在不久前发布的"十五五"规划建议中，"新型工业化取得重大进展"被置于"十五五"时期经济社会主要目 标中的显著位置。 从"海牛Ⅱ号"一举打破深海钻机钻探深度的世界纪录，到时速600公里磁悬浮列车驰骋神州大地；从湘 钢超高强钢实现国产化替代，到株洲北斗产业3年实现从无到强的跨越……湖南省正在以全链条创新突 围，破解科技成果转化"最后一公里"梗阻，让其从"实验室"走向"生产线"，进而为新型工业化发展注入 源源动力。 近日，工业和信息化部办公厅组织证券时报等多家媒体赴长沙、株洲、湘潭三地围绕新型工业化展开主 题调研。 "湖南是我国中部地区重要的制造业基地。近年来湖南省的新能源、电子信息、量子科技等产业茁壮成 长，为加快建设现代化产业体系、大力推进新型工业化注入了强劲动力，贡献了宝贵的湖南经验。"工 业和信息化部规划司副司长李莉表示，深入调研湖南省的典型企业、先进制造业集群、特色产业园区 等，总结其先进做法，可引导各地方强化政策引导、资源调配、要素保障，进一步优化提升传统产业， 培育壮大新兴产业和未来产业。 新型工业化的"湖南路径" 党的十六大报告首次提出我国要走新型工业化道路，即以信息化带动工业化，以工业化促进信息化 ...

黄竹垅钨矿及其周边大桥、高沙、泥坑、石咀脑探矿权矿 区资源勘查工作按计划推进。 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：20251120 投资者关系活 动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称 及人员姓名 东方证券：李一涛、刘洋、黄雨韵 时间 2025 年 11 月 20 日 15:00-16:00 地点 网络平台线上交流 上市公司接待 人员姓名 证券事务代表：张翠；董事会办公室：刘敏 投资者关系活 动主要内容 介绍 交流内容： 一、公司整体业务情况 公司主要从事钨矿山资源的开发利用及以钨为原料的仲 钨酸铵（APT）、氧化钨、钨粉、碳化钨粉、热喷涂粉、硬质 合金的生产及销售，构建了涵盖钨产业上游勘探、采选，中游 冶炼、制粉，以及下游精深加工的一体化生产体系，是国内具 备完整钨产业链生产能力的企业之一。 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 ...

Core Viewpoint - Zhuzhou, Hunan, is a significant industrial city in China, known for its comprehensive industrial sectors and numerous achievements, with Jin Xin Group being a key player supported by Postal Savings Bank of China in its growth journey [1] Group 1: Company Growth and Development - Jin Xin Group, founded in 2009 by Shen Jinkui, has evolved from a single trade entity into a diversified industrial cluster encompassing hard alloys, new energy, and precision molds, exporting to over 50 countries [1] - The company faced challenges in scaling operations, particularly in 2018 when it experienced a surge in orders but lacked working capital, which was addressed by a timely loan of 570,000 yuan from Postal Savings Bank [2] - In 2019, Jin Xin Group aimed to transition from extensive to refined production, necessitating the purchase of facilities and advanced equipment, leading to a mortgage loan of over 5.8 million yuan from the bank [2] Group 2: Financial Support and Impact - In 2025, rising tungsten powder prices posed a significant challenge for Jin Xin Group, impacting cash flow and production capabilities [3] - Postal Savings Bank proactively provided customized financial services, granting a total credit of 700,000 yuan to Jin Xin Group and its subsidiaries, effectively addressing the liquidity gap [3] - The financial support included government interest subsidies amounting to 240,000 yuan over two years, significantly reducing financing costs and enabling the company to focus on production expansion [3] Group 3: Commitment to Local Economic Development - Postal Savings Bank has consistently adhered to its mission of serving the real economy, providing practical and efficient financial services to support local enterprises like Jin Xin Group [4] - The recent "dual credit + interest subsidy" service exemplifies the bank's ability to meet specific corporate needs and assist in overcoming financial challenges [4] - The bank plans to continue focusing on the industrial development needs of Zhuzhou, offering more precise credit solutions and efficient services to foster local economic growth [4]

Investment Rating - The report recommends a "Buy" rating for the tungsten industry, highlighting its strategic importance and potential for price stability due to supply-demand dynamics [7]. Core Insights - Tungsten is recognized as a strategic critical metal with extensive applications in key sectors such as aerospace, automotive, and defense, leading to increased global focus on its supply and demand [2][5]. - The global tungsten supply is tightening, primarily due to China's control over production and export policies, which are expected to maintain high tungsten prices [5][23]. - Demand for tungsten is projected to grow, driven by sectors like renewable energy and advanced manufacturing, with significant increases in consumption expected in the coming years [4][24]. Supply Side Summary - Global tungsten reserves are increasing, from 3.4 million tons in 2020 to 4.6 million tons in 2024, with a compound annual growth rate of approximately 7.85% [3]. - China holds the largest tungsten reserves, accounting for about 52.2% of the global total, while implementing strict mining controls that are expected to further tighten supply [3][23]. - The first batch of tungsten concentrate mining indicators for 2025 is set at 58,000 tons, a decrease of 6.5% year-on-year, indicating a continued tightening of supply [3][46]. Demand Side Summary - Hard alloys and tungsten wire are the primary drivers of tungsten demand, with hard alloys accounting for 65% of global consumption [4]. - In the first half of 2025, China's tungsten consumption reached 35,900 tons, a year-on-year increase of 2.1%, with significant growth in the hard alloy sector due to manufacturing upgrades [4][24]. - The commercialization of controlled nuclear fusion is expected to create new demand for high-performance tungsten alloys, with projections exceeding 10,000 tons [4][24]. Investment Recommendations - The report suggests focusing on leading tungsten mining companies in China, such as Xiamen Tungsten and China Tungsten High-Tech, as they are well-positioned to benefit from the tightening supply and increasing demand [5].

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 | | | | | --- | --- | --- | ...

Core Viewpoint - On November 11, Xinyi Co., Ltd. experienced a slight decline of 0.43% in stock price, with a trading volume of 242 million yuan, indicating a mixed market sentiment towards the company [1]. Financing Summary - On November 11, Xinyi Co. recorded a financing purchase amount of 47.08 million yuan, while the financing repayment was 53.67 million yuan, resulting in a net financing outflow of 6.58 million yuan [1]. - The total financing and securities balance for Xinyi Co. reached 295 million yuan, accounting for 4.24% of its circulating market value, which is above the 90th percentile level over the past year, indicating a high financing level [1]. - There were no shares sold or repaid in the securities lending market on the same day, with a total securities lending balance of 0 yuan, also reflecting a high level compared to the past year [1]. Business Performance - As of September 30, Xinyi Co. had 8,295 shareholders, an increase of 12.63% from the previous period, while the average circulating shares per person decreased by 11.21% to 30,428 shares [2]. - For the period from January to September 2025, Xinyi Co. achieved a revenue of 1.789 billion yuan, representing a year-on-year growth of 32.11%, and a net profit attributable to shareholders of 165 million yuan, up 22.68% year-on-year [2]. Dividend and Shareholding Structure - Since its A-share listing, Xinyi Co. has distributed a total of 218 million yuan in dividends, with 172 million yuan distributed over the past three years [3]. - As of September 30, 2025, among the top ten circulating shareholders, Huaxia Stable Growth Mixed Fund held 3.2985 million shares, a decrease of 375,200 shares from the previous period, while Nuoan Pioneer Mixed A Fund has exited the top ten list [3].

Core Viewpoint - The company, Dongfang Tantalum Industry, has achieved significant technological breakthroughs in the production of high-purity tantalum products, which are widely used in various high-tech applications [2] Group 1: Product Applications - The company's products are utilized in superconducting products, high-temperature alloy additives, sputtering targets, tantalum capacitors, hard alloys, and chemical corrosion protection [2] Group 2: Technological Advancements - The company has successfully achieved full-process technological breakthroughs and industrial integration in the production of high-purity tantalum powder, high-purity tantalum ingots, and 12-inch tantalum target blanks [2]

Investment Rating - The investment rating for the machinery equipment industry is "Positive" [2] Core Views - The report highlights a significant growth in the sales of excavators and loaders, with excavator sales reaching 18,096 units in October, a year-on-year increase of 7.8%, and loader sales increasing by 27.7% [12][58] - The humanoid robot sector is experiencing rapid advancements, with companies like Xiaopeng and ZhiYuan launching new models aimed for mass production by 2026 [12][55] - The report emphasizes the resilience of companies like Rihuan Technology and Kangst, which have shown strong revenue growth despite external pressures [3][4][14] Summary by Sections 1. Company Highlights - Rihuan Technology, a leading supplier of industrial X-ray intelligent detection equipment, saw a nearly 100% increase in new orders year-on-year and a 44.01% revenue growth in the first three quarters [3] - Kangst, involved in digital detection instruments, reported a 22.24% increase in revenue and a 30.66% increase in net profit in Q3, demonstrating strong operational resilience [4][14] - Newrui Co., which produces hard alloys and tools, experienced a significant profit increase of 75.40% in Q3, driven by effective cost management amid rising raw material prices [5][15] 2. Industry Trends - The machinery sector is witnessing a broad recovery, with excavator and loader sales showing strong growth, indicating a positive trend in construction and infrastructure investment [12][58] - The humanoid robot market is set for significant growth, with advancements in technology and increasing investments from major companies [12][55] 3. Market Performance - The machinery index saw a slight decline of 0.25% last week, while other major indices like the Shanghai Composite Index increased by 1.08% [16] - The report notes that the machinery industry is experiencing varied performance across sub-sectors, with some segments like power distribution equipment showing strong gains [22] 4. Policy Support - Recent government policies are aimed at enhancing the industrial machinery sector, including support for high-end machine tools and automation technologies [28][35]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 24.70 yuan [5]. Core Views - The company has demonstrated strong performance in the first three quarters of 2025, achieving a revenue of 12.755 billion yuan, a year-on-year increase of 13.39%, and a net profit attributable to shareholders of 846 million yuan, up 18.26% [1]. - The acquisition of a 99.9733% stake in Yuanjing Tungsten Industry for 821 million yuan is expected to enhance the company's tungsten resource self-sufficiency and strengthen its ability to integrate resources within the tungsten industry [2]. - The tightening supply-demand dynamics in the tungsten market are anticipated to support high tungsten prices, with domestic black tungsten and white tungsten prices increasing by approximately 118.88% and 119.72% respectively since the beginning of the year [3]. - The company continues to lead in the production of hard alloys and CNC blades, with significant growth in demand driven by advancements in AI and the PCB tool market [4]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 4.906 billion yuan, a year-on-year increase of 34.98%, and a net profit of 335 million yuan, up 36.53% [1]. - The non-recurring net profit for Q3 2025 was 297 million yuan, reflecting a substantial year-on-year growth of 725.45%, primarily due to the acquisition of Shizhu Garden Company [1]. Market Dynamics - The national tungsten concentrate production is on a downward trend, with a 6.5% year-on-year decrease in the first batch of mining quotas for 2025 [3]. - The demand for tungsten is expected to grow steadily due to developments in aerospace, new energy vehicles, and electronics [3]. Production and Capacity - The company’s hard alloy production exceeded 75,000 tons in the first half of 2025, maintaining its position as the global leader [4]. - The subsidiary Jinzhou Precision has a significant market share in the PCB micro-drill sector, with over 80% coverage of the top 20 global PCB customers [4]. Profitability and Cost Management - The company’s gross margin for 2024 and Q1-Q3 2025 was 22.07% and 21.83% respectively, showing slight improvements year-on-year [9]. - The company has effectively reduced its expense ratios across various categories, indicating improved cost management [9]. Future Outlook - The company is projected to achieve net profits of 1.183 billion yuan, 1.454 billion yuan, and 1.630 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 47.60, 38.72, and 34.52 [10].

Core Viewpoint - Xianglu Tungsten Industry's stock has experienced fluctuations, with a year-to-date increase of 83.90% but a recent decline in the last five trading days [1] Group 1: Stock Performance - On November 10, Xianglu Tungsten's stock price fell by 2.06%, trading at 11.42 CNY per share, with a market capitalization of 3.736 billion CNY [1] - The stock has seen a net outflow of 4.4638 million CNY in principal funds, with large orders accounting for 13.56% of total purchases and 21.88% of total sales [1] - Year-to-date, the stock has risen by 83.90%, with a 3.14% decline over the last five trading days, a 6.43% increase over the last 20 days, and a 24.40% increase over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Xianglu Tungsten achieved a revenue of 1.616 billion CNY, representing a year-on-year growth of 24.00% [2] - The net profit attributable to shareholders for the same period was 51.7733 million CNY, showing a significant year-on-year increase of 259.65% [2] Group 3: Company Overview - Xianglu Tungsten Industry, established on April 17, 1997, and listed on January 19, 2017, is located in the Aantou Industrial Zone, Xiangqiao District, Chaozhou, Guangdong Province [1] - The company's main business involves the development, production, and sales of tungsten products, with revenue composition as follows: powder products 60.46%, hard alloys 22.14%, tungsten wire series 12.59%, and others 4.80% [1] - The company is classified under the non-ferrous metals industry, specifically in the small metals and tungsten sector, and is associated with concepts such as solar energy, photovoltaic glass, small-cap stocks, and non-ferrous copper [1]