Core Viewpoint - The report from CITIC Construction Investment indicates positive signals for antimony exports, with a potential recovery in exports and prices possibly bottoming out. Tungsten prices have surged again, surpassing previous highs, leading to significant performance growth for integrated companies in the industry [1]. Group 1: Antimony Exports - The Ministry of Commerce has announced the declaration conditions and procedures for state-owned trading enterprises for tungsten, antimony, and silver exports for the 2026-2027 period [1]. - There are signs of recovery in antimony exports, which is expected to boost industry confidence [1]. - Antimony exports are anticipated to rebound, with prices potentially reaching a bottom and starting to recover [1]. Group 2: Tungsten Prices - Tungsten prices have rapidly increased again, breaking previous highs [1]. - The third quarter has seen a significant rise in tungsten concentrate prices, enhancing the pricing power of downstream hard alloy and tool manufacturers [1]. - Integrated companies within the tungsten industry are experiencing substantial growth in performance due to the price increases [1].

Core Viewpoint - Dongfang Tantalum Industry has experienced a significant decline in stock price, with a cumulative drop of 10.09% over the past three days, indicating potential concerns among investors [1]. Company Overview - Dongfang Tantalum Industry Co., Ltd. is located in Shizuishan City, Ningxia Hui Autonomous Region, established on April 30, 1999, and listed on January 20, 2000. The company specializes in the research, production, and sales of tantalum, niobium, and beryllium metal and alloy products [1]. - The main revenue composition of the company includes tantalum, niobium, and their alloy products at 98.36%, titanium and titanium alloy products at 1.30%, and other products at 0.34% and 0.01% [1]. Fund Holdings - According to data, one fund under China Merchants Fund holds a significant position in Dongfang Tantalum Industry. The fund, named China Merchants Heyue Balanced Pension Three-Year Holding Period Mixed Initiation (FOF) A (007660), held 46,000 shares in the third quarter, accounting for 0.46% of the fund's net value, ranking as the seventh largest holding [2]. - The fund has reported a floating loss of approximately 74,100 yuan today, with a total floating loss of 160,100 yuan during the three-day decline [2]. - The fund was established on December 3, 2019, with a current scale of 162 million yuan. Year-to-date returns stand at 16.51%, ranking 504 out of 1,043 in its category, while the one-year return is 17%, ranking 479 out of 1,013 [2]. - The fund manager, Zhang Ge Wu, has a tenure of 6 years and 194 days, with a total asset scale of 1.508 billion yuan. The best fund return during his tenure is 43.02%, while the worst is -34.2% [2].

Core Viewpoint - Dongfang Tantalum Industry has experienced a significant decline in stock price, with a cumulative drop of 10.09% over three consecutive days, indicating potential concerns among investors [1] Company Overview - Dongfang Tantalum Industry Co., Ltd. is located in Shizuishan City, Ningxia Hui Autonomous Region, established on April 30, 1999, and listed on January 20, 2000. The company specializes in the research, production, and sales of tantalum, niobium, and beryllium metal and alloy products [1] - The main revenue composition of the company includes tantalum and niobium alloy products at 98.36%, titanium and titanium alloy products at 1.30%, and other products at 0.34% and 0.01% [1] Fund Holdings - In terms of fund holdings, one fund under Invesco Great Wall has a significant position in Dongfang Tantalum Industry. The Invesco Great Wall National Index 2000 Enhanced A (019013) held 25,900 shares in the third quarter, accounting for 0.5% of the fund's net value, ranking as the sixth-largest holding [2] - The fund has incurred a floating loss of approximately 41,700 yuan today, with a total floating loss of 90,100 yuan during the three-day decline [2] - The Invesco Great Wall National Index 2000 Enhanced A fund was established on September 5, 2023, with a latest scale of 15.12 million yuan, and has achieved a year-to-date return of 41.1% [2]

Group 1: Industry Insights - An international research team has developed superconducting germanium materials that can conduct electricity without resistance, paving the way for scalable quantum devices based on existing semiconductor technologies [1] - Germanium, along with silicon, is a Group IV element widely used in modern electronic devices such as computer chips and optical fibers [1] - The demand for germanium is expected to continue growing due to increased activity in military infrared, low-orbit satellites, communications, and photovoltaics, despite current high prices dampening purchasing enthusiasm from downstream companies [1] Group 2: Supply Dynamics - The Xilin Gol League region has germanium metal reserves of 3,458 tons, accounting for 68% of China's reserves and 38% of global reserves [2] - The Ulan Tuqa germanium coal open-pit mine in the Xilin Gol League is the largest germanium mine in China, with proven germanium resources of 12.17 million tons and an average grade of 123.47 grams per ton [2] - Leading companies in the rare metal sector, such as the Xian Dai Group, are investing in germanium resources and products in the region, which is expected to increase germanium supply in the future [2]

Core Viewpoint - Zhuzhou Keno has withdrawn its application for an initial public offering (IPO) on the Sci-Tech Innovation Board, leading to the termination of the review process by the Shanghai Stock Exchange [2] Company Overview - Zhuzhou Keno focuses on the development and industrialization of III-V group chemical element material purification technology, primarily engaged in the research, production, and sales of high-purity gallium, indium, bismuth, tellurium, and their oxides [2] - The company's products include high-purity gallium, high-purity indium, refined indium (4N5-5N), indium oxide, gallium oxide, industrial gallium, bismuth, and bismuth oxide, with applications in compound semiconductors, solar cell P-type silicon wafers, ITO target material synthesis, and high-end product manufacturing in pharmaceuticals and chemicals [2] Shareholding Structure - As of the signing date of the prospectus, Zhao Kefa directly holds 23.74% of the company's shares, while Keno Advanced holds 27.05%, collectively controlling 50.80% of the company [3] - Zhao Kefa and Tang Yan, as a couple, directly and indirectly control a total of 61.05% of the company's shares, making them the common actual controllers [3] - Zhao Kefa's brother and sister hold 2.78% and 0.19% of the shares, respectively, forming a concerted action relationship, resulting in a total control of 64.01% of the shares by Zhao Kefa, Tang Yan, and their concerted actors [3] IPO Details - Zhuzhou Keno initially planned to issue up to 36,000,000 shares, accounting for no less than 25% of the total share capital after issuance [3] - The company aimed to raise 588.278 million yuan for projects including an annual production of 500 tons of semiconductor high-purity materials, advanced materials research center construction, and working capital supplementation [3][5] Project Investment - The total investment for the annual production of 500 tons of semiconductor high-purity materials project is 500 million yuan, with an intended funding usage of 470 million yuan [5] - The advanced materials research center for rare metals has a total investment of 68.278 million yuan, with the same amount allocated for funding [5] - The working capital supplementation is planned for 50 million yuan [5]

Core Points - The Shanghai Stock Exchange has decided to terminate the review of Zhuzhou Keno New Materials Co., Ltd.'s application for an initial public offering (IPO) on the Sci-Tech Innovation Board [1][3] - Zhuzhou Keno specializes in the purification technology and industrialization of III-V group chemical element materials, focusing on the research, production, and sales of high-purity gallium, indium, bismuth, and tellurium [3][4] Company Information - As of the signing date of the prospectus, Zhao Kefa directly holds 23.74% of the company's shares, while Keno Advanced holds 27.05%, giving them a combined control of 50.80% of the company [4] - Zhao Kefa and Tang Yan, as a couple, directly and indirectly control a total of 61.05% of the company's shares, making them the actual controllers [4] - The company originally planned to issue up to 36,000,000 shares, aiming to raise approximately 588.28 million yuan for projects related to semiconductor high-purity materials and advanced materials research [4] Underwriting Information - The lead underwriter for the IPO was ShenGang Securities Co., Ltd., with representatives Li Qiang and Ye Hua [5]

Meeting Overview - The fifth temporary shareholders' meeting of Ningxia Dongfang Tantalum Industry Co., Ltd. was held on October 31, 2025, with both on-site and online voting options available [2][3][18] - A total of 314 participants attended the meeting, representing 223,389,183 shares, which accounts for 44.2474% of the company's total voting shares [4][18] Voting Results - The proposal for the election of company directors received overwhelming support, with 223,303,933 shares (99.9618%) in favor, 46,600 shares (0.0209%) against, and 38,650 shares (0.0173%) abstaining [7][19] - Among minority shareholders, 21,387,133 shares (99.6030%) supported the proposal, while 46,600 shares (0.2170%) opposed it [7][19] Legal Compliance - The meeting's procedures, including the qualifications of the conveners and attendees, were confirmed to comply with the Company Law, Securities Law, and relevant regulations [9][20] - The legal opinion provided by Guohao Law Firm affirmed that the meeting's convening, voting procedures, and results were legitimate and valid [9][20]

Core Viewpoint - Zhuzhou Keno New Materials Co., Ltd. has had its IPO review status on the Shanghai Stock Exchange's Sci-Tech Innovation Board changed to "terminated" due to the withdrawal of its listing application by the company and its sponsor [1] Company Overview - The company focuses on the development and industrialization of purification technology for III-V group chemical element materials, primarily engaged in the R&D, production, and sales of high-purity gallium, indium, bismuth, tellurium, and their oxides [1] - Main products include high-purity gallium, high-purity indium, refined indium (4N5-5N), indium oxide, gallium oxide, industrial gallium, bismuth, and bismuth oxide, with applications in compound semiconductors, solar cell P-type silicon wafers, ITO target material synthesis, and high-end product manufacturing in pharmaceuticals and chemicals [1] Market Position - The high-purity gallium and indium produced by the company are critical materials for compound semiconductors and ITO targets, with significant quality impact on their synthesis [2] - The industry is characterized by international competition, with major market shares held by foreign companies such as Indium Corporation, Dowa, Rasa, and 5N Plus, alongside a few domestic players like Zhuzhou Keno [2] - Despite starting late in the high-purity rare metal materials field, the company has leveraged China's position as the largest primary source of rare metals and the rapid rise of domestic downstream manufacturers to enhance its market presence [3] Competitive Advantages - The company has become a major global supplier of high-purity gallium and indium, achieving domestic leadership in product technology and performance [4] - It serves as a primary or sole supplier of high-purity gallium and indium for leading global compound semiconductor manufacturers in China [4] - The company holds a dominant position in the domestic market for ITO and IGZO refined indium, covering major global ITO and IGZO target material manufacturers [4] Financial Performance - The company reported revenues of approximately 679 million RMB, 609 million RMB, and 787 million RMB for the years 2022, 2023, and 2024, respectively, with net profits of 50.82 million RMB, 43.04 million RMB, and 72.07 million RMB during the same periods [5][6]

Core Insights - The establishment of the "Rare Earth ETF" and "Rare Metal ETF" by Jiashi Fund has transformed the value logic of scarce resources into tradable products, allowing ordinary investors to access investment opportunities in the global industrial chain restructuring [1][3] - As of October 2025, the Rare Earth ETF and Rare Metal ETF have seen significant price increases of 81% and 76% respectively, outperforming many other ETFs in the market [1] - The third-quarter profits for the Rare Earth ETF and Rare Metal ETF were reported at 1.634 billion and 542 million respectively [1] Group 1: Scarcity and Strategic Importance - Rare resources are gaining attention due to their dual labels of "scarcity" and "strategic importance," serving as the "blood" of the new energy industry and the "core" of high-end manufacturing [3] - The demand for rare metals is driven by emerging industries such as new energy, semiconductors, and aerospace, which are experiencing high growth [5][8] Group 2: ETF Composition and Investment Focus - The Rare Earth ETF focuses on rare earth elements, while the Rare Metal ETF encompasses a broader category of metals, including lithium, titanium, and tungsten [4][6] - The investment focus of the Rare Metal ETF is on emerging industries, while the Rare Earth ETF emphasizes the irreplaceability of rare earth elements in high-tech industries [5][6] Group 3: Market Dynamics and Future Outlook - The prices of key rare earth products have been rising significantly, with some experiencing price increases of 60%-90% this year, indicating a "golden era" for the rare earth sector [7] - China's export controls on rare earth technologies are tightening, further emphasizing the strategic importance of these resources in national security [7][8] - The demand for high-performance rare metal materials is expected to continue rising, particularly in sectors like satellite manufacturing and deep-sea exploration [8]

Market Overview - The A-share market experienced an overall decline on October 31, with the Shanghai Composite Index closing at 3954.79 points, down 0.81%, the Shenzhen Component Index at 13378.21 points, down 1.14%, and the ChiNext Index at 3187.53 points, down 2.31% [2] - The total trading volume in the A-share market was 23501.16 billion yuan, a decrease of 1144.6 billion yuan compared to the previous trading day [2] Capital Flow - The main capital in the A-share market saw a net outflow of 437.44 billion yuan, with an opening net outflow of 120.47 billion yuan and a closing net outflow of 90.52 billion yuan [3] - The CSI 300 index recorded a net outflow of 255.4 billion yuan, while the ChiNext saw a net outflow of 162.56 billion yuan and the STAR Market a net outflow of 57.19 billion yuan [5] Sector Performance - The pharmaceutical and biotechnology sector led with a net inflow of 155.42 billion yuan, marking a 2.72% increase [7] - Other sectors with significant net inflows included media (96.02 billion yuan, up 2.98%), computer (92.13 billion yuan, up 1.81%), food and beverage (38.11 billion yuan, up 1.49%), and retail (25.35 billion yuan, up 1.55%) [8] Institutional Activity - Institutions showed interest in several stocks, with notable net purchases in Zejing Pharmaceutical (206.78 million yuan) and Shutaishen (198.10 million yuan) [11] - Conversely, stocks like Shikong Technology experienced significant net selling by institutions [10] Stock Recommendations - Recent institutional recommendations include China Life Insurance with a target price of 10.40 yuan (23.22% upside), and Shanghai Bank with a target price of 12.02 yuan (26.66% upside) [12]