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 2025 年 6 月 12 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 悉其所持本公司的部分股份解除质押，具体事项如下： | 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 | 其一致行动人 | （股） | 股份比例 | 股本比例 | | | | | | | | 章源 | 为本公司 | 7,800,000 | 1.11% | 0.65% | 2024 | 年 | 2025 年 | | 中信银行股份 有限公司赣州 | | | 控股 | 控股股东 | | | | 4 月 24 | 日 | 6 月 日 | 11 | | | | | | | | | | | | ...

Core Viewpoint - The tungsten industry is characterized by a significant supply-demand gap, with expectations of a global shortage increasing from 13,000 tons in 2023 to 18,000 tons by 2027, indicating a systemic rise in tungsten prices due to its strategic importance and scarcity [2][3]. Industry Overview - Tungsten is a globally important strategic resource known for its high hardness, melting point, and resistance to high temperatures and corrosion, making it essential in various sectors including transportation, mining, industrial manufacturing, and military applications [7][9]. - The global tungsten reserves are concentrated, with China holding over 50% of the total tungsten resources and production, making it a key player in the tungsten market [14][19]. Driving Factors - The rarity of tungsten resources and continuous innovation in mining technology are crucial for the industry's growth, with global tungsten reserves increasing from approximately 3.3 million tons in 2018 to 4.4 million tons in 2023, reflecting a compound annual growth rate of 5.9% [14]. - Demand for tungsten from downstream industries is on the rise, particularly in aerospace, military, and photovoltaic sectors, with projections indicating that global tungsten consumption could reach approximately 151,100 tons by 2028 [15]. - Technological advancements in mining and smelting processes are enhancing the efficiency and cost-effectiveness of tungsten extraction, making the market more attractive to investors [16][17]. Supply-Demand Structure - The supply of tungsten remains rigid, with China accounting for 52.5% of global tungsten reserves and 82.3% of production in 2024, despite a gradual decline in the quality of tungsten ore due to extensive mining [19][21]. - The Chinese government implements strict controls on tungsten mining, with total mining quotas gradually increasing but remaining limited, which contributes to a tight supply situation [21][27]. - The production cost of tungsten concentrates is expected to rise significantly, with estimates indicating costs could exceed 130,000 yuan per ton by 2024 [27][29]. Price Outlook - The price of tungsten is supported by strong cost factors, with production costs currently ranging from 96,000 to 107,000 yuan per ton, and expected to maintain upward pressure due to increasing mining costs and regulatory constraints [27][29]. - The global tungsten market is anticipated to experience price increases driven by supply constraints and rising demand from various industrial applications [2][3]. Industry Development Trends - The tungsten industry is expected to see continued growth in hard alloy production, with domestic production increasing from 33,800 tons in 2018 to an estimated 58,000 tons in 2024, reflecting a compound annual growth rate of 9.4% [37]. - The demand for tungsten wire, particularly in the photovoltaic sector, is projected to grow rapidly as it replaces traditional carbon steel wire due to its superior properties [53][54].

Market Overview - On June 11, the tungsten sector showed strength, with Xianglu Tungsten Industry hitting the limit up, and other companies like Xiamen Tungsten, Zhangyuan Tungsten, and China Tungsten High-tech also experiencing collective gains [1] Company Insights - Xianglu Tungsten Industry (002842.SZ) has turned profitable, operating in the complete tungsten industry chain, including mining, smelting, and production of various tungsten products, with a significant mining area of 5.96 square kilometers [2] - Guangdong Guangsheng Nonferrous Metals (600259.SS) has also turned profitable, focusing on a diversified industrial layout of rare earths, tungsten, and copper, with a tungsten resource reserve of 65,000 tons [2] - Xiamen Tungsten (600549.SS) is one of the largest tungsten smelting product processing companies globally, with a complete tungsten industry chain and significant market share in tungsten wire production [2] - Zhangyuan Tungsten (002378.SZ) is a leading tungsten smelting product processing company, with a complete production system from mining to deep processing and tungsten resource reserves of 94,600 tons [2] - Luoyang Copper (603993.SS) is a global leader in copper, cobalt, aluminum, and tungsten production, with a tungsten resource reserve of 26,040,000 tons [2] Price Trends - As of June 6, the price of 65% WO3 tungsten concentrate in China surpassed 173,000 yuan per ton, marking an increase of 31,000 yuan since the beginning of the year, with a cumulative rise of 21.8%, reaching a historical high [3] Institutional Analysis - China will implement export controls on tungsten-related matters by February 2025, which is expected to strengthen the strategic nature of tungsten resources, as 90% of tungsten concentrate processing capacity is concentrated in China [4] - The application of tungsten in various fields, including photovoltaic cutting and robotics, is expected to drive demand growth [5] - Supply constraints are anticipated due to declining production from existing mines and limited new mine launches, with the first batch of tungsten mining quotas for this year down 6.5% year-on-year, contributing to rising tungsten prices [5] - The tungsten market is expected to enter a bull market phase, with prices likely to continue breaking historical highs, and the supply-demand gap projected to expand from 18,300 tons in 2024 to 19,100 tons in 2028 [5]

Group 1 - The A-share small metal sector experienced an initial rise, with Haotong Technology and Xingye Silver Tin both increasing by over 6% [1] - Other companies such as Guiyan Platinum Industry, Xianglu Tungsten Industry, Guangsheng Nonferrous, Yian Technology, and Zhangyuan Tungsten Industry also saw gains [1]

Investment Rating - The report maintains a "Buy" recommendation for the aluminum sector, indicating a positive outlook due to ongoing inventory depletion and price support for aluminum [1]. Core Viewpoints - The report highlights that domestic aluminum inventories continue to decrease, providing stable support for aluminum prices around 20,000 yuan per ton. The market is transitioning from peak to off-peak consumption, with current inventory levels being among the lowest in three years [8][9]. - The copper sector is also viewed positively, with recommendations for specific companies such as Zijin Mining, Jincheng Mining, and Western Mining, as global copper supply remains tight [2][9]. Industry Data Summary Aluminum Industry - As of May 29, domestic aluminum ingot inventory stands at 511,000 tons, down by 23,000 tons from the previous week, indicating a significant reduction in stock levels [8]. - The report notes that the aluminum rod inventory has also decreased, albeit at a slower pace, with current levels around 128,300 tons, which is still low compared to historical data [8]. Copper Industry - The report mentions that as of the latest data, the Shanghai Futures Exchange (SHFE) copper inventory is 105,800 tons, reflecting a week-on-week increase of 7,120 tons, while the London Metal Exchange (LME) copper inventory decreased by 16,650 tons to 149,900 tons [2][9]. - The global visible copper inventory is reported at 472,000 tons, down by 12,656 tons from the previous week, indicating a tightening supply situation [2]. Tungsten and Rare Metals - The report indicates that tungsten prices continue to rise due to supply constraints, with domestic tungsten concentrate prices at 169,500 yuan per ton and APT prices at 248,000 yuan per ton [9]. - The report recommends focusing on companies benefiting from tungsten price elasticity and those involved in the strategic reassessment of rare metals [9].

证券代码：002378 证券简称：章源钨业 公告编号：2025-032 崇义章源钨业股份有限公司 2024 年年度权益分派实施公告 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。 崇义章源钨业股份有限公司（以下简称"公司"或"本公司"）2024 年年度权益 分派方案，已获 2025 年 5 月 16 日召开的 2024 年度股东大会审议通过，现将权 益分派事宜公告如下： 一、股东大会审议通过利润分配方案情况 1. 公司 2024 年度股东大会审议通过的利润分配方案具体内容：以 2024 年 12 月 31 日公司总股本 1,201,417,666 股为基数，向全体股东按每 10 股派现金红 利 0.72 元（含税），本次利润分配预计共派发现金红利 86,502,071.95 元，不送红 股，不以资本公积金转增股本。剩余未分配利润结转以后年度。 若在公司 2024 年度利润分配方案实施前，公司总股本由于可转债转股、股 份回购、股权激励行权、再融资新增股份上市等原因而发生变化，公司将根据分 红总额不变的原则进行相应调整。 2. 自本次利润分配方案披露至实施期间，公 ...

Group 1: Financial Performance and Goals - The company plans to achieve a sales revenue of 3.8 billion CNY in 2025, with a focus on various operational segments [2] - In 2024, the company produced 3,739 tons of tungsten concentrate (65%), a decrease of 9.99% year-on-year [8] - The self-sufficiency rate for tungsten raw materials in 2024 was approximately 20% [9] Group 2: Operational Strategy - The company is enhancing its mining operations by integrating resource exploration and optimizing mining methods to improve efficiency [3] - The company aims to develop high-value-added products and improve production processes through digital transformation [5] - The company has established a complete tungsten industry chain, ranking first in tungsten powder production and second in carbide tungsten powder production as of Q4 2024 [3] Group 3: Market Position and Competitive Advantage - The company is recognized as one of the few manufacturers in China with a complete tungsten industry chain, which strengthens its market resilience [3] - The company focuses on innovation and has established a technology center to drive research and development [4] - The company benefits from regional policy advantages that support the development and utilization of tungsten resources [5] Group 4: Product Sales and Market Trends - In 2024, tungsten powder sales were 3,980 tons, a decrease of 4.67% year-on-year, while tungsten carbide powder sales increased by 0.20% to 4,923 tons [14] - The company’s subsidiary, Ganzhou Aoketai, reported a revenue of 665.99 million CNY in 2024, a year-on-year increase of 21.93% [15] - The sales of coated blades increased by 6.22% to 21.68 million pieces in 2024 [15] Group 5: Future Development Outlook - The company is committed to sustainable development and aims to enhance resource exploration and mining efficiency [6] - The focus will be on high-performance tungsten products for various industries, including aerospace and renewable energy [7] - The company plans to continue its efforts in resource integration and smart mining construction to ensure orderly resource replacement [10]

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 ...