Group 1 - The small metal sector increased by 2.08% on January 15, with Xianglu Tungsten leading the gains [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] - Key stocks in the small metal sector showed significant price increases, with Xianglu Tungsten rising by 10.00% to a closing price of 19.14 [1] Group 2 - The small metal sector experienced a net inflow of 1.182 billion yuan from main funds, while retail investors saw a net outflow of 571 million yuan [2] - Notable stocks with significant main fund inflows included Northern Rare Earth with 361 million yuan and Xiamen Tungsten with 157 million yuan [3] - Retail investors showed a negative trend in several stocks, including Xianglu Tungsten, which had a net outflow of 8771 million yuan from retail investors [3]

Group 1 - The core point of the news is that Zhangyuan Tungsten Industry's stock price increased by 5.36%, reaching 18.28 CNY per share, with a trading volume of 1.203 billion CNY and a turnover rate of 5.65%, resulting in a total market capitalization of 21.962 billion CNY [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, hard alloys, and tools [1] - The main 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%), with ammonium paratungstate at 0.65% and tungsten oxide at 0.01% [1] Group 2 - From the perspective of major circulating shareholders, GF Fund's Guangfa CSI 1000 ETF (560010) entered the top ten circulating shareholders of Zhangyuan Tungsten Industry in the third quarter, holding 2.541 million shares, which accounts for 0.21% of the circulating shares. The estimated floating profit today is approximately 2.3631 million CNY [2] - Guangfa CSI 1000 ETF (560010) was established on July 28, 2022, with a latest scale of 35.303 billion CNY. Year-to-date returns are 8.71%, ranking 1444 out of 5525 in its category; the one-year return is 43.65%, ranking 1662 out of 4208; and since inception, the return is 19.85% [2]

Company Performance - Zhangyuan Tungsten's stock price reached a historical high, increasing by 3.52% to 17.96 yuan, with a trading volume of 29.728 million shares and a transaction amount of 527 million yuan, resulting in a turnover rate of 2.49% [2] - The company's latest A-share total market value is 21.577 billion yuan, while the circulating market value is 21.464 billion yuan [2] - For the first three quarters, the company achieved an operating income of 3.878 billion yuan, a year-on-year increase of 37.38%, and a net profit of 190 million yuan, up 29.71% year-on-year, with basic earnings per share of 0.1600 yuan and a weighted average return on equity of 8.68% [2] Industry Overview - The non-ferrous metals industry, to which Zhangyuan Tungsten belongs, has an overall increase of 2.69%, with 118 stocks rising, including Sichuan Gold, Hunan Silver, and Huayou Cobalt, which saw increases of 8.92%, 8.27%, and 7.25% respectively [2] - Conversely, 23 stocks in the industry experienced declines, with the largest drops seen in Antai Technology, Tianli Composite, and Srey New Materials, which fell by 8.92%, 7.04%, and 6.07% respectively [2] Margin Trading Data - As of January 14, the latest margin trading balance for Zhangyuan Tungsten is 619 million yuan, with a financing balance of 617 million yuan, reflecting a decrease of 72.2465 million yuan over the past 10 days, representing a 10.49% decline [2]

Group 1 - The core viewpoint of the article highlights that Jiaxin International Resources (03858) has seen its stock price rise over 5%, reaching a new high of 63.15 HKD, which is nearly five times its IPO price of 10.62 HKD [1] - As of the report, the stock is up 5.36%, trading at 62.9 HKD with a transaction volume of 36.73 million HKD [1] - The price increase is attributed to tightening supply and demand dynamics in the tungsten market, with tungsten prices surpassing 480,000 RMB per ton, setting a new historical high [1] Group 2 - Jiaxin International Resources is a tungsten mining development company headquartered in Kazakhstan, with its core asset being the Bakuta tungsten project [1] - The company's business model encompasses the entire value chain of tungsten mining, including exploration, extraction, processing, and sales, with tungsten concentrate as its main product [1] - First Shanghai believes that the company is at a critical value release inflection point, possessing world-class core assets that lay the foundation for long-term growth [1] - The company is noted as a rare pure tungsten mining target in the market, with its current stock price offering a high margin of safety and attractiveness [1]

Group 1 - Recent significant price increases in various minor metals, with tungsten showing the most notable rise. As of January 9, black tungsten concentrate (≥65%) is priced at 485,000 yuan/ton, a week-on-week increase of 5.4%. Ammonium paratungstate (APT) is priced at 710,000 yuan/ton, up 6.0% week-on-week; tungsten powder is priced at 1,130 yuan/kg, up 6.5% week-on-week, all reaching historical highs [1] - According to Shenwan Hongyuan Research, the minor metals sector is expected to see positive changes by 2026, driven by high growth in energy storage demand, which will accelerate the reversal cycle in the lithium carbonate industry. In the context of de-globalization, the value of strategic minor metals such as rare earths, tungsten, and antimony will continue to be reassessed [1] - The reshaping of the global credit landscape and the continuation of the Federal Reserve's interest rate cut cycle will jointly support the favorable trend of precious and minor metals [1] Group 2 - On January 9, the A-share market experienced a strong rally, with the Shanghai Composite Index breaking through 4,100 points. The total trading volume reached 3.12 trillion yuan, marking the sixth historical instance of surpassing 3 trillion yuan in trading volume [3] - The minor metals concept continues to strengthen, with several stocks such as Hailiang Co., Yunnan Tin Company, Antai Technology, Xiamen Tungsten, and Zhenhua Co. hitting the daily limit. Other stocks like Zhangyuan Tungsten, Tin Industry Co., Huaxi Nonferrous, Chihong Zinc & Germanium, and China Uranium Industry also saw price increases [3]

今日沪深两市有色金属板块表现活跃，安泰科技、厦门钨业、章源钨业、锡业股份、中稀有色、中钨高 新领涨，行业相关企业今日股价行情整理如下： 安泰科技 最新股价：25.19元 日涨幅：+10.00% 亮点：难熔金属及半导体装备材料龙头，钨合金多叶光栅全球市场份额领先。 厦门钨业 最新股价：48.19元 日涨幅：+10.00% 亮点：拥有完整钨产业链，国内首家具备核聚变装置用钨组件研发生产能力。 章源钨业 最新股价：16.96元 日涨幅：+8.44% 亮点：国内完整钨产业链生产商，拥有自主钨矿资源和近9.5万吨钨储量。 锡业股份 最新股价：33.82元 日涨幅：+7.81% 亮点：有色金属全产业链企业。 中稀有色 最新股价：64.22元 日涨幅：+6.41% 亮点：中国稀土集团核心平台，产业横跨稀土、铜、钨。 中钨高新 最新股价：32.89元 日涨幅：+6.03% 亮点：中国五矿旗下钨产业平台，全产业链运营，收购后钨金属储量大幅增加。 洛阳钼业 最新股价：22.78元 日涨幅：+5.07% 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：磐石 亮点：全球多元矿产巨头，国内运营的钼钨矿伴生有钨资源。 中金岭南 ...

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]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002842 | 翔鹭钨业 | 16.53 | 9.98% | 37.99万 | 6.07亿 | | 000657 | 中钨高新 | 32.00 | 7.67% | 113.78万 | 35.34亿 | | 600259 | 中稀有色 | 62.33 | 7.08% | 37.10万 | 23.09亿 | | 002378 | 章源钨业 | 15.97 | 6.47% | 108.07万 | 16.90亿 | | 000831 | 中国稀土 | 51.43 | 5.15% | 93.00万 | 47.57 Z | | 600111 | 北方稀土 | 50.50 | 4.88% | 271.33万 | 135.36亿 | | 002428 | 云南错业 | 33.10 | 3.63% | 85.30万 | 27.94亿 | | 600549 | 厦门钨业 | 44.85 | 3.53% | 58.97万 | 26.22亿 | | 000960 | 锡 ...

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]