人民财讯8月26日电，据中钨在线，8月26日钨市场行情：钨市涨势仍在持续，钨精矿市场上，严格的安 全生产管控增加供应偏紧预期，市场挺价基础稳固，但是下游短期承接压力大，市场价格传导机制失 衡。65%黑钨精矿价格报23.3万元/标吨，较年初涨62.9%。65%白钨精矿价格报23.2万元/标吨，较年初 涨63.4%；仲钨酸铵(APT)市场上，在钨原料价格节节攀高的形势下，供应商持货待涨情绪浓厚，APT 一货难求，行情跳涨，市场不安情绪紧绷，整体流动性较弱。仲钨酸铵(APT)价格报35万元/吨，较年初 涨65.9%。欧洲APT价格485—520美元/吨度(折合人民币30.8—33万元/吨)，较年初涨52.3%。 ...

证券代码：002378 证券简称：章源钨业 公告编号：2025-041 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 登录新浪财经APP 搜索【信披】查看更多考评等级 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 （一）公司简介 ■ （二）主要会计数据和财务指标 （三）公司股东数量及持股情况 单位：股 ■■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 （四）控股股东或实际控制人变更情况 控股股东报告期内变更 （五）公司优先股股东总数及前10名优先股股东持 ...

人民财讯8月25日电，中信建投研报称，钨方面，在国内钨精矿第一批配额缩减，第二批配额下放时间 推迟的情况下，供给端极为短缺，钨产业链价持续推涨。短期来看，第二批配额量级是钨价方向的决定 因素。中长期来看，国内钨精矿的保护性开采态度较为明确，海外钨精矿复产进度不及预期。而需求 端，随着降息周期确定传统工业需求稳步增长，而光伏钨丝、核辐射钨屏蔽材料、固态电池钨基正极材 料等新型应用持续冒头，供需平衡表始终处于偏紧状态，看好钨中长期的战略金属价值和投资价值。 ...

Financial Performance Summary - The company reported a total operating revenue of 240,604.26 million RMB for the first half of 2025, representing a year-on-year increase of 32.65% [2][3] - The net profit attributable to shareholders reached 11,510.62 million RMB, showing a growth of 2.54% compared to the previous year [2] - Excluding the impact of tax deductions for advanced manufacturing recognition, the operating profit, total profit, and net profit attributable to shareholders would have increased by 15.96%, 16.31%, and 16.89% respectively [2] Market Conditions - The company faced a tight supply of tungsten raw materials, leading to a continuous rise in tungsten prices [2] - The increase in revenue was driven by both the rising market prices of tungsten products and an increase in sales volume [3] Operational Focus - The company has focused on its core business and actively expanded its market presence, leveraging stable product quality and rapid supply capabilities to maintain steady growth [2]

证券代码：002378 证券简称：章源钨业 编号：2025-039 特别提示：本公告所载 2025 年半年度的财务数据仅为初步核算数据，已经 公司审计监察部审计，未经会计师事务所审计，与 2025 年半年度报告中披露的 最终数据可能存在差异，请投资者注意投资风险。 一、2025 年半年度主要财务数据和指标 | | | | 单位：人民币元 | | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | | 增减变动幅度 | | 营业总收入 | 2,406,042,644.61 | 1,813,833,245.24 | | 32.65% | | 营业利润 | 137,328,795.94 | 134,390,078.49 | 2.19% | | | 利润总额 | 135,565,034.02 | 132,544,199.11 | 2.28% | | | 归属于上市公司股东的 | | | | | | 净利润 | | | | | | 扣除非经常性损益后的 | | | | | | 归属于上市公司股东的 | 106,843,890.80 | 111,714,769.51 ...

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].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002378 证券简称：章源钨业 公告编号：2025-038 崇义章源钨业股份有限公司 2025年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 （1）现场会议召开时间：2025年8月5日（星期二）14:30 （2）网络投票时间： 通过深圳证券交易所互联网投票系统的投票时间为2025年8月5日9:15至15:00期间的任意时间。 特别提示： 1. 本次股东大会未出现否决议案的情形。 2. 本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1. 会议召开时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年8月5日9:15-9:25、9:30-11:30和13:00- 15:00。 2. 现场会议召开地点：江西省赣州市崇义县城塔下崇义章源钨业股份有限公司二楼多媒体会议室。 3. 会议召开方式：本次股东大会采用现场表决与网络投票相结合的方式召开。 4. 会议召集人：公司董事会 5. 会议主持人：董事长黄泽兰先生 6. 本次会议的召集、召开 ...

8月4日，章源钨业连续5个交易日下跌，区间累计跌幅-8.04%。崇义章源钨业股份有限公司,位于"世界钨都"——江西省赣州市,是集钨的探采选、冶炼、制粉 与硬质合金生产和深加工、贸易为一体的集团型企业,于2010年在深交所上市。 简历显示，张腾先生:中国国籍,工学硕士,曾就职于上海申银万国研究所、中邮创业基金管理股份有限公司,2023年7月加入银华基金管理股份有限公司,现任投 资管理一部基金经理。2024年3月7日起任银华瑞和灵活配置混合型证券投资基金基金经理。2024年7月17日担任银华心佳两年持有期混合型证券投资基金基 金经理。 简历显示，杜宇先生:国籍中国,美国纽约大学工程硕士。曾就职于中国国际金融股份有限公司。2015年8月加入银华基金,历任研究部行业研究员、基金经理 助理,投资管理一部投资经理,现任投资管理一部基金经理。2019年12月11日任银华中小盘精选混合型证券投资基金基金经理。2022年01月26日任银华丰享一 年持有期混合型证券投资基金基金经理。2025年4月30日起担任银华心佳两年持有期混合型证券投资基金基金经理。 | ○ 基金经理 : 杜宇 | | | | --- | --- | --- ...

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].