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两融数据显示，该股最新融资余额为5.08亿元，近5日减少1370.45万元，降幅为2.63%。 章源钨业12月3日大宗交易平台共发生20笔成交，合计成交量556.22万股，成交金额6502.23万元。成交 价格均为11.69元，相对今日收盘价折价9.10%。从参与大宗交易营业部来看，机构专用席位共出现在6 笔成交的买方或卖方营业部中，合计成交金额为2180.42万元，净买入2180.42万元。 进一步统计，近3个月内该股累计发生48笔大宗交易，合计成交金额为1.66亿元。 证券时报·数据宝统计显示，章源钨业今日收盘价为12.86元，上涨1.18%，日换手率为2.99%，成交额为 4.58亿元，全天主力资金净流入1037.63万元，近5日该股累计上涨3.38%，近5日资金合计净流入453.53 万元。 | | | | | 京分公司 | 南昌红谷中大道证券营业部 | | --- | --- | --- | --- | --- | --- | | 27.00 | 315.63 | 11.69 | -9.10 | 华泰证券股份有限公司南 | 国泰海通证券股份有限公司 | | | | | | 京文澜路证券营业部 | 南 ...

Core Viewpoint - The tungsten price maintains a stable upward trend, driven by a dual force of supply-side tightening and strategic premiums, while demand remains cautious with limited incremental contributions [1] Supply Side - The market for tungsten concentrate shows a tight supply, with holders adopting a wait-and-see attitude to support high prices [1] - The price of 65% black tungsten concentrate is reported at 336,000 RMB per standard ton, an increase of 135% since the beginning of the year [1] - The price of 65% white tungsten concentrate is reported at 335,000 RMB per standard ton, reflecting a 135.9% increase since the start of the year [1] Demand Side - Overall demand is cautious, primarily supported by downstream essential needs, with limited incremental contributions [1] - The recent announcement of the "artificial sun" research plan has strengthened market expectations regarding the application potential and development prospects of tungsten alloys in fusion energy [1] APT Market - In the ammonium paratungstate (APT) market, a tug-of-war between cost support and demand pressure is observed, leading to cautious purchasing and sales by manufacturers [1] - Domestic APT prices are reported at 490,000 RMB per ton, marking a 132.2% increase since the beginning of the year [1] - European APT prices range from 735 to 780 USD per ton (equivalent to 461,000 to 489,000 RMB per ton), reflecting a 129.6% increase since the start of the year [1]

Industry Overview - The prices of major tungsten products have significantly increased this year, with an overall rise exceeding 120% compared to the beginning of the year, and some products seeing increases over 140% [1] - The demand for tungsten has surged due to the growth in industries such as photovoltaics and automotive, while supply constraints have intensified market tensions [1] - The first batch of tungsten mining quotas for the first half of 2025 is set at 58,000 tons, a decrease of 4,000 tons or 6.45% compared to the first batch in 2024 [1] - The demand for tungsten in the renewable energy sector, particularly for photovoltaic tungsten wire, has shown remarkable growth [1] - Industry experts believe that due to tightening supply, rigid downstream demand, and various international factors, tungsten prices are likely to remain high in the near future [1] Company Insights - Zhongtung High-tech focuses on tungsten concentrate, hard alloys, and tools, and plans to acquire Yuanjing Tungsten Industry to inject high-quality mining assets [2] - The subsidiary Jinzhou Precision is a major supplier in the global PCB micro-drill market, benefiting from the development of the PCB industry [2] - Zhangyuan Tungsten Industry is engaged in the mining and selection of tungsten concentrate and the production and sales of ammonium paratungstate, tungsten oxide, tungsten powder, tungsten carbide powder, and hard alloys, while continuously promoting the integration of mining resources [2]

Core Viewpoint - The company, Zhangyuan Tungsten (002378.SZ), primarily exports its products to Asia, Europe, and America [1] Group 1 - The company's main market for product exports includes Asia [1] - The company also exports products to Europe [1] - Additionally, the company has a presence in the American market for its products [1]

Core Viewpoint - Xiamen Tungsten's Q3 2025 performance shows significant growth, with expectations for strong annual results driven by rising tungsten and rare earth prices, as well as increased sales [1] Summary by Relevant Sections Performance Highlights - The profit growth is primarily attributed to the upward trend in tungsten and rare earth prices, along with improved sales volumes [1] - The company's optimization of product offerings and price linkage has significantly enhanced its profitability [1] Business Segments - The tungsten and molybdenum business has seen profit growth in Q1-Q3 2025, supported by a tightening supply-demand balance that keeps tungsten prices high [1] - The penetration of photovoltaic tungsten wire in downstream applications continues to rise, and upgrades in cutting tool business are driving sales growth [1] - Key projects across three major business segments are progressing smoothly [1] Industry Positioning - The company has established a comprehensive industrial chain that includes upstream tungsten mining, midstream tungsten and molybdenum smelting, and downstream applications such as hard alloys, tungsten and molybdenum wire products, and cutting tools [1] - Comparable companies selected for analysis include Zhongtung High-tech, Zhangyuan Tungsten, and Oke Yi, with an average PE ratio of 52.84 for these peers [1] - Xiamen Tungsten's PE ratio is lower compared to the industry average, indicating investment value [1] - The company is rated as "Accumulate" [1]

Core Points - Zhangyuan Tungsten's stock price dropped by 6.82% with a trading volume of 8.11 billion yuan and a turnover rate of 5.37% [2] - The stock was flagged by the Shenzhen Stock Exchange for a daily price deviation of -7.22%, with institutional investors net selling 13.11 million yuan [2] - The stock experienced a net outflow of 1.67 billion yuan in major funds, with significant outflows from large orders [2] Trading Activity - The latest margin trading balance for Zhangyuan Tungsten is 561 million yuan, with a financing balance of 556 million yuan and a securities lending balance of 555.13 thousand yuan [3] - Over the past five days, the financing balance increased by 21.83 million yuan, representing a growth of 4.09% [3] - The top five trading departments showed a total transaction amount of 197 million yuan, with net selling of 94.97 million yuan [2][4] Institutional Participation - The largest buying department was the Shenzhen Stock Connect, with a buying amount of 20.63 million yuan and a selling amount of 33.90 million yuan, resulting in a net selling of 13.27 million yuan [3] - One institutional specialized seat was involved, with a buying amount of 0.95 million yuan and a selling amount of 14.06 million yuan, leading to a net selling of 13.11 million yuan [3][4]

Core Insights - On November 7, Zhangyuan Tungsten conducted 28 transactions on the block trading platform, with a total trading volume of 8.29 million shares and a total transaction value of 101 million yuan [2][3] - The average transaction price was 12.15 yuan, representing an 8.92% discount compared to the closing price of the day [2][3] - Institutional proprietary seats were involved in 21 of the transactions, with a total transaction value of 76.63 million yuan, indicating a net purchase of the same amount [2][3] Trading Data Summary - The closing price of Zhangyuan Tungsten on the same day was 13.34 yuan, reflecting an increase of 0.98% with a turnover rate of 3.62% and a total transaction amount of 575 million yuan [2][3] - The net inflow of main funds for the day was 25.46 million yuan, and the stock has seen a cumulative increase of 3.49% over the past five days, with a total net inflow of 75.62 million yuan [2][3] - The latest margin financing balance for the stock is 555 million yuan, with a decrease of 8.66 million yuan over the past five days, representing a decline of 1.53% [3] Company Background - Zhangyuan Tungsten Industry Co., Ltd. was established on February 28, 2000, with a registered capital of 1.201 billion yuan [3]

Group 1 - The company, Zhongtung High-tech, is actively monitoring the expansion of tungsten applications in emerging fields and aims to seize opportunities [2] - The company will fulfill its information disclosure obligations as required if any relevant information arises [2]

Core Viewpoint - The company, Zhongtung High-tech, is actively monitoring the application of tungsten in emerging fields and aims to seize related opportunities [2] Group 1 - The company responded to investor inquiries on November 5, indicating its proactive approach towards the utilization of tungsten [2]