Group 1 - The company Xianglu Tungsten Industry (002842) reported that as of July 31, 2025, the number of shareholders is 25,308 [1]

Core Viewpoint - The report from Guosheng Securities indicates that the long-term quotes from major tungsten manufacturers have significantly increased, suggesting a continued upward trend in tungsten prices due to ongoing supply-demand tightness [1][2]. Price Trends - As of August 5, the prices for black tungsten concentrate, APT, and tungsten carbide powder have risen by 12%, 13%, and 14% respectively compared to early July, with current prices at 194,500 CNY/ton, 285,000 CNY/ton, and 422,500 CNY/ton [2]. - The long-term quotes for major manufacturers in early August include: Xiamen Tungsten Industry at 279,500 CNY/ton for APT, Zhangyuan Tungsten at 192,500 CNY/ton for black tungsten concentrate and 283,000 CNY/ton for APT, and Jiangxi Tungsten Group at 194,000 CNY/ton for black tungsten concentrate [2]. Market Dynamics - The current strong performance of tungsten prices is driven by three factors: the manufacturing sector is at a cyclical low, inventory levels among industries and traders are low, and external tungsten prices have been rising since June, reflecting a recovery in exports [3]. - The price gap between domestic and international tungsten prices has reached historical highs, indicating strong demand for domestic products as external markets recover [3]. Supply Situation - The long-term quotes from major manufacturers are close to market price announcements, indicating that the tight supply situation persists [4]. - The Bakuta tungsten mine in Kazakhstan has resumed normal shipments since May, with an average monthly output of around 800 tons. However, the domestic tungsten price remains strong, suggesting that local demand and supply constraints have effectively mitigated any potential market disruption from this new supply [5]. Investment Recommendations - Companies positioned at both ends of the tungsten industry chain are expected to benefit from the rising tungsten prices. Recommended stocks include Zhongtung High-tech (000657.SZ) and Anyuan Coal Industry (600397.SH), with related stocks being Xiamen Tungsten Industry (600549.SH), Zhangyuan Tungsten (002378.SZ), and Xianglu Tungsten (002842.SZ) [6].

Market Performance - The small metals sector increased by 0.49% on August 6, with Jintian Titanium leading the gains [1] - The Shanghai Composite Index closed at 3633.99, up 0.45%, while the Shenzhen Component Index closed at 11177.78, up 0.64% [1] Individual Stock Performance - Jintian Titanium (688750) closed at 23.01, up 4.64% with a trading volume of 119,700 shares and a transaction value of 273 million yuan [1] - Baotai Co. (600456) closed at 32.62, up 3.56% with a trading volume of 257,500 shares and a transaction value of 843 million yuan [1] - Caoyuan Tungsten (002378) closed at 9.33, up 2.64% with a trading volume of 439,600 shares and a transaction value of 409 million yuan [1] - Other notable performers include Baowu Magnesium (002182) up 2.30% and Zhongtung High-tech (000657) up 2.09% [1] Capital Flow Analysis - The small metals sector experienced a net outflow of 452 million yuan from main funds, while retail investors saw a net inflow of 355 million yuan [2][3] - The main funds showed a significant outflow from Jintian Titanium, with a net outflow of 37.02 million yuan [3] - Retail investors contributed positively to Jintian Titanium with a net inflow of 7.50 million yuan [3] Summary of Key Stocks - Jintian Titanium had a notable trading day with a significant increase in share price despite main fund outflows [1][3] - Baotai Co. and Caoyuan Tungsten also showed positive price movements, indicating investor interest in these stocks [1] - The overall small metals sector reflects mixed capital flows, with retail investors actively participating [2][3]

Group 1 - The stock price of Xianglu Tungsten Industry is reported at 9.02 yuan as of August 5, 2025, reflecting a decrease of 0.77% from the previous trading day, with a trading volume of 1.29 billion yuan [1] - Xianglu Tungsten Industry is primarily engaged in the research, development, production, and sales of tungsten products, including tungsten powder and hard alloys, which are widely used in mechanical processing and mining industries [1] - As of July 31, 2025, the number of shareholders for the company is 25,308, a decrease of 3,951 shareholders compared to July 20, representing a 13.50% decline [1] Group 2 - The company expects a net profit for the first half of the year to be between 15 million yuan and 22 million yuan [1] - On August 5, 2025, the net outflow of main funds for Xianglu Tungsten Industry was 31.98 million yuan, with a cumulative net outflow of 81.87 million yuan over the past five days [1]

（文章来源：证券日报） 证券日报网讯翔鹭钨业8月5日在互动平台回答投资者提问时表示，截至2025年7月31日的股东人数为 25，308户。 ...

公司发布的一季报数据显示，一季度公司共实现营业收入4.81亿元，同比增长4.18%，实现净利润 830.30万元，同比增长140.04%，基本每股收益为0.0300元，加权平均净资产收益率1.08%。 7月15日公司发布上半年业绩预告，预计实现净利润1500.00万元至2200.00万元。（数据宝） （文章来源：证券时报网） 翔鹭钨业8月5日披露，截至7月31日公司股东户数为25308户，较上期（7月20日）减少3951户，环比降 幅为13.50%。 证券时报·数据宝统计，截至发稿，翔鹭钨业最新股价为9.02元，下跌0.77%，本期筹码集中以来股价累 计下跌0.66%。具体到各交易日，5次上涨，7次下跌。 ...

Company Overview - Xianglu Tungsten Industry's stock price reached 9.09 yuan as of August 4, 2025, with a 1.45% increase from the previous trading day [1] - The stock hit a high of 9.31 yuan and a low of 8.90 yuan during the day, with a trading range of 4.58% [1] - The company specializes in the research, production, and sales of tungsten products, including tungsten powder and hard alloys, which are widely used in mechanical processing and mining [1] Market Activity - On August 4, the stock experienced a rapid rebound, with a more than 2% increase within 5 minutes, resulting in a transaction volume of 31.17 million yuan [1] - The total trading volume for the day was 184,400 hands, with a total transaction value of 168 million yuan [1] Capital Flow - On August 4, the net inflow of main funds was 16.74 million yuan, accounting for 0.69% of the circulating market value [1] - Over the past five days, the cumulative net outflow of main funds was 63.45 million yuan, representing 2.6% of the circulating market value [1]

Group 1 - The company received a notification regarding the pledge of shares by its shareholder, Chaozhou Qilong Trading Co., Ltd. [1] - As of the announcement date, there are no frozen shares held by the shareholder or its concerted parties, and the pledged shares do not include those locked by executives [1] - The actual controller and concerted parties currently do not face any risk of forced liquidation of pledged shares, and there will be no change in actual control [2] Group 2 - The company will comply with relevant disclosure regulations if there are any changes in shareholding that meet the criteria set by the Securities Law and the Regulations on the Management of Acquisitions of Listed Companies [2] - A report from China Securities Depository and Clearing Corporation Limited regarding the details of securities pledges and judicial freezes has been filed [2]

Industry Overview - The ammonium paratungstate (APT) industry in China has seen significant development driven by national policy support and market demand, with China being the largest producer and seller of tungsten globally [1][7] - As of June 2025, the price of APT in China reached 251,500 yuan per ton, marking a year-on-year increase of 19.19% [1][7] - The Chinese government has implemented strict total control and quota management on tungsten mining to ensure sustainable resource utilization, with the first batch of tungsten mining indicators for 2025 being tightened, reducing the total control indicator by 4,000 tons, a decrease of 6.45% compared to 2024 [1][7] Supply and Demand Dynamics - The supply of tungsten concentrate is limited due to government policies, which in turn affects APT production [1][7] - There is a continuous increase in demand for APT driven by rapid global manufacturing and infrastructure development, particularly in downstream industries such as hard alloys, tungsten material processing, and petrochemicals [1][7] Production and Profitability - As of June 2025, the operating rate of APT in China was 74.95%, an increase of 9.76 percentage points year-on-year, driven by high APT prices that expanded profit margins for producers [9] - The gross profit margin for APT in the last week of June 2025 was 0.08 yuan per ton, a decrease of 52.94% year-on-year, indicating challenges in maintaining profitability due to raw material price fluctuations and increased competition [11] Export Trends - China has historically been a major exporter of APT, with export volumes significantly exceeding imports. However, in 2025, the implementation of export control policies led to a notable decline in export quantities, with a 52.78% year-on-year decrease in the first five months of 2025 [12] Key Players in the Industry - Major companies in the APT market include Xiamen Tungsten Industry Co., Ltd., Zhangyuan Tungsten Industry Co., Ltd., and Jiangxi Tungsten Industry Group, which are leaders in production scale, technology, and market share [14] - Xiamen Tungsten Industry has an annual APT production capacity of 45,000 tons and is recognized for its high-purity APT production technology [16] - Zhangyuan Tungsten Industry has a production capacity of 22,000 tons per year and has achieved significant improvements in production efficiency through advanced technologies [18] Industry Development Trends - The APT industry is expected to focus on technological innovation and green production methods to enhance product quality and production efficiency while minimizing environmental impact [20] - Companies are likely to accelerate the integration and extension of the industrial chain to enhance competitiveness and reduce risks, potentially through mergers and acquisitions [21] - The demand for APT is anticipated to expand further due to the acceleration of global industrialization and the growth of high-end manufacturing sectors such as renewable energy and aerospace [22]

| 股东名称 | 是否为控 股股东或 | | 本次质押 | 占其所 | 占公 司总 | 是否 | 是否 为补 | 质押 | 质押 | | 用途 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 第一大股 | | 股数（股） | 持股份 | 股本 | 为限 | 充质 | 起始 | 到期 | 质权人 | | | | 东及其一 | | | 比例 | 比例 | 售股 | 押 | 日 | 日 | | | | | | 致行动人 | | | | | | | | | | | 启龙贸易 | 是 | | 3,000,000 | 11.39% | 0.92% | 否 | 否 | 2025. 7.31 | 办理 解除 质押 | 潮州农 | 偿还负 充流动 | | | | | | | | | | | | 村商业 | | | | | | | | | | | | | 银行股 | 债及补 | | | | | | | | | | | 登记 | 份有限 | | | | | | | | | | | | | 公司凤 | 资金 | | | | ...