Group 1 - The company, Xianglu Tungsten Industry (002842.SZ), has indicated that its produced tungsten carbide powder and alloy products can be used as raw materials for manufacturing cutting tools for PCBs [1] - More detailed information can be found in the company's periodic reports disclosed on the Giant Tide website [1]

本报记者 丁蓉 小金属价格上涨与供需两端共振密切相关。 年初至今，钨、钴、稀土价格纷纷上涨。Wind数据显示，截至7月29日，钴报价263000元/吨，相比2024 年末的170000元/吨，涨幅为54.71%；钨精矿报价192500元/吨，相比2024年末的142500元/吨，涨幅为 35.09%。截至7月29日，中国稀土行业协会公布的稀土价格指数报202.70，相比2024年末的163.80，涨 幅为23.75%。 在市场回暖背景下，小金属行业相关上市公司业绩显著提升。截至目前，中国北方稀土（集团）高科技 股份有限公司（以下简称"北方稀土"）、广晟有色金属股份有限公司（以下简称"广晟有色"）、浙江华 友钴业股份有限公司（以下简称"华友钴业"）、广东翔鹭钨业股份有限公司（以下简称"翔鹭钨业"）等 上市公司上半年"成绩单"均颇为亮眼。 苏商银行特约研究员付一夫在接受《证券日报》记者采访时表示："供给方面，小金属普遍存在资源储 量有限、开采难度大等特点，短期内难以快速扩大产能；需求方面，新能源车、风电、半导体等新兴产 业快速发展，带动了对钨、钴、稀土等关键材料的需求激增，这种供需错配导致价格持续上涨。此外， 受 ...

Investment Rating - The investment rating for the tungsten industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The tungsten industry chain extends from exploration and mining of tungsten ore to smelting and deep processing, ultimately applied in various industrial fields. The upstream focuses on black and white tungsten ore, while the midstream involves the smelting of tungsten concentrate, ammonium paratungstate (APT), and tungsten powder. The downstream includes the processing of tungsten materials, tungsten wires, and hard alloys, with demand coming from sectors like machinery manufacturing, automotive, and electronics [2][6] - As of July 23, 2023, the prices for tungsten products have seen significant increases compared to the beginning of the year, with black tungsten concentrate at 185,000 RMB/ton (up 29.4%), APT at 272,000 RMB/ton (up 28.9%), tungsten powder at 405 RMB/kg (up 28.2%), and tungsten carbide powder at 395 RMB/kg (up 27.0%) [2][16] - The supply of tungsten is tightening, with the first batch of mining indicators for 2023-2025 showing a decrease in quotas, leading to expectations of a supply shortage. China's tungsten resources are abundant, holding the world's largest tungsten reserves and production, but total control policies have gradually lowered production levels [2][29] - Demand for tungsten is expected to grow, particularly in the fields of new energy vehicles and military applications, with the APT operating rate at historical highs. The demand for high-end hard alloys is resilient, supporting mid-to-high-end tungsten prices [2][16] - The tungsten supply-demand balance indicates a projected shortage of 2,919 tons in 2025, with prices expected to continue rising. Demand is anticipated to grow at a rate of 4.9% to 6.3% from 2025 to 2027, while supply is expected to increase by only 2,000 tons annually [2][16] - Key companies in the tungsten industry include Xiamen Tungsten, which has a full industry chain layout and is rapidly increasing its photovoltaic tungsten wire production; Zhongtung High-tech, a leader in hard alloys with significant raw material supply advantages; and Zhangyuan Tungsten, which has prominent resource advantages and improved deep processing profitability [2][16] Summary by Sections Tungsten Price Review - The tungsten prices have shown a steady increase over the past five years, correlating positively with PMI [9][12] Supply: Decrease in Mining Indicators - The first batch of mining indicators for 2023-2025 shows a reduction, with 2025's indicators down by 6.45%. This reduction reinforces expectations of a tight supply [2][16] Demand: Growth Driven by Photovoltaic Tungsten Wire - The demand for tungsten is expected to increase, particularly in high-end applications, with a projected consumption of 71,000 tons in 2024, reflecting a growth rate of 3.5% [2][6] Supply-Demand Balance: Expanding Shortage - The tungsten supply-demand balance indicates a growing shortage, with projected deficits increasing from 2,919 tons in 2025 to 9,020 tons by 2027 [2][16] Company Analysis - Xiamen Tungsten is expanding its photovoltaic tungsten wire production, while Zhongtung High-tech is a leader in hard alloys with strong raw material supply advantages [2][16]

中邮证券有限责任公司研报显示，供需失衡催化小金属牛市，钨、钴、稀土价格有望继续上涨。钴价方面，金九银十旺季 备货将带动存量库存去库，继续看好钴价下半年上涨行情。钨价方面，钨价稳步上涨，短期有望突破20万元/吨。稀土方面， 目前轻稀土呈现供需边际改善状态，叠加远期人形机器人需求带动，突破前期高点可期。 "展望下半年，预计小金属牛市有望延续。一方面，新能源、军工、人形机器人等终端需求保持强劲增长，预计钨、钴、 稀土价格仍有上涨空间；另一方面，供给端受政策影响，资源品供给收紧预期升温。这些因素都会给以上品类小金属价格提供 有力支撑。"付一夫表示。 上半年"成绩单"亮眼 供需错配推动价格上涨 小金属价格上涨与供需两端共振密切相关。 苏商银行特约研究员付一夫在接受《证券日报》记者采访时表示："供给方面，小金属普遍存在资源储量有限、开采难度 大等特点，短期内难以快速扩大产能；需求方面，新能源车、风电、半导体等新兴产业快速发展，带动了对钨、钴、稀土等关 键材料的需求激增，这种供需错配导致价格持续上涨。此外，受政策与地缘政治因素影响，国内对部分小金属实施出口管制， 这也在一定程度上推升了小金属的涨价。" 陕西巨丰投资资讯有限 ...

Investment Rating - Investment rating: Positive (maintained) [5] Core Views - The rare earth sector is experiencing price increases driven by overseas catalysts, with neodymium oxide rising 7.29% to 478,500 CNY/ton, dysprosium oxide up 2.44% to 1,680,000 CNY/ton, and terbium oxide increasing 0.84% to 7,180,000 CNY/ton [5][12] - Molybdenum prices are fluctuating at high levels due to increased steel demand, with molybdenum concentrate prices rising 4.46% to 3,985 CNY/ton [5][24] - Tungsten prices are at new highs due to supply contraction expectations, with black tungsten concentrate prices increasing 4.07% to 179,000 CNY/ton [5][29] - Tin prices are under pressure with SHFE tin down 1.01% to 264,500 CNY/ton, influenced by raw material shortages from Myanmar [5][37] - Antimony prices are adjusting downwards, with antimony ingot prices falling 1.30% to 190,000 CNY/ton due to reduced smelting output [5][48] - The controllable nuclear fusion materials sector is in a high-growth phase, with significant opportunities for upstream materials [6] Summary by Category Rare Earths - Recent price increases: neodymium oxide up 7.29% to 478,500 CNY/ton, dysprosium oxide up 2.44% to 1,680,000 CNY/ton, terbium oxide up 0.84% to 7,180,000 CNY/ton [5][12] Molybdenum - Molybdenum concentrate price increased 4.46% to 3,985 CNY/ton, while molybdenum iron (Mo60) rose 3.49% to 252,000 CNY/ton [5][24] Tungsten - Black tungsten concentrate price increased 4.07% to 179,000 CNY/ton, and ammonium paratungstate rose 4.35% to 264,000 CNY/ton [5][29] Tin - SHFE tin price decreased 1.01% to 264,500 CNY/ton, and LME tin fell 1.82% to 33,160 USD/ton [5][37] Antimony - Antimony ingot price decreased 1.30% to 190,000 CNY/ton, and antimony concentrate price fell 1.49% to 16,500 CNY/ton [5][48] Nuclear Fusion Materials - The controllable nuclear fusion industry is accelerating commercialization, with significant benefits expected for upstream materials [6]

Group 1 - The small metal sector has shown significant activity, with a collective increase of over 3% in stock prices, particularly for companies like Dongfang Zirconium and Haotong Technology, which saw gains exceeding 5% [1] - Supply constraints are evident due to domestic export quota management for antimony, bismuth, germanium, and tungsten, alongside transportation disruptions in Myanmar, leading to a global supply gap exceeding 30% [1] - Demand for small metals is rising, driven by applications in new energy vehicles, energy storage, military high-temperature alloys, and semiconductor packaging materials, with a notable increase in consumption of cobalt and nickel sulfate [1] Group 2 - Small metals have been classified as "strategic resources" by authorities, with export controls on gallium and germanium in 2024 and additional controls on tungsten, bismuth, and antimony in 2025, leading to increased scarcity premiums [1] - Leading companies are expected to report substantial profit growth, with Northern Rare Earth projected to see a more than 18-fold increase in net profit attributable to shareholders in the first half of 2025 [1] - Securities firms express optimism, highlighting that the relaxation of export controls could lead to a convergence of domestic and international prices, benefiting the sector through both valuation and profit increases [2][3] Group 3 - Dongfang Zirconium specializes in the research, production, and sales of zirconium series products, including zirconium silicate and zirconium oxide [2] - Haotong Technology focuses on precious metal recovery and related products, with key offerings including platinum, palladium, and rhodium [2] - Shenghe Resources produces rare earth concentrates and various rare earth products, contributing to the small metal supply chain [3] Group 4 - Guiyan Platinum's product range includes various precious metal compounds such as platinum, palladium, and rhodium [3] - Xianglu Tungsten's main products consist of tungsten oxide, tungsten powder, and tungsten carbide [3] - Tin Industry Co. engages in the exploration, mining, and processing of tin, zinc, copper, and indium, offering a wide array of products [3] Group 5 - Dongfang Tantalum is involved in the research, production, and sales of rare metals like tantalum and niobium [4] - Baotai Co. is recognized as China's largest specialized producer of titanium-based rare metal materials, holding over 40% market share [4]

股票代码：002842 股票简称：翔鹭钨业 公告编号：2025-067 广东翔鹭钨业股份有限公司 关于公司股东股份质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 广东翔鹭钨业股份有限公司（以下简称"公司"）于近日接到公司股东潮州 启龙贸易有限公司（以下简称"启龙贸易"）和陈伟东关于其所持公司股份质押 变动情况的通知，具体事项如下： 一、股东股份质押基本情况 1、股东股份本次质押的基本情况 2、股东股份累计质押情况 截至本公告披露日，上述股东及其一致行动人所持质押股份情况如下： 股东名称 持股数量 持股 本次质押 本次质押 占其所 占公司 已质押股份情况 未质押股份情况 股票代码：002842 股票简称：翔鹭钨业 公告编号：2025-067 | | （股） | 比例 | 前质押股 | 后质押股 | 持股份 | 总股本 | 已质押股 | 占已质 | 未质押股 | 占未质 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 份数量 （ ...

[Performance Forecast for the Current Period](index=1&type=section&id=Item%20I.%20Performance%20Forecast%20for%20the%20Current%20Period) The company anticipates a significant turnaround in the first half of 2025, projecting net profit attributable to shareholders between RMB 15 million and RMB 22 million, a substantial improvement from the prior year's loss Performance Overview | Item | Current Period (2025 H1 Estimated) (RMB) | Prior Period (2024 H1) (RMB) | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Profit: 15 million to 22 million | Loss: 10.3483 million | | **Net Profit After Deducting Non-Recurring Gains and Losses** | Profit: 8 million to 12 million | Loss: 40.4831 million | | **Basic Earnings Per Share** | Profit: 0.05/share to 0.07/share | Loss: 0.04/share | [Pre-Audit Status of Performance Forecast](index=1&type=section&id=Item%20II.%20Pre-Audit%20Status%20of%20Performance%20Forecast) The financial data presented in this performance forecast is a preliminary estimate by the company's finance department and remains unaudited - This performance forecast remains **unaudited** by a certified public accountant[3](index=3&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=Item%20III.%20Explanation%20of%20Performance%20Changes) The company's shift to profitability is primarily driven by improved main business operations, including increased hard alloy orders and new photovoltaic tungsten wire capacity, alongside positive non-operating gains [Impact of Main Business Operations](index=1&type=section&id=Item%EF%BC%88%E4%B8%80%EF%BC%89.%20Impact%20of%20Main%20Business%20Operations) Enhanced profitability in main business operations is attributed to increased hard alloy orders, the gradual release of new photovoltaic tungsten wire capacity, and improved cost control - Increased **hard alloy sales orders** and the gradual release of new **photovoltaic tungsten wire product capacity** drove main business growth[4](index=4&type=chunk) - The company enhanced profitability through strengthened **cost control**, leading to a year-on-year increase in operating profit[4](index=4&type=chunk) [Impact of Non-Operating Gains and Losses](index=1&type=section&id=Item%EF%BC%88%E4%BA%8C%EF%BC%89.%20Impact%20of%20Non-Operating%20Gains%20and%20Losses) Non-recurring gains and losses primarily from government subsidies and VAT super deduction tax incentives positively contributed to net profit - During the reporting period, non-recurring gains and losses primarily came from **government subsidies** and **VAT super deduction tax incentives**[4](index=4&type=chunk) [Other Relevant Information](index=1&type=section&id=Item%20IV.%20Other%20Relevant%20Information) This performance forecast is a preliminary, unaudited estimate, with final financial data to be disclosed in the 2025 Semi-Annual Report, and investors are advised to consider associated risks - This performance forecast is a preliminary estimate by the company's finance department, **unaudited**, and specific financial data will be subject to the company's subsequent disclosure in the **2025 Semi-Annual Report**[5](index=5&type=chunk)[6](index=6&type=chunk)

翔鹭钨业（002842）公告，预计2025年上半年净利润为1500万元至2200万元，上年同期为亏损1034.83 万元。 ...

广东翔鹭钨业股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 广东翔鹭钨业股份有限公司（以下简称"公司"）于近日接到公司股东陈伟 东关于其所持公司股份质押变动情况的通知，具体事项如下： 一、股东股份解除质押基本情况 是否为控股 | | | 股东或第一 | | 本次解除质押 | | 占公司 占其所持 | | 质押 质押起 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 权人 | 股东名称 | | | | | 总股本 | | 解除 | | 质 | | | | 大股东及其 | | 股数（股） | | 股份比例 | | | 始日 | | | | | | | | | 比例 | | 日 | | | | | | 一致行动人 | | | | | | | | | | | | | | | | | | | 联储证 | | | | | 是 | | 5,649,300 | 44.97% | 1.73% | | | | | | | | | | | | | | | 司 | ...