Company Overview - Changyuan Tungsten Industry Co., Ltd. is located in Chongyi County, Ganzhou City, Jiangxi Province, and was established on February 28, 2000. The company went public on March 31, 2010. Its main business involves the smelting, processing, research and development, and sales of products related to the tungsten industry chain, including APT, tungsten oxide, tungsten powder, tungsten carbide powder, tungsten materials, and hard alloys [2]. Financial Performance - For the period from January to June 2025, Changyuan Tungsten achieved operating revenue of 2.399 billion yuan, representing a year-on-year growth of 32.27%. The net profit attributable to the parent company was 115 million yuan, with a year-on-year increase of 2.54% [2]. - Since its A-share listing, the company has distributed a total of 862 million yuan in dividends, with 269 million yuan distributed over the past three years [3]. Stock Performance - As of September 12, Changyuan Tungsten's stock price increased by 2.04%, reaching 14.02 yuan per share, with a trading volume of 444 million yuan and a turnover rate of 2.69%. The total market capitalization is 16.844 billion yuan [1]. - Year-to-date, the stock price has risen by 119.13%, with a 1.59% increase over the last five trading days, a 44.39% increase over the last 20 days, and an 82.31% increase over the last 60 days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Changyuan Tungsten was 54,300, a decrease of 3.46% from the previous period. The average number of circulating shares per person increased by 3.58% to 22,019 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest shareholder with 8.7857 million shares, an increase of 2.1363 million shares from the previous period. Silver Hua Xin Jia Two-Year Holding Period Mixed Fund remains unchanged with 6.1986 million shares, while Southern CSI 1000 ETF increased its holdings by 1.9392 million shares to 5.5279 million shares [3].

Market Overview - The small metals sector increased by 2.63% on September 11, with Baowu Magnesium leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Key Stocks Performance - Baowu Magnesium (002182) closed at 16.31, up 9.98% with a trading volume of 997,700 shares and a transaction value of 1.53 billion [1] - China Rare Earth (000831) closed at 55.10, up 4.83% with a trading volume of 1,029,200 shares and a transaction value of 5.64 billion [1] - Haotong Technology (301026) closed at 31.31, up 4.05% with a trading volume of 84,600 shares and a transaction value of 260 million [1] - Other notable performers include Zhongtung High-tech (000657) up 3.88% and Shenghe Resources (600392) up 3.52% [1] Capital Flow Analysis - The small metals sector saw a net inflow of 861 million from institutional investors, while retail investors experienced a net outflow of 701 million [2][3] - Major stocks like China Rare Earth and Baowu Magnesium had significant net inflows from institutional investors, indicating strong institutional interest [3] Individual Stock Capital Flow - China Rare Earth had a net inflow of 34 million from institutional investors, while retail investors saw a net outflow of 204 million [3] - Baowu Magnesium experienced a net inflow of 26.6 million from institutional investors, with retail investors facing a net outflow of 145 million [3] - Shenghe Resources had a net inflow of 90 million from institutional investors, while retail investors had a net outflow of 59 million [3]

Group 1 - The price of black tungsten concentrate (≥65%) has increased by 101.4% to 288,000 yuan/ton, while ammonium paratungstate (APT) price has risen by 98.1% to 418,000 yuan/ton since the beginning of the year [1] - The Ministry of Natural Resources has set a total control index for tungsten mining of 58,000 tons for the first batch in 2025, a decrease of 4,000 tons compared to the first batch in 2024, representing a decline of over 6% [1] - Demand for tungsten products has significantly increased due to the recovery of the manufacturing sector, particularly in automotive, aerospace, and machinery processing industries [1] Group 2 - Companies like Changyi Zhangyuan Tungsten Industry Co., Ltd. reported a revenue of 2.4 billion yuan in the first half of the year, a year-on-year increase of 32.27%, with tungsten powder sales rising by 43.68% to 2,657.83 tons [1] - The company has six mining rights and ten exploration rights, enhancing its resource reserve capabilities through collaboration with geological experts [2] - High tungsten prices may lead upstream mining companies to seek potential resource development, while also prompting downstream companies to accelerate the search for alternative materials [2] Group 3 - The development cycle for tungsten mining is long and capital-intensive, making it difficult to quickly increase production, suggesting that tungsten prices may still have room for growth [3] - The value of tungsten resources is being re-evaluated in the market, necessitating all stakeholders, including resource, processing, and end-use companies, to adapt to market changes [3]

Core Viewpoint - The industrial metal sector in A-share listed companies has shown overall profit improvement as of the first half of 2025, with many companies reporting a turnaround from losses to profits or an increase in profits compared to the previous year [1] Group 1: Profit Improvement - Among the 23 selected industrial metal companies, 8 companies reported both revenue and profit growth, including Northern Rare Earth, Dongfang Tantalum, and others [1] - 7 companies turned losses into profits, such as China Rare Earth, Yunnan Germanium, and others, with notable profit recoveries [1] - China Rare Earth's net profit improved from a loss of 244 million yuan in H1 2024 to a profit of 162 million yuan in H1 2025 [2] - Yunnan Germanium's net profit shifted from a loss of 9 million yuan to a profit of 22 million yuan [2] - Shenghe Resources reported a net profit turnaround from a loss of 69 million yuan to a profit of 377 million yuan [2] Group 2: Revenue and Profit Decline - Companies such as Western Materials, Baotai Co., and Jintian Titanium reported declines in both revenue and profit [2][8] - Western Materials' revenue decreased by 0.35% to 1.539 billion yuan, with a net profit drop of 36.03% to 61.16 million yuan [3][8] - Baotai Co. saw a 20.45% decline in revenue to 2.967 billion yuan and a 49% drop in net profit to 205 million yuan [8] - Jintian Titanium's revenue fell by 22.38% to 318 million yuan, with a net profit decrease of 49.71% to 40.53 million yuan [8] Group 3: Mixed Performance - Companies like Zhongkuang Resources, Xiamen Tungsten, and others experienced revenue growth but profit declines [4][5] - Zhongkuang Resources' revenue increased by 34.89% to 3.267 billion yuan, but net profit plummeted by 81.16% to 89.13 million yuan [6][7] - Xiamen Tungsten's revenue decreased by 4.37% to 972 million yuan, with a net profit decline of 46.47% to 64.12 million yuan [5][6] - Baowu Magnesium's net profit fell by 46.47% despite revenue growth [7]

证券之星消息，9月9日小金属板块较上一交易日下跌0.82%，章源钨业领跌。当日上证指数报收于 3807.29，下跌0.51%。深证成指报收于12510.6，下跌1.23%。小金属板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600549 厦门钨业 | | 1.59亿 | 5.99% | -1.02 Z | -3.82% | -5770.90万 | -2.17% | | 000831 中国稀土 | | 1.06亿 | 3.08% | -309.30万 | -0.09% | -1.02亿 | -2.98% | | 000960 铝亚股份 | | 6643.07万 | 6.76% | -3595.32万 | -3.66% | -3047.75万 | -3.10% | | 600459 | 贵研铂业 | 3436.29万 | 5.05% | -545.32万 | -0.80% | -2890.97万 ...

Group 1 - The announcement details the partial release and pledge of shares by the controlling shareholder, Changyi Zhangyuan Investment Holdings Co., Ltd. [2] - As of the announcement date, the controlling shareholder has pledged a total of 122,830,000 shares, which is 17.41% of its holdings and 10.22% of the company's total share capital, with a corresponding financing balance of 34 million yuan [2] - In the next year, the controlling shareholder has a total of 299,830,000 shares maturing, representing 42.50% of its holdings and 24.96% of the company's total share capital, with a financing balance of 76.58 million yuan [2] Group 2 - The funds for repayment by the controlling shareholder will primarily come from self-raised funds, and the shareholder has a good credit status and repayment capability [3] - There are no risks of forced liquidation or transfer of the pledged shares, and the pledge will not affect the company's operations or governance [4] - The company will continue to monitor changes in the controlling shareholder's pledged shares and will fulfill its information disclosure obligations in a timely manner [4]

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及部分股份质押的公告 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。 证券代码：002378 证券简称：章源钨业 公告编号：2025-044 一、股东股份质押基本情况 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 9 月 5 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及部分股份质押，具体事项如下： （一）股东股份解除质押及股份质押的基本情况 2. 本次股份质押的基本情况 | | 是否为控股 | | 占其所 | 占公司 | 是否 | 是否为 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股东或第一 | 本次质押 | 持股份 | 总股本 | 为限 | 补充 | 质押 | | 质押 | 质权人 | 质押 | | 名称 | 大股东及其 | 数量（股） | | | | | 起始日 | ...

Market Overview - The Shanghai Composite Index rose by 1.24% on September 5, with 30 industries experiencing gains, led by the power equipment and communication sectors, which increased by 7.19% and 5.49% respectively [1] - The non-ferrous metals industry ranked third in terms of gains for the day, with a rise of 4.39% [2] - The banking sector was the worst performer, declining by 0.99% [1] Capital Flow Analysis - The net inflow of capital in the two markets reached 44.53 billion yuan, with 20 industries seeing net inflows [1] - The power equipment industry had the highest net inflow, totaling 21.02 billion yuan, followed by the electronics sector with a net inflow of 10.78 billion yuan [1] - The retail trade sector experienced the largest net outflow, amounting to 1.595 billion yuan, closely followed by the banking sector with a net outflow of 1.553 billion yuan [1] Non-Ferrous Metals Sector - The non-ferrous metals industry saw a total net inflow of 5.634 billion yuan, with all 137 stocks in the sector rising [2] - Notable stocks with significant net inflows included Huayou Cobalt with 1.206 billion yuan, Ganfeng Lithium with 1.100 billion yuan, and Tianqi Lithium with 791 million yuan [2] - The sector also had stocks with substantial net outflows, including Northern Rare Earth with a net outflow of 281.7 million yuan and Zhangyuan Tungsten with 189.1 million yuan [3]

Group 1: Company Research Highlights - Jiashi Fund recently conducted research on seven listed companies, focusing on their strategic directions and performance [1][2][3][4][5][6]. - Puxian Technology is focusing on satellite internet and has established a joint laboratory with Xidian ISN for low-orbit satellite communication products [1]. - Lexin Technology launched an AI development board "Miao Ban," which supports natural language interaction and intent recognition [2]. - Zhangyuan Tungsten's tungsten concentrate production increased by 3.24% year-on-year, with significant growth in tungsten powder sales by 43.68% [3]. - Lanjie Technology's main products include memory interface chips and server platforms, primarily used in data centers [4]. - Zoomlion is cautiously optimistic about market demand, with overseas revenue growing approximately 15% [5]. - Jingzhida reported a 22.68% year-on-year revenue increase, with semiconductor business accounting for over 70% of its revenue [6]. Group 2: Financial Performance and Market Outlook - Zhangyuan Tungsten's revenue from Ganzhou Aoketai reached 353.53 million yuan, a 15.36% year-on-year increase, with net profit turning positive [3]. - Zoomlion's mid-term dividend exceeded 60%, with cumulative dividends surpassing 30.6 billion yuan, reflecting a long-term stable return philosophy [5]. - Jingzhida's new orders are gradually increasing its market share, with a focus on high-end chip testing [6]. Group 3: Strategic Collaborations and Innovations - Puxian Technology is developing data governance services and has signed agreements with Helium Star and Yixin Technology to establish a joint R&D center [1]. - Lexin Technology is participating in the AI+ hardware initiative with Volcano Engine and ToyCity [2]. - Shenzhou Digital has over 6 billion yuan in confirmed orders and is collaborating with domestic GPU manufacturers to explore AI applications [6].

Market Overview - The non-ferrous metal sector has seen a strong rebound, with the Shenwan Non-Ferrous Metal Index rising by 8.59% over the past two weeks, ranking fifth among 31 primary industries [7] - The market has shown significant structural differentiation, with small metals, precious metals, and new materials performing particularly well, while rare earths, copper, and aluminum have attracted substantial capital [1][2] Precious Metals - Gold and silver prices have strengthened, with COMEX gold closing at $3,516 per ounce, reflecting a year-to-date increase of 31.63%, while silver has risen by 35.88% [1][17] - The demand for gold from global central banks continues to rise, enhancing its financial attributes, leading to increased investment in companies like Shandong Gold, Zhongjin Gold, and Hunan Gold [1][17] Industrial Metals - Copper prices have shown a strong upward trend, with LME copper settling at $9,805 per ton, up 12.89% year-to-date, driven by expectations of increased infrastructure investment and demand from the renewable energy sector [2][23] - Aluminum prices are constrained by production capacity limits, with domestic electrolytic aluminum capacity reaching 44 million tons, while demand from the new energy sector remains robust [2][27] Rare Earths - The rare earth sector has experienced a strong performance, with the rare earth price index rising by 6.39% over the past two weeks and 37.44% year-to-date [2][41] - Recent policy changes have tightened supply controls, benefiting companies like China Rare Earth, Northern Rare Earth, and Shenghe Resources [2][41][55] Small Metals - The small metals sector has seen significant price increases, with black tungsten concentrate prices rising by 24.26% over the past two weeks and 75.52% year-to-date [3][30] - Tin prices have also increased due to raw material shortages and recovering semiconductor demand, benefiting companies like Tin Industry Co., Huaxi Nonferrous Metals, and Xingye Silver Tin [3][31] Energy Metals - The energy metals sector has shown mixed performance, with electrolytic cobalt prices rising by 1.33% over the past two weeks and 86.71% year-to-date, while lithium carbonate prices have decreased by 3.69% in the short term but remain positive year-to-date [3][47][49] - Companies like Zijin Mining, Ganfeng Lithium, and Huayou Cobalt are positioned well across multiple supply chains, benefiting from low inventory and downstream replenishment demand [3][47] Fund Flow and Market Sentiment - The non-ferrous metal ETF has seen record trading volumes, with significant inflows into rare earth and copper sectors, indicating strong market sentiment and recognition of the sector's growth potential [3][56] - The market is shifting towards low-valuation, high-growth segments, with leading companies benefiting from favorable conditions [3][56]