减持并非孤例，此前公司股东汇文添富、汇文运通及齐梁等一致行动人已累计套现至少1.52亿元。 九联科技的资本运作节奏令人玩味。2025年10月10日，公司董事会审议通过了1.82亿元定增预案，其中约1.27亿元将用于鸿蒙生态智能终端与通信模块研发及产业化项目，其余5453.1万元用 然而，几乎在同一时间轴上，股东、高管减持计划也在同步推进。2025年7月4日，九联科技公告股称，大股东、董事、董事会秘书、副总经理胡嘉惠计划减持不超600万股；公司股东、董事、 2025 年 8 月 5 日-2025 年 8 月 6 日，胡嘉惠通过大宗交易及集中竞价方式累计减持所持有公司股份 1，182，000 股，占公司股本的 0.23640%。 九联科技的传统业务正面临严峻挑战。公司主要产品智能网络机顶盒市场需求显著放缓，导致业绩持续承压。 2022年至2025年上半年，九联科技实现营业收入分别为24.03亿元、21.71亿元、25.08亿元和11.01亿元，但归属于母公司股东的净利润却从2023年开始转亏，分别为6033.48万元、-1. 毛利率数据同样不容乐观。2022年至2025年上半年，九联科技的毛利率分别为20.57% ...

格隆汇8月8日丨科隆股份(300405.SZ)于投资者互动平台表示，目前公司产品暂未在军工领域应用。 ...

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]

Group 1: Company Performance and Growth - The company has maintained annual growth since its listing, driven by a strong cultural heritage and a flexible operational model that combines state-owned enterprise systems with private mechanisms [2][3] - Approximately 80% of the company's clients are large state-owned enterprises or listed companies, providing a stable customer base for sustained profitability [2] - The company has 74 years of technical expertise in specialized cable fields, particularly in aerospace and integrated equipment, which supports its competitive advantage [3] Group 2: Revenue and Market Segments - In 2024, revenue growth was notable in the metallurgy and mining sectors, with strong performance in aerospace and integrated equipment, as well as engineering equipment [4] - The first quarter of 2025 showed significant profit growth due to increased business in aerospace and specialized engineering machinery compared to the same period last year [5] Group 3: Product Customization and Pricing - Customized products generally have higher profit margins than standard products, especially those that replace imports or are exclusive supplies [6] - The profit margins for military products remain stable, with established products gradually stabilizing in price while new products with higher added value are expected to maintain good pricing levels [7][8] Group 4: Future Prospects and Orders - The company has sufficient orders on hand, with a significant year-on-year increase, and has initiated four investment projects to expand capacity to meet growing business demands [8] - The theoretical production cycle for different products ranges from 7 to 15 days, but actual delivery times depend on various factors including customer orders and internal scheduling [8]