Group 1 - The tungsten index has experienced a significant surge, with companies like Zhangyuan Tungsten and Xianglu Tungsten seeing substantial stock price increases, including Zhangyuan Tungsten achieving five consecutive trading limits in seven days [1] - Zhangyuan Tungsten has raised its long-term procurement prices for February 2026, with 55% black tungsten concentrate priced at 730,000 yuan per standard ton, and 55% white tungsten concentrate at 729,000 yuan per standard ton, reflecting an increase from the previous month [2] - The price of tungsten powder has skyrocketed nearly fivefold over the past year, reaching 1,800 yuan per kilogram, with a month-on-month increase of approximately 41.7% [3] Group 2 - The global tungsten supply and demand imbalance has intensified since 2025, driven by policy controls and surging demand, leading to record-high prices for tungsten powder, cobalt powder, and tungsten carbide powder [3] - Companies such as Zhongtung High-tech, Xiamen Tungsten, Zhangyuan Tungsten, and Jiaxin International Resources are identified as relevant players benefiting from the rising prices in the tungsten market [3]

Core Viewpoint - The stock of Jiexin International Resources (03858) has seen a significant increase, driven by a strong recovery in the tungsten market post-holiday, with major companies raising long-term prices, indicating bullish market expectations [1] Group 1: Market Performance - Jiexin International Resources' stock rose over 6% in early trading, currently up 5.12% at HKD 89.25, with a trading volume of HKD 66.1346 million [1] - The average price of black tungsten concentrate reached a record high of CNY 733,500 per standard ton on February 25, marking a year-to-date increase of 61.74% [1] - Ammonium paratungstate (APT) also saw a year-to-date increase of 61.94% [1] Group 2: Market Dynamics - Major tungsten companies, including Zhangyuan Tungsten Industry (002378) and Xianglu Tungsten Industry (002842), have continued to raise long-term pricing, reinforcing bullish market expectations [1] - European tungsten market is experiencing a shortage in downstream inventory, contributing to a strong price increase during the holiday period, leading to a global price surge in tungsten [1] Group 3: Strategic Developments - Guojin Securities noted that U.S. lawmakers proposed a "strategic resilience reserve" with a scale of USD 2.5 billion, which may elevate tungsten's priority in overseas strategic reserves [1] - China's announcement regarding strengthened export controls on dual-use items to Japan and the U.S. President's plan to increase military spending to USD 1.5 trillion for the fiscal year 2027 may support continued high inventory levels abroad, further bolstering prices [1]

（文章来源：每日经济新闻） 每经AI快讯，2月27日，小金属板块反复活跃，东方钽业、章源钨业、翔鹭钨业盘中股价创新高，宝武 镁业、中钨高新、锡业股份、云南锗业、厦门钨业跟涨。 ...

有色钨方向领涨，翔鹭钨业直线涨停，章源钨业、中钨高新、厦门钨业、锡业股份等纷纷走强。 ...

Core Viewpoint - The rare metal stocks in the A-share market have collectively strengthened, with significant price increases observed in several companies, driven by rising raw material costs and strategic pricing adjustments [1][2]. Group 1: Company Performance - Zhangyuan Tungsten Industry and Yunnan Zinc Industry both reached the daily limit increase of 10.01% [1][2]. - Zhongtung High-tech saw an increase of over 8.11%, while Dongfang Tantalum Industry rose by over 6.70% [1][2]. - Other notable performers include Xianglu Tungsten Industry, Rongjie Co., Tianqi Lithium, and Yongxing Materials, all increasing by over 4% [1][2]. - Xiamen Tungsten Industry, Ganfeng Lithium, and Tibet Mining also experienced gains of over 3% [1][2]. Group 2: Market Dynamics - Zhangyuan Tungsten Industry announced a price adjustment for its welding machine clamp blades due to the continuous rise in tungsten raw material prices, effective from February 26, 2026 [1]. - The U.S. White House plans to utilize an AI model developed by the Department of Defense to establish reference prices for critical global mineral trades, starting with germanium, gallium, antimony, and tungsten [1].

登录新浪财经APP 搜索【信披】查看更多考评等级 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、误导性陈述或重大遗 漏。 特别提示： 1、本次股东会无否决提案或修改提案的情况。 2、本次股东会不涉及变更以往股东会决议的情况。 一、会议召开的基本情况 1、会议召开时间： （1）现场会议召开时间：2026年2月25日（星期三）下午14:30 （2）网络投票时间：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2026年2月25日上午 9:15-9:25、9:30-11:30、下午13:00-15:00；通过深圳证券交易所互联网投票系统投票的具体时间为2026 年2月25日上午9：15至下午15:00期间的任意时间。 2、会议召开地点：广东省潮州市湘桥区官塘镇广东翔鹭钨业股份有限公司办公楼会议室 3、会议召开方式：本次股东会采取现场投票与网络投票相结合的方式。 4、会议召集人：公司董事会 5、现场会议主持人：公司董事长陈启丰先生 6、股权登记日：2026年2月11日（星期三） 1、出席本次股东会的股东及股东授权委托代表共计973人，合计持有表决权股份28,627,158股，占公司 有表决 ...

Core Viewpoint - The tungsten market is expected to outperform other commodities like gold and lithium in 2025-2026, driven by a combination of policy, resource constraints, and strong demand [1][8]. Supply and Demand Dynamics - Tungsten prices have surged over 220% in 2025, significantly outpacing gold [2]. - As of February 25, 2025, the price of tungsten iron in Shanghai reached 1.0225 million yuan per ton, a 3.7-fold increase from the previous year [4]. - The price of black tungsten concentrate has reached 705,000 yuan per ton in 2026, up 53.26% year-to-date, while ammonium paratungstate (APT) is at 1.05 million yuan per ton, up 56.72% [6]. - China's tungsten reserves account for 52% of the global total, with production at 83%, making it the dominant supplier [10]. - From 2025, China will tighten tungsten resource management, leading to a significant reduction in supply, with a 6.5% decrease in the first batch of tungsten concentrate mining quotas [10]. - Export controls on tungsten products will further tighten global supply, with a projected 27.5% decrease in tungsten exports in 2025 [10]. Market Performance - A-share tungsten stocks have shown remarkable performance, with companies like Xianglu Tungsten and Zhangyuan Tungsten seeing increases of 159.34% and 136% respectively [7]. - The supply-demand imbalance is expected to persist, with a projected global tungsten supply gap of 18,500 tons by 2026, increasing annually [15]. Industry Trends - The demand for tungsten is expanding beyond traditional applications into high-end sectors such as renewable energy, military, and semiconductors [12][13]. - The consumption of tungsten concentrate has been rising, with low inventory levels prompting downstream companies to replenish stocks, further driving up prices [14]. - Companies with proprietary tungsten resources, like Zhangyuan Tungsten, are expected to see significant profit increases due to rising prices [17]. Investment Opportunities - The price increase is benefiting the entire tungsten industry chain, particularly resource-rich and high-end processing companies [16]. - Institutions have set target prices for leading companies like Zhangyuan Tungsten and Zhongtung High-tech, indicating potential upside of 19%-34% and 19%-27% respectively [19][24]. - The economic viability of tungsten recycling is improving, with the recycling rate expected to rise from 21% in 2023 to over 30% by 2025, benefiting companies like Xiamen Tungsten [26]. Strategic Importance - The ongoing rise in tungsten prices reflects a revaluation of strategic resources amid global competition, with China holding a pivotal role in the tungsten market [29].

Core Viewpoint - Tungsten has experienced a significant price surge, with a year-on-year increase of over 220% in 2025 and a continued upward trend in early 2026, overshadowing gold's market position [1][3]. Supply Side Analysis - The tungsten market is facing a supply crunch due to strict quota controls, with China holding over 80% of global tungsten supply and reducing its mining quotas by 6.5% in 2025 [7]. - The average grade of domestic tungsten ore has declined from 0.42% in 2004 to 0.28% in 2024, increasing extraction costs and difficulties [8]. - New overseas tungsten mining projects are insufficient to meet global demand, with only about 5,000 tons of new capacity expected by 2026, and export restrictions from China further exacerbate supply issues [10]. Demand Side Analysis - Demand for tungsten is being driven by technological advancements in sectors like photovoltaics and AI, with tungsten wire for solar cells expected to see a demand increase from 8,300 tons in 2024 to 16,000 tons in 2025, a growth of 198% [13]. - The AI server market is also contributing to demand, with high-precision tungsten tools being essential for advanced PCB manufacturing [15]. Company Performance - Xiamen Tungsten and China Tungsten High-Tech are the leading companies in the tungsten industry, with Xiamen Tungsten focusing on diversified operations and China Tungsten High-Tech specializing in deep integration of the tungsten supply chain [19][20]. - In 2025, Xiamen Tungsten reported a net profit of 2.311 billion yuan, a 3508% increase, while China Tungsten High-Tech's net profit surged by 407.52% in the same period [22]. Market Outlook - The tungsten price is expected to remain high in 2026, with a projected supply-demand gap increasing from 18,500 tons in 2026 to 19,200 tons by 2028, driven by sustained demand from the photovoltaic and AI sectors [23].

上海市徐汇区淮海中路1010号嘉华中心45层 邮政编码200031 电话: (86-21) 5404-9930 传真: (86-21) 5404-9931 关于广东翔鹭钨业股份有限公司 2026 年第一次临时股东会的法律意见书 致：广东翔鹭钨业股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）以及中国证券监 督管理委员会颁布的《上市公司股东会规则》（以下简称"《股东会规则》"）的 规定，北京市竞天公诚律师事务所上海分所（以下简称"本所"）指派律师对广东 翔鹭钨业股份有限公司（以下简称"公司"）2026年第一次临时股东会（以下简称 "本次股东会"）进行见证，并就本次股东会的召集和召开程序、召集人和出席人 员的资格、表决程序以及表决结果发表法律意见。 为出具本法律意见，本所律师审查了《广东翔鹭钨业股份有限公司第五届董 事会2026年第一次临时会议决议公告》《广东翔鹭钨业股份有限公司关于召开 2026年第一次临时股东会的通知》以及本所律师认为必要的其他文件和资料，同 时审查了出席现场会议股东的身份和资格、见证了本次股东会的召开，并参与了 本次股东会议案表决票的现场监票计票工作。 本所及本所指派律师 ...

股票代码：002842 股票简称：翔鹭钨业 公告编号：2026-012 广东翔鹭钨业股份有限公司 2026 年第一次临时股东会决议公告 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、误导性陈述或重大遗漏。 特别提示： 1、本次股东会无否决提案或修改提案的情况。 2、本次股东会不涉及变更以往股东会决议的情况。 一、会议召开的基本情况 1、会议召开时间： （1）现场会议召开时间：2026 年 2 月 25 日（星期三）下午 14:30 （2）网络投票时间：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 2026 年 2 月 25 日上午 9:15-9:25、9:30-11:30、下午 13:00-15:00；通过深圳 证券交易所互联网投票系统投票的具体时间为 2026 年 2 月 25 日上午 9：15 至下 午 15:00 期间的任意时间。 2、会议召开地点：广东省潮州市湘桥区官塘镇广东翔鹭钨业股份有限公司 办公楼会议室 3、会议召开方式：本次股东会采取现场投票与网络投票相结合的方式。 4、会议召集人：公司董事会 5、现场会议主持人：公司董事长陈启丰先生 6、股权登记日：202 ...