increases [1] Group 2: Market Influences - Zhangyuan Tungsten Industry indicated that the rising prices of tungsten concentrate have a positive impact on the company [1]

Group 1: Capacity Expansion and Market Strategy - The company is focused on upstream resource exploration and integration to ensure orderly replacement of mining resources, with plans for deep mining and infrastructure development to enhance resource reserves and extraction efficiency [1][7] - In the midstream, the company aims to optimize production processes and develop automated production workshops to meet diverse market demands [1][2] - The company’s subsidiary, Ganzhou Aoketai Tool Technology Co., Ltd., is committed to high-value hard alloy markets, particularly in aerospace and new energy sectors [2] Group 2: Environmental and Energy Management - The company has established an integrated management system and obtained ISO14001:2015 and ISO50001:2018 certifications for environmental and energy management [4] - Continuous technological innovation and process improvements are being implemented to optimize energy structure and promote energy-saving technologies [5] - The company emphasizes resource efficiency, clean production, and compliance with environmental regulations, actively promoting green practices among employees [5] Group 3: Financial Performance and Market Challenges - The company’s overseas revenue accounted for 18.71% of total revenue, with a year-on-year decrease of 5.2%, indicating challenges in international trade [5] - The company is focused on enhancing product quality and stability, expanding product categories, and increasing customer loyalty to penetrate overseas markets [5] - The gross margins for core products like tungsten powder and tungsten carbide powder are relatively low at 8.01% and 10.38%, respectively, prompting the company to seek measures to improve profitability [7] Group 4: Resource Management and Future Plans - The company owns six mining rights and ten exploration rights, with ongoing efforts to integrate mining resources and explore deeper mining opportunities [6][7] - New exploration rights are expected to enhance resource integration and expand tungsten concentrate production capacity [7] - The company is committed to maintaining a stable supply of raw materials and improving product competitiveness to mitigate the impact of raw material price fluctuations [7][9]

关于参加江西辖区上市公司 2025 年投资者 网上集体接待日活动的公告 证券代码：002378 证券简称：章源钨业 公告编号：2025-030 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 为进一步加强与投资者的互动交流，崇义章源钨业股份有限公司（以下简称 "公司"）将参加由江西省上市公司协会举办的"2025 年江西辖区上市公司投资者 网上集体接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2025 年 5 月 21 日（周三）15:30-17:00。届时公司 高管将在线就 2024 年度及 2025 年第一季度业绩、公司治理、发展战略、经营状 况和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资 者踊跃参与！ 特此公告。 崇义章源钨业股份有限公司董事会 2025 年 5 月 15 日 1 ...

Financial Performance - In 2024, the company achieved an operating revenue of CNY 367,325.17 million, representing an 8.02% increase year-on-year [2] - The net profit attributable to shareholders was CNY 17,202.86 million, reflecting a 19.50% growth compared to the previous year [2] - For Q1 2025, the operating revenue reached CNY 118,625.34 million, marking a 35.74% increase year-on-year [2] - The net profit attributable to shareholders for Q1 2025 was CNY 4,256.78 million, a significant increase of 56.46% year-on-year [2] Mining Operations - In 2024, the production of tungsten concentrate (65%) was 3,739 tons, a decrease of 9.99% year-on-year [3] - The production of tin concentrate (100% metal content) was 828 tons, down 6.12% year-on-year [3] - Copper concentrate production (100% metal content) increased by 1.81% to 449 tons [3] - The self-sufficiency rate for tungsten raw materials was approximately 20% in 2024 [4] Resource Integration - The company is advancing resource integration, with the verification report for the Taoxikeng tungsten mine and Dongfeng's resources approved by the Ministry of Natural Resources [5] - The verification reports for the Xin'anzi tungsten-tin mine and Longtanmian, as well as the deep resource verification report for Dayu Shilei tungsten mine, are nearing completion [5][6] Powder Product Sales - In 2024, tungsten powder sales were 3,980 tons, a decrease of 4.67% year-on-year [7] - Sales of tungsten carbide powder were 4,923 tons, showing a slight increase of 0.20% [7] - Sales of thermal spray powder decreased by 12.22% to 388 tons [7] - In Q1 2025, the company experienced an increase in product sales due to enhanced customer loyalty [7] Subsidiary Performance - In 2024, Ganzhou Aoketai reported operating revenue of CNY 66,599.13 million, a growth of 21.93% year-on-year [8] - The net profit was a loss of CNY 682.28 million, an improvement from a loss of CNY 4,193.11 million in the previous year [8] - Gaining traction in various sectors, Aoketai increased sales of coated blades by 6.22% to 2,168 million pieces and rod sales by 12.19% to 773 tons [8] Market Impact - The rise in tungsten concentrate prices has a generally positive impact on the company, although significant fluctuations in raw material prices could affect production costs and operational performance [9] Future Development Plans - The company aims to focus on efficient utilization and development of tungsten resources, emphasizing high-performance, high-precision, and high-value-added hard alloys [10] - Plans include resource exploration, deep mining development, and digital transformation of production facilities [11] - The strategy involves enhancing production processes, developing specialized powder products, and targeting high-value markets such as aerospace and new energy [11]

Summary of Key Points from Conference Call Records Industry or Company Involved - **Tungsten Industry**: Focus on strategic minerals and the impact of export controls on tungsten - **Huaihe Energy**: Involvement in coal, electricity, and logistics sectors - **5G-A Technology**: Development and deployment of advanced 5G technology Core Points and Arguments Tungsten Industry 1. **Export Control Measures**: The government has initiated actions to combat the smuggling of strategic minerals, including tungsten, which is essential in various industries such as automotive and aerospace [3][1] 2. **Tungsten Characteristics**: Tungsten is recognized for its high melting point, hardness, density, and thermal conductivity, earning it the nickname "industrial teeth" [3][1] 3. **Global Tungsten Supply**: By 2024, global tungsten reserves are projected to reach 4.6 million metric tons, with China contributing over 80% of the world's tungsten production [7][1] 4. **Demand and Applications**: The demand for tungsten is expected to reach 142,000 metric tons in 2024, primarily for hard alloys and tungsten steel, with significant applications in automotive and defense sectors [7][1] 5. **Recycling and Supply Challenges**: China's tungsten recycling rate is only 17%, indicating a gap in recovery and quality compared to international standards, which may affect future supply [7][1] Huaihe Energy 1. **Asset Injection Impact**: The company plans to acquire a significant stake in Huaihe Energy Power Group, which is expected to enhance its operational capacity and increase net profit by 105% [8][1] 2. **Coal Supply and Production**: Huaihe Energy has a strong coal supply chain, with a high coverage rate for long-term contracts, which positions it competitively in the market [11][1] 3. **Future Growth Potential**: The company has additional coal and power assets that could further increase its operational scale, with potential for significant growth in the coming years [11][1] 5G-A Technology 1. **Performance Enhancements**: 5G-A technology is expected to increase upload and download speeds by tenfold, significantly improving connectivity and reducing latency [12][1] 2. **Global Deployment**: Testing networks for 5G-A have been established across 31 provinces in China, with plans for expansion into international markets [12][1] 3. **Investment in Infrastructure**: There is a notable increase in capital expenditure from operators for 5G-A, indicating a strong commitment to enhancing network capabilities [15][1] Other Important but Possibly Overlooked Content - **Market Trends**: The tungsten sector is experiencing a bullish trend due to government actions against smuggling and the strategic importance of tungsten in various applications [4][1] - **Stock Performance**: Several companies within the tungsten industry and those involved in 5G technology have seen significant stock price increases, reflecting positive market sentiment [9][1][13][1] - **Long-term Outlook**: The overall outlook for both the tungsten industry and 5G-A technology remains positive, with expectations of sustained demand and growth opportunities in the coming years [7][1][15][1]