25H1 正极/磁材利润高增，钨钼板块拖累业绩。2025H1，钨钼/能源新材料/稀土/地产板块利润总额分别 同比-10.94%/+35.47%/+6.71%/-1.35 亿至12.68/3.39/1.25/-0.41 亿元。2025H1 钨钼业绩下降主要因矿山补 缴资源税，以及细钨丝营收和毛利率下降。能源新材料中磷酸铁锂、钴酸锂产品凭借性能优势，受益于 需求增长，利润提升明显。稀土业务方面，公司积极拓展海外市场，优化产品客户结构，实现利润高 增。地产业务减利主要因2025H1 无相关资产处置收益。 钨钼/正极板块发力，25Q2 公司利润环比高增。2025Q2，钨钼/能源新材料/稀土/地产板块利润总额环比 +40.2%/+73.4%/-10.6%/+100 万元至7.4/2.15/0.59/-0.2 亿元。2025Q2，钨钼板块中，尽管细钨丝销售量下 降，但钨精矿等钨产品价格上涨，冶炼产品出货量提升，推动业绩增长；能源新材料中钴酸锂及三元销 量高增，板块利润高增；稀土板块中磁材销量提升，但原料价格上涨，业绩环比略有下降。 从资源到深加工，公司业务有望多点开花。钨钼业务方面，宁化行洛坑钨矿在进行资源储量核实及深部 ...

Core Viewpoint - The company is optimistic about the tungsten market's long-term prospects due to its strategic importance and the tight supply-demand balance in the industry [1][4]. Industry Overview - Tungsten is considered a strategic metal globally, with its consumption being less sensitive to price changes, indicating a "hard consumption" nature [1][4]. - The supply of tungsten is currently tight, particularly in the photovoltaic sector, where demand for tungsten wire is increasing [1][4]. - China is the world's leading tungsten producer and consumer, with an estimated tungsten ore production of approximately 67,000 metric tons in 2024, accounting for 82.7% of global output [1][4]. Supply and Demand Dynamics - The mining of tungsten in China operates under a quota system, limiting the potential for rapid increases in production capacity [1][4]. - Recent years have seen significant growth in the application of tungsten in photovoltaic sectors, contributing an additional 5%-8% to global tungsten demand [1][4]. - The sudden increase in demand has led to a short-term supply-demand imbalance, resulting in higher and stabilizing tungsten prices [1][4]. Molybdenum Insights - Molybdenum's primary application is in the stainless steel sector, and its production is often linked to copper mining [5][6]. - Rising copper prices have led mining companies to prioritize high-grade copper extraction, inadvertently increasing the supply of associated molybdenum, which has contributed to a slight decline in molybdenum prices over the past two years [5][6]. - The core value of molybdenum lies in its deep processing, which enhances product value [6].