Industry Events - The 2025 China 5G + Industrial Internet Conference will be held from November 21 to 23 in Wuhan, focusing on the integration of 5G, AI, big data, and industrial internet technologies [2] - The China Rare Earth Society's 2025 Academic Annual Meeting will take place on November 21 in Xiamen, discussing advancements in rare earth research and applications [2] - Huawei will release breakthrough AI technology on November 21, aiming to increase the utilization rate of computing resources from the industry average of 30%-40% to 70% [2] - Foxconn will showcase new products in collaboration with Nvidia during the Hon Hai Technology Day on November 21 [2] Company News - Walmart announced its transition from the New York Stock Exchange to Nasdaq, with trading expected to begin on December 9 [12] - Tuojing Technology's major shareholder plans to reduce its stake by up to 843.49 million shares, representing 3% of the total share capital, from December 12, 2025, to March 11, 2026 [12] - Qianyuan High-Tech received a takeover offer from China Seed Group for 20% of its total shares at a price of 11.85 yuan per share, totaling an estimated 2.245 billion yuan [12] - Fosun Pharma's subsidiary has received breakthrough therapy designation for its independently developed drug for gastric cancer, marking a significant milestone in treatment options [12] - *ST Weihai signed a construction contract worth 313 million yuan, which is expected to positively impact the company's future performance [12][13] Market Trends - Multiple new energy-themed ETFs have attracted significant capital inflows, with the Huatai-PineBridge CSI Battery Theme ETF seeing a net subscription of 1.696 billion yuan since the fourth quarter began [16] - Institutional investors are focusing on rebalancing their portfolios as the year-end approaches, with an emphasis on sectors like cyclical stocks and consumer goods [8][7] Supply and Demand Insights - Tungsten prices continue to rise due to favorable supply and demand dynamics, with prices for various tungsten products increasing by approximately 6% compared to the first half of November [10] - The overall price of tungsten products has surged over 120% this year, driven by increased demand from industries such as photovoltaics and automotive [10]

上证报指出，今年以来，主要钨制品价格涨幅较大，与年初价格相比，全产业链产品价格均创下历史新 高。据中钨在线最新数据显示，主要钨制品价格年内已实现全线涨超120%，最高涨幅超140%。 据上证报报道，11月20日，章源钨业官微公布11月下半月长单采购报价:55%黑钨精矿32.80万元/标 吨;55%白钨精矿32.70万元/标吨;仲钨酸铵(国标零级)47.80万元/吨。相关产品价格相较11月上半月均再 次出现上涨，涨幅在6%左右。 今年以来，随着光伏、汽车等产业的显著增长，钨的需求量随之大幅提升。与此同时，供给端的收紧进 一步加剧了市场供需的紧张态势。数据显示，从供给端看，2025年上半年，年度第一批钨矿开采总量控 制指标为58,000吨，较2024年第一批指标减少4,000吨，同比下降 6.45%。需求方面，新能源领域钨需求 近年来显著增长，其中光伏钨丝的需求增长尤为亮眼。业内人士认为，随着供给端收紧、下游需求刚性 支撑及国际局势等多重因素交织，未来一段时间内价格或将保持高位运行。 公司方面，据上证报表示， 中钨高新：主营钨精矿、硬质合金和刀具等产品，拟收购远景钨业注入优质矿山资产，子公司金洲精工 是全球PCB ...

Investment Rating - The report gives the company an "Accumulate" rating [4]. Core Views - The company is a state-owned enterprise and a leader in gold and antimony resources, with a dual-driven model of "gold + antimony" ensuring sustainable development [2][11]. - The company has benefited from rising prices of gold and antimony, leading to significant revenue and profit growth in 2025 [21][24]. - The company has a robust resource base, with plans for future projects that are expected to enhance production capacity [4][37]. Summary by Sections Company Overview - The company primarily engages in the mining, selection, smelting, and processing of gold, antimony, tungsten, and other non-ferrous metals, along with the import and export of related products [2][11]. - As of the end of 2024, the company holds 30 mining rights, including 18 exploration rights and 12 mining rights, with a total resource reserve of 6,729 million tons [18][39]. Financial Performance - For Q1-Q3 2025, the company achieved a revenue of 41.194 billion yuan, a year-on-year increase of 96.26%, and a net profit of 1.029 billion yuan, up 54.28% [21][23]. - The company forecasts revenues of 48.925 billion, 58.070 billion, and 63.851 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at 1.812 billion, 2.519 billion, and 2.787 billion yuan [4][6]. Resource and Production - The company has a gold resource reserve of 137,856 kilograms and an antimony reserve of 323,060 tons as of the end of 2024 [18][39]. - In 2024, the company produced 46,328 kilograms of gold, a decrease of 2.87% year-on-year, and 29,209 tons of antimony, down 6.15% [20][42]. Future Projects - The company is investing in the Gansu Jiaxin Yidinan mining project, which is expected to enhance gold production capacity significantly [37][38]. - The project is projected to generate an average annual sales revenue of 319 million yuan and a net profit of approximately 56.43 million yuan after tax [37]. Subsidiary Performance - The company's subsidiaries are performing well, with significant contributions to overall production and revenue [39]. - The main subsidiaries include Hunan Chenzhou Mining, Gansu Chenzhou, and Hunan Golden Cave Mining, each contributing to the company's diverse resource base [39][46].

公司上游主要业务是钨矿山资源的勘探、采选，主要产品 为钨精矿，其作为原料用于仲钨酸铵的生产，副产品锡精矿和 铜精矿直接对外销售。 公司中游主要生产各种规格的粉末产品，公司可生产超细 颗粒、细颗粒、中颗粒、粗颗粒、超粗颗粒、超纯粉末产品， 满足不同客户需求。 硬质合金是公司的下游端产品，公司依托本部、赣州澳克 泰和章源喷涂，构建了层次分明、品类丰富的硬质合金产品及 完善的服务体系。其中：公司本部主要生产球齿、传统刀片、 异型、冷镦模、钎片等各类硬质合金产品以及热喷涂粉；赣州 澳克泰主要生产机加工用刀具，其生产的车刀、铣刀、钻刀、 槽刀、金属陶瓷刀片及整体硬质合金刀具产品，可用于钢件、 不锈钢、铸铁、铝合金、高温合金、高硬度钢及复合材料等材 质加工；章源喷涂主要为客户提供工件表面喷涂服务，服务对 象包括新能源行业的电池极片轧辊、传动辊，石油化工机械行 业的螺杆钻具转子、阀门、阀板、阀球等。 二、公司矿山情况 证券代码：002378 证券简称：章源钨业 崇义章源钨业股份有限公司投资者关系活动记录表 编号：20251112 | | □特定对象调研 □分析师会议 | | | | | --- | --- | --- | ...

Group 1: Tungsten Market - Black tungsten concentrate price increased by 12.23% to 312,000 CNY/ton, and ammonium paratungstate price rose by 13.30% to 460,000 CNY/ton [1][3] - Supply side shows a reduction in tungsten concentrate mining indicators, with mines generally slowing production pace, leading to tighter industry circulation [1][3] - Domestic demand remains stable, primarily driven by essential procurement, with recent APT procurement prices for early November rising by 52,000 CNY/ton, boosting market bullish sentiment [1][3] Group 2: Rare Earth Market - Rare earth supply and demand are both weak, with praseodymium-neodymium oxide rising by 10.49% to 553,000 CNY/ton, while dysprosium oxide increased by 1.63% to 1,560,000 CNY/ton [2] - The Chinese Ministry of Commerce announced new export controls on rare earth items and technologies, targeting violations of existing measures [2] - Supply side sees some production companies controlling output due to cost pressures, while demand from downstream magnetic material companies remains low [2] Group 3: Molybdenum Market - Molybdenum concentrate price decreased by 9.78% to 3,965 CNY/ton, and molybdenum iron price fell by 7.62% to 254,500 CNY/ton [2] - Supply side indicates signs of shrinking molybdenum concentrate, while demand from steel procurement is increasing but facing price pressure from steel mills [2] Group 4: Tin Market - Tin prices are experiencing a weak supply-demand balance, with SHFE tin down by 0.28% to 283,500 CNY/ton and LME tin up by 0.35% to 36,100 USD/ton [3] - Supply side affected by low operating rates of refining tin smelting enterprises due to raw material shortages from Myanmar [3] - High tin prices are leading to low replenishment willingness in the electronics and home appliance sectors, with downstream manufacturers primarily engaging in essential procurement [3] Group 5: Antimony Market - Antimony ingot price decreased by 6.27% to 149,500 CNY/ton, and antimony concentrate price fell by 7.07% to 131,500 CNY/ton [4] - Supply side sees tight domestic antimony raw materials due to a halt in overseas mines entering the domestic market, coupled with weak smelting profitability [4] - Demand remains focused on essential procurement, with strong demand in the photovoltaic sector, while short-term export demand is under pressure [4] Group 6: Nuclear Fusion New Materials - The commercialization of controlled nuclear fusion is accelerating, with upstream materials expected to benefit significantly [5] - Domestic advancements include breakthroughs in the localization of second-generation high-temperature superconducting strips [5] - Internationally, significant investments and reports on fusion research are emerging, indicating a growing interest in the sector [5]

Investment Rating - Investment rating: Positive (maintained) [4] Core Views - The report highlights a mixed supply and demand situation in the rare earth sector, with prices for praseodymium and neodymium oxide increasing by 10.49% to 553,000 CNY/ton, while dysprosium oxide rose by 1.63% to 1,560,000 CNY/ton. However, terbium oxide saw a decline of 1.71% to 6,625,000 CNY/ton [4][11] - Molybdenum prices are experiencing fluctuations, with molybdenum concentrate prices dropping by 9.78% to 3,965 CNY/ton, and molybdenum iron (Mo60) prices decreasing by 7.62% to 254,500 CNY/ton [4][20] - Tungsten prices have reached historical highs due to supply constraints and price increases in long-term contracts, with black tungsten concentrate prices rising by 12.23% to 312,000 CNY/ton and ammonium paratungstate prices increasing by 13.30% to 460,000 CNY/ton [4][28] - Tin prices are fluctuating with SHFE tin down by 0.28% to 283,510 CNY/ton, while LME tin increased by 0.35% to 36,050 USD/ton [4][32] - Antimony prices are under pressure, with antimony ingot prices falling by 6.27% to 149,500 CNY/ton and antimony concentrate prices down by 7.07% to 131,500 CNY/ton [4][40] - The report notes that the controllable nuclear fusion industry is accelerating commercialization, with upstream materials expected to benefit significantly [4][5] Summary by Sections Rare Earths - Supply and demand are weak, with praseodymium and neodymium oxide prices rising by 10.49% to 553,000 CNY/ton [4][11] - The report suggests monitoring companies like Guangsheng Youse and China Rare Earth [4] Molybdenum - Molybdenum concentrate prices decreased by 9.78% to 3,965 CNY/ton, while molybdenum iron prices fell by 7.62% to 254,500 CNY/ton [4][20] - Suggested company to watch: Jinduicheng Molybdenum [4] Tungsten - Black tungsten concentrate prices increased by 12.23% to 312,000 CNY/ton, and ammonium paratungstate prices rose by 13.30% to 460,000 CNY/ton [4][28] - Recommended companies include Zhongtung High-tech and Xiamen Tungsten [4] Tin - SHFE tin prices fell by 0.28% to 283,510 CNY/ton, while LME tin prices rose by 0.35% to 36,050 USD/ton [4][32] - Companies to focus on: Yunnan Tin and Huaxi Silver Tin [4] Antimony - Antimony ingot prices dropped by 6.27% to 149,500 CNY/ton, and concentrate prices fell by 7.07% to 131,500 CNY/ton [4][40] - Companies to monitor include Huaxi Silver and Hunan Gold [4] Nuclear Fusion New Materials - The commercialization of controllable nuclear fusion is accelerating, with significant benefits expected for upstream materials [4][5]

Core Viewpoint - The tungsten market has experienced a significant price surge, with major tungsten products reaching historical highs due to increased demand and tightened supply conditions [1][2]. Price Trends - Tungsten powder prices have surpassed 700,000 CNY/ton, currently at 710,000 CNY/ton; ammonium paratungstate (APT) is priced at 462,000 CNY/ton, while black and white tungsten concentrates (≥65%) are at 312,000 CNY/ton and 311,000 CNY/ton respectively, each increasing by 2,000 CNY/ton from the previous trading day [1][2]. - Compared to the beginning of the year, prices for major tungsten products have more than doubled, with black tungsten concentrate increasing by 118.18%, APT by 118.96%, and tungsten powder by 124.68% [1][2]. Supply and Demand Dynamics - The tightening of tungsten supply is expected to continue, with the Ministry of Natural Resources and the Ministry of Industry and Information Technology indicating a reduction in the first batch of tungsten concentrate mining quotas for 2025 to 58,000 tons, a decrease of 4,000 tons or 6.45% year-on-year [2][3]. - The demand for tungsten has risen significantly due to increased production in sectors such as photovoltaics and automotive, leading to a tight market balance [2][4]. Industry Performance - Companies in the tungsten sector have reported strong financial performance, with Zhongtung High-tech achieving a revenue of 12.755 billion CNY in the first three quarters, a year-on-year increase of 13.39%, and a net profit of 846 million CNY, up 18.26% [2]. - Other companies like Xianglu Tungsten and Luoyang Molybdenum have also shown impressive growth, with net profits increasing by 259.65% and 72.61% respectively [2]. Market Outlook - Analysts predict a favorable supply-demand balance in the tungsten market, with strong pricing support from supply-side constraints and resilient demand from downstream industries [3][4]. - The tightening of mining quotas and limited new production capacity are expected to reinforce the bullish outlook for tungsten prices [4].

通联数据全新推出Datayes!Pro AMS 2.0 本地客户端， 以"本地部署保安全+多维度分析提效率"为核心升级方向，彻底破解投后管理困局。明天下午线上路 演将为您带来详细的功能介绍。报名链接如下： https://meeting.tencent.com/dw/sb2NrZWJSrxM A股复盘 | 把钱还我 / 2025.11.04 我说什么来着，就是没题材可炒了，又开始炒生肖"马"和"美好愿景"了！ 今天，3650只票待涨，最近大A这款游戏的难度直线飙升！ 10月以来，市场波动明显放大，结构风险主要体现在成交集中度和股价偏高的个股占比较高。所以 后续适当增大红利品种的仓位，同时等待 题材品种买点就行。 根据华西证券研报， 目前A股隐含波动率已回落至8月中旬上升初期，意味着市场对利好和利空将更加敏感。 利好有助于推动行情走强，利 空则有利于改善结构风险。同时，融资余额占A股流通市值占比为2.54%，远不及2015年的高点4.72%，市场加杠杆的激进程度并不极致。 8、9月：这游戏真简单，牛市冲啊！ 10月：能不能保底 11月：不玩了，把钱还我 但我劝你别退，哈哈哈 | 指标 | 10 月 31 日 指 ...

Group 1 - The core point of the article highlights the intensifying strategic competition over critical minerals between the US and China, particularly in the context of recent agreements and export controls [1][3][6] - Australia and the US signed an $8.5 billion agreement to invest in core mineral projects, with both countries committing $1 billion each over the next six months [1] - The US is focusing on securing tungsten resources from Kazakhstan, with significant reserves that could position the country as a major player in the global tungsten market [1][3] Group 2 - China's recent announcement of export controls on 25 rare metal products, including ammonium paratungstate, is seen as a strategic move to maintain its dominance in critical mineral supply chains [3][6] - The US's reliance on China for rare earth processing and technology is highlighted, with China controlling over 85% of global rare earth refining capacity [3][5] - The disparity in tungsten production is significant, with China producing 80% of the world's tungsten concentrate, raising concerns about US supply chain vulnerabilities [5][6] Group 3 - The article discusses the implications of US domestic political dynamics on its mineral strategy, noting that future changes in administration could impact ongoing agreements like the AUKUS pact [8] - The US's approach of using government support to secure mineral rights contrasts with its previous criticisms of China's state intervention in the market [5][8] - The long-term nature of developing a resilient supply chain for critical minerals is emphasized, suggesting that quick fixes are unrealistic given the complexities of the industry [5][8]

Core Viewpoint - Tungsten products have experienced a rapid price increase since October, with prices doubling compared to the beginning of the year [1] Supply and Demand Analysis - As of October 28, black tungsten concentrate (>65%) is priced at 288,000 yuan/ton, up 3,000 yuan/ton from the previous trading day; APT (Ammonium Paratungstate: ≥88.5%) is priced at 425,000 yuan/ton, up 7,000 yuan/ton; tungsten powder (≥99.7%) is priced at 635 yuan/gram, up 5 yuan/gram [1] - Supply side: The mining indicators for tungsten concentrate have been reduced, and production pace in mines has generally slowed, leading to a tightening of industry circulation [1] - Demand side: Domestic demand remains stable, primarily driven by essential procurement [1] Future Outlook - According to Huaxin Securities, tungsten prices have been running at high levels since early 2025, frequently setting historical highs [1] - Although there is new supply expected from overseas, it will take time to materialize, and the current tight supply situation is expected to support tungsten prices [1] - Future attention should be paid to the annual tungsten concentrate indicator issuance [1]