在工业应用方面，中国有色金属工业协会金银分会副秘书长梁永慧表示，白银因其优异的导电、导热性 能，已深度融入新能源、电子信息、军工等所有高科技与战略产业，成为不可或缺的关键原材料。将白 银出口管制级别提升至与稀土相同，意味着其正式从"普通商品"升级为"战略物资"。此举是为了确保国 内关键产业的原材料供应，保障核心产业的稳定发展。虽然限制了出口，但未限制进口，国内缺口将通 过加大进口来逐步缓解。 2026年1月1日起，我国正式对白银实施出口严格管控，将其管理级别提升至与稀土相同。这一政策受到 广泛关注。 海南省开放型经济研究会会长李世杰分析，本轮白银出口管控旨在优先保障国内需求。"新政"明确管控 期限至少持续至2027年年底，可以形成长期稳定的战略调控机制，这种确定性有助于企业进行长期规 划，同时也向市场传递了中国将长期严控白银出口的明确信号。 需要注意的是，浙商期货高级分析师严梦圆补充表示，根据商务部最新文件，白银出口延续了此前的许 可证管理加国营贸易企业申报管理模式，国营贸易企业名单甚至有所增加。因此，政策并未出现实质性 变化，预计不会对供需市场产生影响。 工业需求存在缺口 商务部公布的《2026年货物出口配 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved an operating revenue of 35.196 billion yuan in 2024, a year-on-year decrease of 10.66%, while the net profit attributable to the parent company was 1.728 billion yuan, an increase of 7.88% year-on-year [2][4]. - In Q1 2025, the company reported an operating revenue of 8.376 billion yuan, a quarter-on-quarter decrease of 5.11%, but the net profit attributable to the parent company increased by 20.10% to 391 million yuan [2][4]. - The company continues to optimize operations, with significant contributions to profits from the tungsten and molybdenum, as well as rare earth segments, while the impact of real estate disposals on investment income has diminished [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 35.196 billion yuan, with a gross profit margin of 18% [17]. - The net profit attributable to the parent company was 1.728 billion yuan, with a profit margin of 4.9% [17]. - For Q1 2025, the company achieved a revenue of 8.376 billion yuan, with a net profit of 391 million yuan [2][4]. Business Segments - **Tungsten and Molybdenum**: In 2024, this segment generated revenue of 17.414 billion yuan, a year-on-year increase of 5.78%, with a profit of 2.525 billion yuan, up 7.55% [10]. - **Energy New Materials**: This segment saw a revenue of 13.297 billion yuan in 2024, a decrease of 23.19%, but the output of positive materials increased significantly [10]. - **Rare Earth Materials**: Revenue was 4.435 billion yuan, down 19.21%, but profits increased by 67.44% [10]. - **Real Estate**: The real estate segment generated revenue of 51 million yuan, a decrease of 62.41%, but the loss was reduced by 1.03 billion yuan [10]. Future Outlook - The company plans to achieve a revenue of 40.078 billion yuan in 2025, aiming for a year-on-year profit growth [11]. - The company is recognized as a leader in tungsten resources and deep processing, with ongoing investments in R&D, which amounted to 1.456 billion yuan in 2024 [11].

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Viewpoints - The Ministry of Natural Resources has issued a notice that the total control index for tungsten mining in the first batch of 2025 is set at 58,000 tons, a decrease of 4,000 tons or 6.5% compared to the same period last year [2][4] - The distribution of the 2025 mining indicators shows that Jiangxi, Hunan, and Henan provinces account for the highest proportions, with 37%, 27%, and 12% respectively, totaling 76% of the national indicators [10][12] - The supply of tungsten is expected to remain rigid due to policy constraints and resource limitations, with a significant focus on strategic resource allocation [10][12] Summary by Sections Mining Indicators - The 2025H1 tungsten mining indicator is 58,000 tons, down from 62,000 tons in 2024H1, with an annual quota of 114,000 tons [2][10] - No province has achieved a year-on-year increase in mining indicators except for Fujian, which saw a slight increase of 2 tons [10][12] - Jiangxi, Yunnan, Guangdong, and Guangxi have seen significant decreases in their mining indicators, with reductions of 2,370 tons, 400 tons, 266 tons, and 240 tons respectively [10][12] Policy and Supply Dynamics - The tightening of tungsten supply is a response to the current global strategic situation, with stricter controls on the supply of strategic resources like tungsten and rare earths [10][12] - Domestic mining operations are facing challenges due to long-term depletion and rising costs, with the average cost of domestic tungsten mining now at 80,000 to 90,000 yuan per ton [10][12] - New mining projects are expected to contribute limited output until after 2026 due to infrastructure and cost issues [10][12] Strategic Importance and Price Outlook - Tungsten is recognized as a strategic resource in China, with the country holding 53% of global tungsten reserves and producing 82% of the world's tungsten [10][12] - The report anticipates a long-term upward trend in tungsten prices due to resource depletion and increased costs, with historical price movements closely linked to global manufacturing activity [10][12] - The report suggests monitoring companies such as Zhongtung High-tech and Xiamen Tungsten for potential investment opportunities [10][12]