Core Viewpoint - Zhangyuan Tungsten Industry (002378) announced its long-term procurement prices for the second half of September, indicating stable pricing in the tungsten market [1] Pricing Summary - The price for 55% black tungsten concentrate is set at 272,000 yuan per ton, while the price for 55% white tungsten concentrate is 271,000 yuan per ton, both inclusive of a 13% value-added tax [1] - The price for ammonium paratungstate (national standard zero grade) is quoted at 400,000 yuan per ton, also including the 13% value-added tax [1]

Group 1 - The core viewpoint of the article is that Zhangyuan Tungsten has announced a decrease in the long-term procurement prices for tungsten concentrates in the second half of September [1] - The price for 55% black tungsten concentrate is set at 272,000 yuan per standard ton, down by 8,000 yuan per standard ton compared to the first half of the month [1] - The price for 55% white tungsten concentrate is set at 271,000 yuan per standard ton, also down by 8,000 yuan per standard ton from the first half of the month [1] - The price for ammonium paratungstate (national standard zero grade) is set at 400,000 yuan per ton, reflecting a decrease of 10,000 yuan per ton from the first half of the month [1] - All the listed prices include a 13% value-added tax [1]

Core Viewpoint - The recent market rally has led to significant stock price increases, yet major shareholders and executives are engaging in share reduction plans, raising questions about the implications of these actions for ordinary investors [1][2]. Group 1: Shareholder Actions - In 2023, Zhangyuan Tungsten's stock price has been on the rise, nearing historical highs, but the company has seen significant share reductions by its controlling shareholders and executives [3]. - On September 12, Zhangyuan Tungsten announced that its controlling shareholder, Chongyi Zhangyuan Investment Holdings, plans to reduce its holdings by up to 24 million shares (2% of total shares) within three months, potentially cashing out approximately 334 million yuan at a closing price of 13.93 yuan per share [3]. - Several executives, including the CFO and vice presidents, have also announced plans to reduce their holdings, with a total of 1.34 million shares sold at an average price of 8.26 yuan per share, resulting in over 10 million yuan in cash [4][5]. Group 2: Industry Context - Zhangyuan Tungsten is primarily engaged in the development and utilization of tungsten resources, producing various tungsten-based products, and is classified under the mining and manufacturing sectors [7]. - The tungsten market has been experiencing price increases due to supply constraints and strong downstream demand, with prices for tungsten concentrate and tungsten powder doubling compared to the beginning of the year [8]. - The company’s stock price movements have closely mirrored tungsten price fluctuations, particularly during significant price increases in May, July, and August [9]. Group 3: Financial Performance - Despite a revenue increase of 32.27% year-on-year to 2.399 billion yuan in the first half of 2025, Zhangyuan Tungsten reported a decline in net profit, contrasting with competitors who saw both revenue and net profit growth [12]. - The company's low self-sufficiency in tungsten concentrate (approximately 20%) necessitates external procurement, which may have increased costs amid rising tungsten prices [13]. - The gross margins for key products such as tungsten powder and carbide have decreased, indicating that rising raw material costs are impacting profitability [14]. Group 4: Competitive Landscape - Competitors like Zhongtung High-tech have reported significant profit increases due to their integrated business model, which allows for better cost control and raw material supply management [15].

Group 1 - The company conducted an investor relations activity on September 17, 2025, with three institutions participating, including Everbright Securities, Xingzheng Global Fund, and Guosheng Securities [1] - The company has established an integrated production system covering the entire tungsten industry chain, including exploration, mining, smelting, powder production, and deep processing [1] - The company reported an increase in production for tungsten concentrate, tin concentrate, and copper concentrate in the first half of 2025, with tungsten concentrate production reaching 1,849.93 tons, a year-on-year increase of 3.24% [2] Group 2 - The company achieved a sales volume of 2,657.83 tons for tungsten powder in the first half of 2025, representing a year-on-year increase of 43.68% [3] - The subsidiary, Ganzhou Aoketai, reported a revenue of 353.53 million yuan in the first half of 2025, a year-on-year growth of 15.36%, with hard alloy tool sales contributing 189.27 million yuan, up 22.6% [3] - The company is focusing on establishing long-term partnerships with quality suppliers for tungsten raw materials, while also facing challenges from price fluctuations in externally sourced raw materials [2]

Group 1: Company Overview - The company primarily engages in the development and utilization of tungsten mining resources, producing ammonium paratungstate (APT), tungsten oxide, tungsten powder, tungsten carbide powder, thermal spray powder, and hard alloy products, establishing a comprehensive production system across the tungsten industry chain [1][2] - The upstream business focuses on tungsten mining resource exploration and selection, with tungsten concentrate as the main product, and by-products including tin and copper concentrates sold externally [1][2] Group 2: Mining Operations - In the first half of 2025, the company produced 1,849.93 tons of tungsten concentrate (WO3 65%), a year-on-year increase of 3.24%; tin concentrate production was 426.12 tons, up 2.71%; and copper concentrate production was 180.61 tons, up 2.02% [3] - The company is advancing resource integration and enhancing mining efficiency through mechanization, aiming to increase the output of tungsten, tin, and copper [3][4] Group 3: Raw Material Procurement - The company self-produces all tungsten concentrate for internal use and procures additional tungsten concentrate and APT externally, evaluating suppliers based on management capabilities and quality to ensure stable raw material supply [7] - Fluctuations in tungsten concentrate prices can impact production costs and overall business performance, especially given the high proportion of externally sourced raw materials [8] Group 4: Sales Performance - In the first half of 2025, tungsten powder sales reached 2,657.83 tons, a 43.68% increase year-on-year; tungsten carbide powder sales were 2,975.12 tons, up 19.25%; however, hard alloy sales decreased by 7.17% to 573.92 tons, and thermal spray powder sales fell by 1.93% to 222.59 tons [9] - The subsidiary, Ganzhou Aoketai, achieved revenue of 353.53 million yuan, a 15.36% increase, with hard alloy tool sales contributing 189.27 million yuan, up 2.26%, and bar sales reaching 143.40 million yuan, up 28.30% [10]

Market Overview - On September 17, the small metals sector rose by 0.69%, with Yunnan Zhenye leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Small Metals Sector Performance - Key stocks in the small metals sector showed varied performance, with Yunnan Zhenye closing at 29.14, up 2.43%, and Shenghe Resources at 22.75, up 2.02% [1] - Other notable performers included Baowu Magnesium at 16.46, up 1.98%, and Zhongkuang Resources at 44.29, up 1.82% [1] Trading Volume and Value - Yunnan Zhenye had a trading volume of 480,300 shares, with a transaction value of 1.386 billion yuan [1] - Shenghe Resources recorded a trading volume of 763,500 shares, with a transaction value of 1.710 billion yuan [1] Capital Flow Analysis - The small metals sector experienced a net outflow of 495 million yuan from institutional investors, while retail investors saw a net inflow of 395 million yuan [2][3] - Speculative funds had a net inflow of 101 million yuan into the sector [2] Individual Stock Capital Flow - Yunnan Zhenye had a net inflow of 12.9 million yuan from institutional investors, while it faced a net outflow of 16.33 million yuan from speculative funds [3] - Shenghe Resources saw a net inflow of 78.11 million yuan from institutional investors, but a net outflow of 4.63 million yuan from speculative funds [3]

Investment Highlights - Precious metals: Gold has reached a new historical high, with continued recommendations for investment. Recent weak economic data from the US has led to a decline in the dollar index, and gold is poised for an upward trend as it prepares for the upcoming Federal Reserve meeting. Even if the meeting outcomes align with expectations, there is no need to rush to take profits, as the market is likely shifting from recession trading to stagflation trading, indicating a potential slow bull market for gold [2][3] - Copper: If interest rate cuts can facilitate a soft landing, copper prices may rise. LME copper has surpassed $10,000. Despite a weakening US economy, the market appears to be pricing in future stagflation or soft landing scenarios, leading to an upward trend in copper prices. With the domestic consumption peak approaching and downstream operating rates expected to improve, copper prices are likely to rise [2][3] - Aluminum: Continued optimism for rising aluminum prices. Shanghai aluminum prices have increased, driven by significant improvements in downstream operating rates, which have risen to 62.1%. Although the real estate sector remains sluggish, demand from the renewable energy sector is providing effective support. The mid-term impact of US aluminum tariffs is expected to be limited, and the long-term outlook for electrolytic aluminum remains positive [3] - Cobalt: Prices for cobalt intermediates continue to rise, with attention on the dynamics of electrolytic cobalt and policy changes in the Democratic Republic of the Congo. Cobalt product prices have increased, with weekly growth rates of 4.55% for cobalt sulfate and 2.06% for electrolytic cobalt. The market anticipates further supply constraints due to upcoming policy changes in the DRC, which could drive prices higher [3] - Tin: Price increases driven by interest rate cut expectations and supply shortages. Tin prices rose by 2.70%, with operating rates for refined tin in Yunnan and Jiangxi provinces dropping to 28.48%. Supply constraints are expected to persist due to raw material shortages and seasonal maintenance [4] - Lithium: Prices under pressure due to the announcement of a resumption plan at the Jiangxi mine. Lithium prices have declined, primarily due to market expectations surrounding the resumption of production. However, supply growth is expected to slow, and demand from the energy storage sector remains strong, indicating a potential improvement in the carbonated lithium supply-demand balance [4] Investment Recommendations - Companies to watch include Huayou Cobalt, Zhongtung High-tech, Zhangyuan Tungsten, Hunan Gold, Huayu Mining, Shanjin International, Chifeng Jilong Gold Mining, Zijin Mining, Luoyang Molybdenum, Shenhuo Co., and Yun Aluminum [5]

证券之星消息，9月15日小金属板块较上一交易日下跌2.12%，章源钨业领跌。当日上证指数报收于 3860.5，下跌0.26%。深证成指报收于13005.77，上涨0.63%。小金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002738 | 中矿资源 | 43.49 | 2.86% | 27.33万 | | 11.96亿 | | 000831 | 中国稀土 | 56.54 | 0.12% | 81.59万 | | 45.88 乙 | | 688750 | 金天钛业 | 22.21 | 0.09% | 4.41万 | | 9706.65万 | | 002182 | 宝武镁业 | 15.52 | -0.39% | 68.08万 | | 10.73亿 | | 600392 | 盛和盗源 | 22.74 | -1.39% | 81.93万 | | 18.73亿 | | 000962 | 东方银业 | 24.35 | -1.42% | 22.18万 | | 5.3 ...

Core Viewpoint - The article discusses the performance of the stock market on September 15, highlighting mixed results among major indices and sector performances, with a focus on active sectors like gaming and pork, while noting the underperformance of certain materials sectors [2][5][10]. Market Performance - The three major indices closed with mixed results: Shanghai Composite Index at 3860.5 points, down 0.26%; Shenzhen Component Index at 13005.77 points, up 0.63%; and ChiNext Index at 3066.18 points, up 1.52% [2][3]. - The total trading volume in the Shanghai and Shenzhen markets was 2.28 trillion yuan, a decrease of 245.8 billion yuan from the previous trading day, with over 3300 stocks declining and more than 1900 stocks rising [2][3]. Sector Performance - Active sectors included pork (+2.82%), gaming (+3.65%), and automotive parts, while superconductors and retail concepts showed weak performance [5][6]. - Notable stocks in the gaming sector included Xinghui Entertainment, which hit a 20% limit up, and Perfect World, which also reached the limit up, with several other gaming stocks rising over 6% [6]. - In the pork sector, stocks like Delisi and Aonong Biological reached their daily limit, while Tiankang Biological rose over 8% [7]. Capital Flow - Main capital inflows were observed in the automotive, electric equipment, and machinery sectors, while there were outflows from electronics, communications, and defense sectors [10]. - Specific stocks with significant net inflows included BYD, Top Group, and Zhongdali De, with net inflows of 840 million yuan, 716 million yuan, and 700 million yuan respectively [11]. - Conversely, stocks like Northern Rare Earth, Wolong Electric Drive, and Zhongji Xuchuang faced substantial net outflows of 2.01 billion yuan, 1.83 billion yuan, and 1.386 billion yuan respectively [12]. Institutional Views - Citic Securities noted that the market is entering a high-level consolidation phase, with macro trading becoming a significant variable affecting market direction [14]. - Huatai Securities expressed a positive mid-term outlook for the domestic fundamentals, suggesting maintaining a high position while focusing on cost-effectiveness and industry prosperity [14].

Core Viewpoint - Zhangyuan Tungsten Industry (002378.SZ) has seen a decline of 6.03%, currently trading at 13.09 yuan, with a market capitalization of 15.7 billion yuan. The company's controlling shareholder, Chongyi Zhangyuan Investment Holding Co., Ltd., plans to reduce its stake by up to 24 million shares, representing 2% of the total share capital, through block trading within three months after the announcement date [1]. Group 1 - Zhangyuan Tungsten Industry's stock price has dropped by 6.03% to 13.09 yuan [1] - The current trading volume is 1 billion yuan, with a market capitalization of 15.7 billion yuan [1] - The controlling shareholder intends to reduce its holdings by a maximum of 24 million shares [1]