证券日报网讯中信特钢8月26日发布公告，在公司回答调研者提问时表示，2025年上半年的制造业有所 复苏，各行业的需求回暖，目前能继续保持并逐步向好。公司力争取得良好的效益回报广大股东。 （文章来源：证券日报） ...

近期，钨精矿和主要钨制品（如APT、碳化钨）价格持续攀升至历史高位，截至2025年8月，65%黑钨 精矿报价已突破20万元/吨（年内涨幅近40%），仲钨酸铵（APT）达29.1万元/吨（较年初涨37.9%）， 钨粉价格同步飙升至438元/公斤（涨幅38.6%）。 这一轮涨价的核心逻辑在于供应收紧、新兴需求爆发及政策调控。 在价格高涨背景下，核心钨业龙头股显著受益，一起梳理一下！ 一、全产业链龙头： 厦门钨业 （600549） 核心逻辑：全球钨产业链一体化龙头，覆盖钨矿采选→冶炼→深加工全链条，2024年钨钼业务营收占比 近50%。 增长点： 光伏钨丝霸主：2025年Q2出货量达800亿米，全球市占率超65%，绑定 隆基绿能 、 TCL中环 等头部客 户，单GW硅片消耗钨丝3吨，市场需求爆发式增长。 稀土协同：控股 厦钨新能 （ 固态电池 材料）和金龙稀土（磁材），形成"钨+稀土"双轮驱动，机构预 测2025年净利润增速超30%。 技术壁垒：拥有全球领先的仲钨酸铵（APT）产能，2025年长单报价达27.95万元/吨，成本优势显著。 二、硬质合金龙头： 中钨高新 （000657） 核心逻辑：五矿集团旗下硬质合金 ...

在股神沃伦·巴菲特（Warren Buffett）的领导下，伯克希尔·哈撒韦（Berkshire Hathaway）将于周四提交 13-F报告，预计将揭晓一项长期保密的"神秘持仓"。市场猜测这一投资标的很可能是一家工业公司，总 投资额或达50亿美元。 另一市场焦点是伯克希尔可能进一步减持美国银行股票。自2024年7月至2025年第一季度，伯克希尔将 美国银行持股削减近40%，至6.31亿股。第二季度10-Q报告显示，伯克希尔当季可能抛售了约40亿美元 美国银行股票。这一系列减持反映出伯克希尔在当前市场环境下对金融股持仓的战略调整。 若"神秘持仓"被确认为工业股，可能引发工业板块估值重估。伯克希尔的投资逻辑可能基于对制造业复 苏、供应链重构或特定子行业（如高端制造、绿色工业）的长期看好。历史上，伯克希尔的持仓披露往 往伴随目标股的显著涨幅，例如2024年5月披露对安达保险（Chubb）的67亿美元投资后，该股盘后大 涨8%。 与此同时，持续减持美国银行股票可能反映伯克希尔对金融板块的谨慎态度，包括对利率风险、银行净 息差收窄的担忧，以及对更具增长潜力板块的战略转移。巴菲特曾表示，在当前估值水平下，部分金融 股已 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][8]. Core Insights - The company is positioned as a leader in the 3C equipment sector, benefiting from the recovery in the consumer electronics cycle and expansion into new fields [2][7]. - The projected net profit for the company from 2025 to 2027 is approximately 404 million, 548 million, and 659 million yuan, representing year-on-year growth of 70%, 36%, and 20% respectively [2][8]. - The company is expected to leverage its competitive advantages in R&D and scale to benefit from the upcoming innovation cycle in the consumer electronics sector and the rapid development of humanoid robots and low-altitude economy [7][10]. Financial Summary - The company's revenue is forecasted to reach 46.05 billion yuan in 2024, with a year-on-year growth of 30% [3][30]. - The projected earnings per share for 2025, 2026, and 2027 are 0.24, 0.33, and 0.40 yuan respectively, with corresponding P/E ratios of 34, 25, and 21 [3][8]. - The return on equity (ROE) is expected to improve from 5% in 2025 to 10% in 2027, indicating enhanced profitability [3][36]. Industry Overview - The global machine tool market is projected to grow from approximately 1292 billion dollars in 2025 to 2304.2 billion dollars by 2033, with a CAGR of 7.5% [7][39]. - The machine tool industry is experiencing a recovery driven by the replacement cycle and the resurgence of the manufacturing sector, with a significant increase in demand for high-precision CNC machine tools [7][39]. - The consumer electronics sector is entering a new innovation cycle, which is expected to drive demand for upstream equipment beyond initial expectations [7][10]. Competitive Advantages - The company has a comprehensive product line and strong competitive positioning, which enhances customer loyalty through its direct sales model [7][10]. - The company is actively expanding into overseas markets, which is anticipated to provide new growth opportunities and improve overall profitability [10][27]. Growth Catalysts - Key growth drivers include the recovery of the 3C market, the resurgence of the manufacturing sector, and exceeding expectations in orders from general and emerging fields [11][10].

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2] Core Viewpoints - Precious metals are expected to maintain a long-term bullish trend despite a recent 2.8% decline in domestic spot gold prices. The geopolitical instability and the weakening global position of the US dollar are anticipated to provide lasting support for gold prices [4]. - Industrial metal prices showed mixed performance, with copper prices experiencing a 1.3% increase, while aluminum prices fell by 0.5%. The decline in copper exchange inventories has raised concerns about potential short squeezes, which may lead to increased price volatility [4]. - Rare earth prices, particularly praseodymium-neodymium oxides, have seen an upward trend, while tungsten prices remained stable. The recovery in manufacturing is expected to drive demand for tungsten in cutting and wear-resistant tools [4]. - Lithium hydroxide prices have decreased, while cobalt prices have risen. The demand for energy metals is being closely monitored for future growth [4]. - The report recommends investing in the non-ferrous metal sector, particularly precious metals, with companies like Shandong Gold, Chifeng Jilong Gold, and Zijin Mining being highlighted as potential investment opportunities [4]. Summary by Sections 1. Industry Data Review 1.1 Precious Metals - The report indicates a bullish outlook for gold due to geopolitical tensions and the weakening dollar [4]. 1.2 Industrial Metals - SHFE copper price is at 79,920 CNY/ton, with a weekly increase of 1.3%. LME copper price is at 10,051 USD/ton, with a 3.5% weekly increase [27]. 1.3 Minor Metals - Prices for praseodymium-neodymium oxides have increased, while tungsten prices have remained stable [28]. 1.4 Energy Metals - Lithium hydroxide prices have decreased, while cobalt prices have increased. The report emphasizes the need to monitor future demand for energy metals [34]. 2. Market Data - The Shanghai Composite Index rose by 1.91%, and the non-ferrous metal sector increased by 5.11% during the reporting period [35]. 3. Important Events Review - The report highlights ongoing competition in the copper market, with significant pressure on buyers due to declining inventories [42].

Core Insights - Germany's business activity has shown signs of recovery in June, driven by a resurgence in the manufacturing sector, with new orders increasing at the highest rate in over three years [1] - Four German economic research institutes have revised their forecasts for 2025, now expecting economic growth after two consecutive years of contraction [1] - Despite the overall recovery, the service sector continues to experience a slowdown, although at a reduced pace compared to previous months [1]

Group 1: General Automation Equipment - In May 2025, the production of metal cutting machine tools in China was approximately 67,000 units, a year-on-year increase of 6.3%, with a month-on-month decline of 9.3 percentage points [1] - The cumulative production from January to May 2025 reached about 332,000 units, reflecting a year-on-year growth of 13.3%, with a month-on-month decline of 3.5 percentage points [1] - The production of industrial robots in May 2025 was around 69,000 units, showing a year-on-year increase of 35.5%, but a month-on-month decline of 16.0 percentage points [1] Group 2: Engineering Machinery - In May 2025, the total sales of six types of engineering machinery, including excavators and forklifts, showed varied performance, with excavators up 2.1% and forklifts up 11.8% year-on-year [2] - Conversely, six other types, including truck cranes and aerial work platforms, experienced declines, with truck cranes down 20.3% year-on-year [2] - Domestic demand for engineering machinery appeared weak in May, attributed to insufficient project funding and adverse weather conditions affecting operational rates [2] Group 3: Investment Recommendations - The manufacturing PMI in China rose by 0.5 percentage points to 49.5% in May 2025, indicating a gradual improvement in manufacturing conditions [3] - The ongoing improvement in U.S.-China relations is expected to support continued growth in exports, further enhancing manufacturing sentiment [3] - The mechanical industry is rated as "buy," with a focus on engineering machinery companies benefiting from recovering domestic demand and sustained export growth [3]

Group 1 - The company achieved a revenue of 346 million yuan in 2024, a year-on-year increase of 0.64%, and a net profit of 57.57 million yuan, up 16.30% year-on-year [1] - In the first quarter of 2025, the company continued its positive growth trend, with revenue reaching 88.37 million yuan, a year-on-year increase of 3.31%, and a net profit of 18.53 million yuan, a significant increase of 29.95% year-on-year [1] - The company is a leading player in the domestic forklift bearing segment, with its products recognized by internationally renowned enterprises and maintaining a leading global market share [1] Group 2 - The company has developed a new type of 0.5T-10T forklift mast bearing, filling a domestic gap and achieving international advanced quality standards, which supports the domestic substitution process [1] - Future growth is expected from the recovery of the manufacturing industry and increased demand in warehousing and logistics, which will boost bearing demand [1] - The acceleration of industrial robots in sectors like automotive and electronics, along with the rapid development of emerging industries such as photovoltaics and semiconductors, will create new market opportunities for the bearing industry [1] Group 3 - The company has established quality clients in the industrial robot sector, including Hikvision Robotics and SANY Robotics, and plans to focus on high-value products like industrial robot turntable bearings [2] - The company is a national high-tech enterprise and one of the first "specialized, refined, and innovative" small giant enterprises, holding a leading position in the forklift bearing niche [2] - The company aims to continue driving innovation through product high-end and intelligent transformation to consolidate its market position and achieve sustained growth [2]