章源钨业发布业绩快报，上半年营业收入24.06亿元，同比增长32.65%。净利润1.15亿元，同比增长 2.54%。报告期内，公司营业总收入较上年同期增长32.65%，系钨产品市场价格上涨及产品销量增加影 响所致。 ...

格隆汇8月7日丨章源钨业(002378.SZ)公布2025年半年度业绩快报，上半年公司实现营业收入24.06亿 元，同比增长32.65%；归属于上市公司股东的净利润1.15亿元，同比增长2.54%；扣除非经常性损益后 的归属于上市公司股东的净利润1.07亿元，同比下降4.36%；基本每股收益 0.10元。 ...

Core Viewpoint - The report from Guosheng Securities indicates that the long-term quotes from major tungsten manufacturers have significantly increased, suggesting a continued upward trend in tungsten prices due to ongoing supply-demand tightness [1][2]. Price Trends - As of August 5, the prices for black tungsten concentrate, APT, and tungsten carbide powder have risen by 12%, 13%, and 14% respectively compared to early July, with current prices at 194,500 CNY/ton, 285,000 CNY/ton, and 422,500 CNY/ton [2]. - The long-term quotes for major manufacturers in early August include: Xiamen Tungsten Industry at 279,500 CNY/ton for APT, Zhangyuan Tungsten at 192,500 CNY/ton for black tungsten concentrate and 283,000 CNY/ton for APT, and Jiangxi Tungsten Group at 194,000 CNY/ton for black tungsten concentrate [2]. Market Dynamics - The current strong performance of tungsten prices is driven by three factors: the manufacturing sector is at a cyclical low, inventory levels among industries and traders are low, and external tungsten prices have been rising since June, reflecting a recovery in exports [3]. - The price gap between domestic and international tungsten prices has reached historical highs, indicating strong demand for domestic products as external markets recover [3]. Supply Situation - The long-term quotes from major manufacturers are close to market price announcements, indicating that the tight supply situation persists [4]. - The Bakuta tungsten mine in Kazakhstan has resumed normal shipments since May, with an average monthly output of around 800 tons. However, the domestic tungsten price remains strong, suggesting that local demand and supply constraints have effectively mitigated any potential market disruption from this new supply [5]. Investment Recommendations - Companies positioned at both ends of the tungsten industry chain are expected to benefit from the rising tungsten prices. Recommended stocks include Zhongtung High-tech (000657.SZ) and Anyuan Coal Industry (600397.SH), with related stocks being Xiamen Tungsten Industry (600549.SH), Zhangyuan Tungsten (002378.SZ), and Xianglu Tungsten (002842.SZ) [6].

Meeting Overview - The second extraordinary general meeting of shareholders was held on August 5, 2025, at 14:30 [4] - The meeting combined on-site voting and online voting [6] - The meeting was convened by the board of directors and presided over by Chairman Huang Zelan [7] Attendance - A total of 388 shareholders and authorized representatives attended the meeting, representing 724,570,568 shares, which is 60.3096% of the total voting shares [8] - 9 shareholders attended the meeting on-site, representing 712,624,821 shares (59.3153% of total voting shares) [8] - 379 shareholders participated via online voting, representing 11,945,747 shares (0.9943% of total voting shares) [8] - Among the attendees, 380 were small shareholders, representing 12,245,747 shares (1.0193% of total voting shares) [9] Resolutions Passed - The following proposals were approved during the meeting: 1. Revision of the company's articles of association and its attachments [10] 2. Revision of the independent director work system [11] 3. Revision of the related party transaction decision-making system [13] 4. Revision of the external guarantee management measures, renamed as "Management Measures for External Guarantees and Financial Assistance" [14] 5. Revision of the investment management measures [15] 6. Revision of the fundraising management system [16] Legal Opinion - The legal opinion provided by Guohao Law Firm confirmed that the meeting's convening, attendance, and voting procedures complied with relevant laws, regulations, and the company's articles of association, deeming the resolutions valid [16]

Company Overview - Zhangyuan Tungsten Industry Co., Ltd. is located in Ganzhou, Jiangxi Province, known as the "World Tungsten Capital," and integrates tungsten exploration, mining, smelting, powder production, hard alloy manufacturing, deep processing, and trade [1] - The company was listed on the Shenzhen Stock Exchange in 2010 [1] Recent Performance - Zhangyuan Tungsten's stock has declined for five consecutive trading days, with a cumulative drop of -8.04% [1] - The fund "Yinhua Xinjia Two-Year Holding Period Mixed Fund" remains one of the top ten shareholders of Zhangyuan Tungsten, with a year-to-date return of 17.62%, ranking 1161 out of 3671 in its category [1][2] Fund Manager Profiles - The fund managers of Yinhua Xinjia include Li Xiaoxing, Zhang Teng, and Du Yu, each with significant experience in the investment management field [3][5] - Li Xiaoxing has been with Yinhua Fund since 2011 and has managed multiple funds, including Yinhua Zhongxiaopan Selected Mixed Fund since July 2015 [4] - Du Yu, with a master's degree from New York University, joined Yinhua Fund in 2015 and has been managing funds since December 2019 [6]

格隆汇8月1日丨厦门钨业(600549.SH)在投资者互动平台表示，公司权属企业洛阳金鹭依托国家钨材料 工程技术研究中心，联合中南大学等高校，为盾构及TBM施工客户量身打造全系列滚刀和刮刀产品， 能适配国内外各种盾构机及TBM机型。公司产品使用超粗晶硬质合金，先进的钎焊工艺以及自研的耐 磨层材料，适配高冲击高磨蚀地层，适用于各大中型盾构机中，具有极高的强度及高温耐磨性，可以有 效提高掘进效率，延长掘进距离，在川藏铁路项目、国内外多个地铁项目上取得较好的使用效果。 ...

Group 1 - The price of monocrystalline silicon wafers continues to rise due to positive market sentiment and increased costs of raw materials like polysilicon [1] - Despite previous significant losses in the silicon wafer industry, recent price increases have alleviated some financial pressure on manufacturers, shifting their focus from price increases to stable production [1] - Future price trends will depend on the downstream components' ability to absorb increased costs, indicating a cautious outlook despite positive market sentiment [1] Group 2 - Zhongtung High-tech's stock price has shown abnormal fluctuations, with a cumulative increase of over 20% in three consecutive trading days, attributed to market speculation around the "Yaxia Hydropower Project" [2] - The "Yaxia Project" is still in its early stages, characterized by large investment scale, long construction periods, and high technical requirements, leading to uncertainties in participation [2] - The company emphasizes the importance of being cautious and rational in investment decisions, given the speculative nature of the market [2] Group 3 - The photovoltaic industry is facing dual pressures from internal and external factors, leading to irrational low-price competition that has resulted in losses for some companies and instability in the supply chain [3] - The chairman of Sungrow Power, Cao Renxian, calls for enhanced industry self-discipline and strict adherence to industry rules to eliminate below-cost pricing [3] - Emphasis is placed on innovation and building resilient supply chains to counteract cost pressures, aiming for a stable and sustainable industry development [3]

Investment Rating - The report maintains an "Overweight" rating for the tungsten industry, indicating a forecasted investment return exceeding the market benchmark index by 5% to 15% over the next 6-12 months [5]. Core Insights - The tungsten market is experiencing a significant demand surge driven by the launch of the Yajiang hydropower project, which is expected to substantially increase the demand for tungsten in shield tunneling applications [1]. - The price of tungsten concentrate has reached a historical high of 182,500 RMB per ton as of July 21, 2025, with continuous price increases since May 13, 2025 [1]. - Future demand for tungsten is anticipated to grow from multiple sectors, including photovoltaic tungsten wire, military applications, and controlled nuclear fusion, alongside the demand from the Yajiang hydropower project [2]. - The supply of tungsten ore is constrained due to a significant reduction in mining quotas, with the first batch for 2024 set at 62,000 tons, a decrease of 1,000 tons from 2023, and a further reduction to 58,000 tons for 2025, marking a 6.45% decline [2][14]. - Export control policies have tightened the overseas tungsten market, leading to price increases in international markets, with European tungsten prices significantly higher than domestic prices [3]. Summary by Sections Demand Drivers - The Yajiang hydropower project, with a total investment of approximately 1.2 trillion RMB, is expected to significantly boost the demand for tungsten used in tunnel boring machines and other mining tools, which account for about 26.33% of total tungsten demand [1]. - The military sector is projected to see a 42% year-on-year increase in tungsten product orders, including hard alloy tools and armor-piercing projectiles [2]. Supply Constraints - The tightening of mining quotas reflects stricter regulatory measures in China's mining industry, which may further limit the production capacity of smaller mining enterprises [2]. - The first batch of tungsten mining quotas for 2024 and 2025 indicates a trend of decreasing supply, which is expected to maintain a tight balance in the tungsten market [2][14]. Price Trends - The report anticipates that while tungsten prices may experience some fluctuations, they are likely to remain at elevated levels over the next three years due to ongoing supply constraints and increasing demand from various sectors [4]. - The price disparity between domestic and international tungsten markets is notable, with European prices significantly higher, influenced by recent export control measures [3].

Summary of Key Points - The company Zhangyuan Tungsten (002378) announced the completion of the share reduction plan by its directors and senior management [1] - Director Fan Diyao reduced his holdings by 380,000 shares, accounting for 0.0316% of the company's total share capital [1] - Director Chen Bangming reduced his holdings by 305,300 shares, accounting for 0.0254% of the company's total share capital [1] - Director Shi Yusheng reduced his holdings by 351,400 shares, accounting for 0.0293% of the company's total share capital [1] - Director Lai Changhong reduced his holdings by 307,600 shares, accounting for 0.0256% of the company's total share capital [1] - The total reduction amounted to 1,344,300 shares, representing 0.1119% of the company's total share capital [1]

Group 1: Tax Policy Changes - The Ministry of Finance has adjusted the consumption tax policy for super luxury cars, expanding the scope to include passenger cars and light commercial vehicles with a retail price of 900,000 yuan (excluding VAT) and above, regardless of the type of power source [1] Group 2: Company Financial Performance - Jin Jiang International Hotel's first financial report after submitting its IPO application shows a projected net profit decline of over 50% for the first half of 2025, estimating a profit of 360 million to 400 million yuan, down from the previous year by 4.88 billion to 4.48 billion yuan, a year-on-year decrease of 57.53% to 52.81% [2] - ScaleAI plans to lay off approximately 200 full-time employees, which is 14% of its workforce, as part of a restructuring of its generative AI business [6] - Kingwise Technology has successfully won multiple projects from the State Grid and China Southern Power Grid, with a total bid amount of 133 million yuan [7] - Datang Power's electricity generation for the first half of 2025 increased by 1.30% year-on-year, totaling approximately 123.99 billion kWh, with wind and solar power generation rising by 31.27% and 36.35% respectively [8] - Jinduicheng Molybdenum's net profit for the first half of 2025 is reported at 1.38 billion yuan, a year-on-year decrease of 8.45% [9] - Zongheng Co. expects a revenue increase of 61.72% for the first half of 2025, projecting a revenue of 135 million yuan [10] - Xiamen Tungsten's net profit for the first half of 2025 is reported at 972 million yuan, a year-on-year decrease of 4.41% [11] Group 3: Market Trends - The ChiNext index experienced a rise of 1.76%, with significant gains in AI hardware and innovative pharmaceutical sectors, while traditional sectors like real estate and power saw declines [12]