Core Viewpoint - Dongfang Tantalum Industry has responded to the Shenzhen Stock Exchange's inquiries regarding fluctuations in operating cash flow, rising gross margins, customer and supplier dependencies, and declining export revenues, indicating a steady growth in revenue and net profit from 2022 to 2024, despite a negative cash flow in 2024 [1] Group 1: Cash Flow and Financial Performance - The company's operating cash flow net amounts were 60.75 million, 91.51 million, -61.10 million, and -239.12 million (for January to September 2025), showing a trend of initial growth followed by decline [2] - The negative cash flow in 2024 was primarily due to a 40.29% increase in raw material procurement cash expenditures, amounting to 270.15 million, and a 29% rise in employee compensation to 184.32 million [2] - The company has implemented measures to enhance accounts receivable management and optimize customer structure, with cash collection ratios of 81.64% in 2023 and a decline to 69.55% in 2025 [2] Group 2: Gross Margin and Product Structure - The gross margin for the main business increased from 16.41% to 18.51% from 2022 to 2024, attributed to product structure optimization and cost control [3] - The average procurement price of tantalum ore decreased by 10.88% in 2024, benefiting the company's profit margins due to a lag in price transmission [3] - The company's gross margin is in line with industry averages, slightly below the average by 0.17 percentage points in 2024 [3] Group 3: Export Revenue and Market Expansion - The proportion of foreign sales revenue decreased from 60.21% in 2022 to 35.29% in January to September 2025, influenced by U.S. trade policy changes and successful domestic market expansion [4] - Sales to the U.S. dropped from 26.12% in 2022 to 15.57% in January to September 2025 due to a 25% tariff imposed on tantalum and niobium products [4] - Domestic sales revenue increased from 39.79% to 65.93%, driven by significant demand for high-end products like high-temperature alloys and semiconductor targets [4] Group 4: Customer Concentration and Accounts Receivable - The sales revenue from the top five customers accounted for 48.66%, 35.38%, and 38.12% from 2022 to 2024, indicating a customer concentration level above the industry average [5] - As of September 2025, accounts receivable amounted to 457.93 million, representing 57.47% of revenue, with a high collection rate of over 88% from 2022 to 2024 [5] Group 5: Inventory Management - The company's inventory value increased from 421.76 million to 589.82 million from 2022 to 2025, with a significant portion being raw materials and work-in-progress [7] - The inventory write-down provision was higher than the industry average, reflecting the company's longer production lines and substantial work-in-progress amounts [7] Group 6: Investment and Capacity Expansion - The company plans to raise 1.2 billion for projects related to hydrometallurgy, pyrometallurgy, and high-end products, expecting an annual revenue increase of 3.53 billion post-project completion [9] - The company has established a diversified customer base and has orders totaling 319 million as of September 2025, ensuring capacity absorption [9]

证券日报网讯盛和资源（600392）11月17日在互动平台回答投资者提问时表示，2025年1月-6月份公司 研发支出22，303.62万元，同比增长12.02%。公司长期以来重视技术研发和科技创新，截至目前拥有 400余项专利技术，获得了多个国家级、省级科技类奖项。 ...

Group 1: Rare Metals ETFs Performance - On November 17, rare metals ETFs led the market with four ETFs rising over 3%, notably the rare metals ETF (159608) which increased by 3.68% [2][3] - The rise in the rare metals sector was driven by a significant increase in lithium carbonate futures, with expectations of improved supply-demand fundamentals in the lithium industry from 2026 to 2027 [2][10] Group 2: AI Application ETFs - AI application-related ETFs also saw gains, with software ETFs and the Southern China AI ETF rising over 2% [2][3] - The Southern China AI ETF (159382) recorded a net inflow of over 8.99 million yuan on November 14, indicating strong investor interest despite a general decline in tech stocks [8] Group 3: Bond ETFs Activity - On the same day, bond ETFs were actively traded, with eight out of the top ten ETFs by trading volume being bond ETFs, including several from the Sci-Tech bond category [6][7] - The top trading bond ETF, Knowledge ETF, had a transaction volume of 24.29 billion yuan, up from 19.79 billion yuan the previous day [7] Group 4: Decline in Gold-themed ETFs - Gold-themed ETFs experienced a collective decline, with several ETFs dropping over 2%, reflecting a bearish sentiment in the gold market [4][5] - The gold stock ETF and other related ETFs showed significant losses, with the gold stock ETF down by 2.57% [5] Group 5: Market Outlook - The market outlook remains positive, with expectations of a continued upward trend in A-shares driven by structural economic improvements and declining risk-free rates [10] - The long-term outlook for the rare metals sector is optimistic, driven by supply constraints and expanding demand from new industries such as electric vehicles and humanoid robots [10]

Group 1 - The report focuses on the rare metals ETF managed by GF Fund Management, which tracks the CSI Rare Metals Theme Index, selecting up to 50 listed companies involved in the mining, smelting, and processing of rare metals [2][8] - The best-performing stock in the ETF from May 1, 2025, to October 31, 2025, is Yunnan Tin Company (000960.SZ), chosen based on the deviation of its performance from the CSI Rare Metals Index and research coverage [2][8] - As of November 13, 2025, Yunnan Tin's stock price was 25.77 CNY, with a projected EPS of 26.8 CNY per share for 2027 based on a 15x PE ratio, indicating a closing position of 20.22% [2][9] Group 2 - From October 9, 2025, to November 13, 2025, the dynamic allocation strategy based on Yunnan Tin's stock outperformed the buy-and-hold strategy, achieving an end-period return of 8.89% with a maximum drawdown of 5.57% [3][9] - The buy-and-hold strategy for the rare metals ETF yielded a return of 10.33% with a maximum drawdown of 10.32% during the same period [3][9]

（文章来源：证券日报） 证券日报网讯云南锗业11月17日在互动平台回答投资者提问时表示，截至2025年11月10日，公司合并普 通账户和融资融券信用账户股东总数为100387户。 ...

格隆汇11月17日丨盛和资源(600392.SH)在投资者互动平台表示,公司目前在国内拥有两家锆钛选矿厂， 核准处理能力200万吨/年，同时公司通过收购拥有马达加斯加和坦桑尼亚多个锆钛重矿物矿权，为公司 锆钛业务提供了丰富的资源储备，随着公司海外锆钛矿的逐步投产，我们预计锆钛业务将成为公司业绩 的有力支撑。 ...

Group 1 - Recent cross-border ETFs have shown varying degrees of premium in the secondary market, with several products announcing premium notices last week, covering themes such as US and Japanese stocks [1] - The number and scale of newly issued ETFs have reached record highs in 2025, with 320 new ETFs launched and a total issuance scale of 249.68 billion yuan, significantly surpassing previous years [2] - As of November 14, 276 new actively managed equity funds have been established this year, with a total issuance scale of 141.068 billion yuan, representing a year-on-year increase of 132.25% [3] Group 2 - Notable fund manager Li Dehui plans to invest 1 million yuan in his newly launched fund, Morgan Huiqi Growth Mixed Fund, which opened for subscription on November 17 [4] - The market experienced a weak fluctuation, with the Shanghai Composite Index down 0.46% and the Shenzhen Component Index down 0.11%, while the total trading volume in both markets was 1.91 trillion yuan, a decrease of 47.3 billion yuan from the previous trading day [5] - Rare metal ETFs collectively strengthened, with the highest increase reaching 3.68% [6] Group 3 - The tungsten price has reached a historical high due to supply contraction and an increase in long-term contract prices, with a recent adjustment of 52,000 yuan/ton, boosting market bullish sentiment [9] - A new mixed securities investment fund, China Europe Medical Biology Mixed Fund, has been launched, managed by Zhao Lei, with a performance benchmark based on the CSI Biomedicine Index and other indices [9]

| 代码 | 名称 | 现价 | - 涨跌幅 | | --- | --- | --- | --- | | 159608.SZ | 稀有金属ETF | 1.042 | 3.68% | | 562800.SH | 稀有金属ETF | 0.907 | 3.66% | | 561800.SH | 稀有金属ETF基金 | 0.963 | 3.22% | | 159671.SZ | 稀有金属ETF基金 | 1.265 | 3.18% | | 561010.SH | 软件ETF基金 | | 1.164 2.56% | | 159586.SZ | 计算机ETF南方 | 1.354 | 2.42% | | 159590.SZ | 软件50ETF | 1.156 | 2.3% | | 159824.SZ | 新能车ETF | 1.312 | 2.26% | | 159382.SZ | 创业板人工智能ETF南方 1.791 | | 2.23% | 市场弱势震荡，沪指低开低走，深成指、创业板指尾盘跌幅有所收窄。盘面上，热点快速轮动，锂电池产业链集体爆发，福建板块延续强势，AI应用概念 快速走强，军工板块表现活跃。下跌方面，医药概念集 ...

格隆汇11月17日丨腾远钴业(301219.SZ)在投资者互动平台表示,公司全资子公司赣州腾驰新能源材料技 术有限公司已经具备了2万0吨三元前驱体和1万吨四氧化三钴的产能，目前四氧化三钴已实现对外销 售，三元前躯体目前处于送样阶段。 ...

（责任编辑：康博） 中国经济网北京11月17日讯 中矿资源(SZ:002738)今日股价涨停，截至收盘报69.08元，涨幅 10.00%，总市值498.41亿元。 ...