证券之星消息，7月30日小金属板块较上一交易日下跌2.02%，中钨高新领跌。当日上证指数报收于 3615.72，上涨0.17%。深证成指报收于11203.03，下跌0.77%。小金属板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600281 | 华阳新材 | 1030.21万 | 4.79% | -39.21万 | -0.18% | -991.00万 | -4.61% | | 002978 安宁股份 | | -101.99万 | -0.61% | 659.43万 | 3.92% | -557.44万 | -3.32% | | 301026 浩通科技 | | -362.11万 | -4.91% | -383.97万 | -5.20% | 746.08万 | 10.11% | | 600301 | 华锡有色 | -1089.62万 | -5.40% | 684.50万 | 3.39% | 405. ...

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.17% to close at 3615 points, while the Shenzhen Component Index fell by 0.77% and the ChiNext Index dropped by 1.62% to 2367 points [1][2] - Total trading volume reached 1.87 trillion yuan, an increase of 41.7 billion yuan compared to the previous trading day, with over 3500 stocks declining across the market [1] Index Performance - Shanghai Composite Index: 3615.72 (+0.17%) [2] - Shenzhen Component Index: 11203.03 (-0.77%) [2] - ChiNext Index: 2367.68 (-1.62%) [2] - Other indices such as the CSI 300 and CSI 500 also experienced slight declines [2] Sector Performance - The top-performing sectors included: - Petrochemical: +3.55% [2] - Oil and Gas: +1.68% [2] - Tourism and Hospitality: Notable gains with multiple stocks hitting the daily limit [3] - Conversely, sectors that faced declines included: - Digital Currency: Significant drop with Dongxin Peace hitting the daily limit down [3] - Battery sector: Stocks like Xinyu Ren fell over 7% [3] - Multi-Financial sector: Companies like Zhongyou Capital dropped nearly 8% [3] Notable Stocks - Key stocks that surged included: - Zhongshui Fishery (000798) hitting the daily limit up [3] - Yangguang Dairy and Beiyinmei (002570) also reached the daily limit up [3] - Stocks in the film and media sector such as Xingfu Lanhai (300528) and Ciwen Media (002343) saw significant gains [3]

本报记者 丁蓉 小金属价格上涨与供需两端共振密切相关。 年初至今，钨、钴、稀土价格纷纷上涨。Wind数据显示，截至7月29日，钴报价263000元/吨，相比2024 年末的170000元/吨，涨幅为54.71%；钨精矿报价192500元/吨，相比2024年末的142500元/吨，涨幅为 35.09%。截至7月29日，中国稀土行业协会公布的稀土价格指数报202.70，相比2024年末的163.80，涨 幅为23.75%。 在市场回暖背景下，小金属行业相关上市公司业绩显著提升。截至目前，中国北方稀土（集团）高科技 股份有限公司（以下简称"北方稀土"）、广晟有色金属股份有限公司（以下简称"广晟有色"）、浙江华 友钴业股份有限公司（以下简称"华友钴业"）、广东翔鹭钨业股份有限公司（以下简称"翔鹭钨业"）等 上市公司上半年"成绩单"均颇为亮眼。 苏商银行特约研究员付一夫在接受《证券日报》记者采访时表示："供给方面，小金属普遍存在资源储 量有限、开采难度大等特点，短期内难以快速扩大产能；需求方面，新能源车、风电、半导体等新兴产 业快速发展，带动了对钨、钴、稀土等关键材料的需求激增，这种供需错配导致价格持续上涨。此外， 受 ...

Investment Rating - The investment rating for the tungsten industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The tungsten industry chain extends from exploration and mining of tungsten ore to smelting and deep processing, ultimately applied in various industrial fields. The upstream focuses on black and white tungsten ore, while the midstream involves the smelting of tungsten concentrate, ammonium paratungstate (APT), and tungsten powder. The downstream includes the processing of tungsten materials, tungsten wires, and hard alloys, with demand coming from sectors like machinery manufacturing, automotive, and electronics [2][6] - As of July 23, 2023, the prices for tungsten products have seen significant increases compared to the beginning of the year, with black tungsten concentrate at 185,000 RMB/ton (up 29.4%), APT at 272,000 RMB/ton (up 28.9%), tungsten powder at 405 RMB/kg (up 28.2%), and tungsten carbide powder at 395 RMB/kg (up 27.0%) [2][16] - The supply of tungsten is tightening, with the first batch of mining indicators for 2023-2025 showing a decrease in quotas, leading to expectations of a supply shortage. China's tungsten resources are abundant, holding the world's largest tungsten reserves and production, but total control policies have gradually lowered production levels [2][29] - Demand for tungsten is expected to grow, particularly in the fields of new energy vehicles and military applications, with the APT operating rate at historical highs. The demand for high-end hard alloys is resilient, supporting mid-to-high-end tungsten prices [2][16] - The tungsten supply-demand balance indicates a projected shortage of 2,919 tons in 2025, with prices expected to continue rising. Demand is anticipated to grow at a rate of 4.9% to 6.3% from 2025 to 2027, while supply is expected to increase by only 2,000 tons annually [2][16] - Key companies in the tungsten industry include Xiamen Tungsten, which has a full industry chain layout and is rapidly increasing its photovoltaic tungsten wire production; Zhongtung High-tech, a leader in hard alloys with significant raw material supply advantages; and Zhangyuan Tungsten, which has prominent resource advantages and improved deep processing profitability [2][16] Summary by Sections Tungsten Price Review - The tungsten prices have shown a steady increase over the past five years, correlating positively with PMI [9][12] Supply: Decrease in Mining Indicators - The first batch of mining indicators for 2023-2025 shows a reduction, with 2025's indicators down by 6.45%. This reduction reinforces expectations of a tight supply [2][16] Demand: Growth Driven by Photovoltaic Tungsten Wire - The demand for tungsten is expected to increase, particularly in high-end applications, with a projected consumption of 71,000 tons in 2024, reflecting a growth rate of 3.5% [2][6] Supply-Demand Balance: Expanding Shortage - The tungsten supply-demand balance indicates a growing shortage, with projected deficits increasing from 2,919 tons in 2025 to 9,020 tons by 2027 [2][16] Company Analysis - Xiamen Tungsten is expanding its photovoltaic tungsten wire production, while Zhongtung High-tech is a leader in hard alloys with strong raw material supply advantages [2][16]

Market Overview - The three major indices in the A-share market showed mixed performance, with the Shanghai Composite Index rising by 0.52% to 3628.53 points, while the Shenzhen Component Index fell by 0.06% to 11283.18 points, and the ChiNext Index decreased by 0.71% to 2389.58 points [1] Sector Performance - The top-performing sectors included: - Film and television industry with a gain of 3.53%, total trading volume of 1,078.27 million hands, and net inflow of 1.33 billion [2] - Oil and gas extraction and services sector increased by 1.83%, with a trading volume of 808.51 million hands and net inflow of 0.71 billion [2] - Chemical pharmaceuticals sector rose by 1.77%, with a trading volume of 3,768.32 million hands and net inflow of 0.83 billion [2] - The sectors with the largest declines included: - Battery sector decreased by 2.04%, with a trading volume of 1,151.74 million hands and a net outflow of 5.436 billion [2] - Diversified finance sector fell by 1.84%, with a trading volume of 854.12 million hands and a net outflow of 2.010 billion [2] - Small metals sector dropped by 1.64%, with a trading volume of 950.76 million hands and a net outflow of 1.713 billion [2]

中邮证券有限责任公司研报显示，供需失衡催化小金属牛市，钨、钴、稀土价格有望继续上涨。钴价方面，金九银十旺季 备货将带动存量库存去库，继续看好钴价下半年上涨行情。钨价方面，钨价稳步上涨，短期有望突破20万元/吨。稀土方面， 目前轻稀土呈现供需边际改善状态，叠加远期人形机器人需求带动，突破前期高点可期。 "展望下半年，预计小金属牛市有望延续。一方面，新能源、军工、人形机器人等终端需求保持强劲增长，预计钨、钴、 稀土价格仍有上涨空间；另一方面，供给端受政策影响，资源品供给收紧预期升温。这些因素都会给以上品类小金属价格提供 有力支撑。"付一夫表示。 上半年"成绩单"亮眼 供需错配推动价格上涨 小金属价格上涨与供需两端共振密切相关。 苏商银行特约研究员付一夫在接受《证券日报》记者采访时表示："供给方面，小金属普遍存在资源储量有限、开采难度 大等特点，短期内难以快速扩大产能；需求方面，新能源车、风电、半导体等新兴产业快速发展，带动了对钨、钴、稀土等关 键材料的需求激增，这种供需错配导致价格持续上涨。此外，受政策与地缘政治因素影响，国内对部分小金属实施出口管制， 这也在一定程度上推升了小金属的涨价。" 陕西巨丰投资资讯有限 ...

Core Viewpoint - Yunnan Ge Industry experienced a significant increase in stock price, reaching the daily limit with a turnover rate of 12.92% and a transaction volume of 2.077 billion yuan, indicating strong market interest and trading activity [1] Group 1: Trading Activity - The stock's price deviation reached 9.54%, leading to its listing on the Shenzhen Stock Exchange's watch list for abnormal fluctuations [1] - Institutional investors net bought 39.39 million yuan, while the Shenzhen Stock Connect saw a net purchase of 89.76 million yuan [1] - The top five trading departments accounted for a total transaction volume of 545 million yuan, with a net purchase of 244 million yuan [1] Group 2: Fund Flow - The stock saw a net inflow of 629 million yuan from major funds, with a significant net inflow of 565 million yuan from large orders [1] - Over the past five days, the net inflow of major funds totaled 808 million yuan [1] Group 3: Margin Trading Data - As of July 28, the margin trading balance for the stock was 1.035 billion yuan, with a financing balance of 1.026 billion yuan and a securities lending balance of 8.2814 million yuan [2] - In the last five days, the financing balance increased by 58.29 million yuan, representing a growth of 6.02%, while the securities lending balance rose by 1.7214 million yuan, a 26.24% increase [2] Group 4: Major Buyers and Sellers - The top buyer was the Shenzhen Stock Connect with a purchase amount of 132.20 million yuan, while the same entity was also the top seller [2] - Other significant buyers included Guotai Junan Securities and Huaxin Securities, with respective purchase amounts of 108.28 million yuan and 51.24 million yuan [2]

证券之星消息，7月29日小金属板块较上一交易日下跌0.58%，广晟有色领跌。当日上证指数报收于 3609.71，上涨0.33%。深证成指报收于11289.41，上涨0.64%。小金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002428 | 云南错业 | 24.99 | 9.99% | 84.39万 | | 20.77亿 | | 000657 | 中钨高新 | 19.00 | 5.50% | 218.69万 | | 40.41亿 | | 002738 | 中矿资源 | 38.13 | 1.71% | 26.96万 | | 10.29亿 | | 601958 | 金钥股份 | 13.04 | 0.77% | 62.19万 | | 8.17亿 | | 600456 | 宝钛股份 | 32.05 | 0.60% | 8.35万 | | 2.66亿 | | 920068 | 天工股份 | 20.37 | 0.00% | 3.43万 | | 6919.63万 | ...

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [2]. Core Views - Precious metals are expected to continue their upward trend, with gold prices rising and a favorable long-term outlook. The gold-silver ratio has reached a peak of over 100 this year, and as gold prices stabilize, silver prices are expected to rise to restore the ratio [5]. - Industrial metal prices are on the rise, driven by significant infrastructure projects, such as the Yarlung Tsangpo River hydropower project, which is expected to boost overall demand and support metal prices [5]. - The report highlights a positive outlook for the non-ferrous metals sector, particularly in precious metals, as the Federal Reserve enters a rate-cutting cycle and domestic monetary policies strengthen [5]. Summary by Sections 1. Industry Data Review 1.1 Precious Metals - Gold prices have increased by 0.26% and silver by 2.24% in the week of July 21-25, 2025. The gold-silver ratio has decreased to 86.13, indicating potential for silver price increases [5]. 1.2 Industrial Metals - Prices for copper, aluminum, lead, zinc, tin, and nickel have increased by 1.8%, 1.7%, 0.7%, 3.4%, 3.7%, and 3.7% respectively. The overall demand is expected to rise due to major infrastructure projects [5][28]. 1.3 Minor Metals - Prices for praseodymium-neodymium oxide have increased by 7.5% weekly, with a year-on-year increase of 41.3%. Tungsten prices have also risen significantly, indicating a recovery in manufacturing demand [5][30][32]. 1.4 Energy Metals - Lithium concentrate prices have risen by 10.5% weekly, while cobalt prices remain stable. Nickel prices have also increased, reflecting growing demand in the energy sector [5][35]. 2. Market Data - The non-ferrous metals sector has seen a 6.70% increase, with specific segments like industrial metals and energy metals rising by 4.72% and 12.40% respectively during the week [36]. 3. Important Events Review - Notable events include President Trump's visit to the Federal Reserve, where discussions on interest rates took place, indicating potential future monetary policy changes that could impact the metals market [43].

Group 1: Market Strategy and Outlook - The core driver behind the recent A-share market rally is the optimistic expectation of a rebound in corporate ROE, rather than mere speculation around policy themes [4][9] - The current valuation of A-shares, while having outpaced the recovery of fundamentals, is not extreme, indicating that the recovery in sectors like food and beverage, coal, and oil and petrochemicals is still in its early stages [4][9] - The "anti-involution" and demand-side policies are expected to show quicker effects compared to the comprehensive policies of 2024, with companies having undergone three quarters of self-purging [10][11] Group 2: Sector Recommendations - **Machinery**: Companies like Xugong Machinery and Yingliu Shares are recommended due to domestic demand stabilization and overseas market recovery [14][15] - **Non-ferrous Metals**: China Rare Earth is favored as export controls may lead to price increases in rare earths, supported by moderate quota growth [16] - **Non-bank Financials**: China Galaxy is highlighted for its strengthening brokerage business and potential for international expansion [17] - **Media and Internet**: Yao Cai Securities is positioned to benefit from increased trading volumes in Hong Kong and potential synergies from Ant Group's acquisition [18] - **Agriculture**: Muyuan Foods is recognized as a leading pig farming enterprise with expected stable profits amid rising pork prices [19] - **Defense and Military**: North Navigation is anticipated to benefit from a rising demand cycle for its products [20] - **Computing**: Kingsoft Office is seen as a leader in AI applications, with significant growth potential from its innovative products [21][22] - **Electronics**: Lante Optics is expected to see strong demand from various sectors, including automotive and AI [23] - **Pharmaceuticals**: Kelun-Botai is noted for its leading ADC technology and potential for international sales growth [24][25]