每经AI快讯，有投资者在投资者互动平台提问：钨丝金刚线和光伏金刚线的区别是什么？三超新材对 钨丝金刚线的未来规划是怎样的？ 三超新材（300554.SZ）12月31日在投资者互动平台表示，二者最主要的区别是母线材料的不同，钨丝 线的成品线径较碳钢丝的线径具备一定优势。公司目前在钨丝线的生产布局上暂无较大调整。 （文章来源：每日经济新闻） ...

证券日报网讯12月30日，美畅股份（300861）在互动平台回答投资者提问时表示，公司钨粉、钨丝采购 主要遵循按需采购原则，并结合对行业趋势的分析进行前瞻性的库存规划。采购定价以市场化机制为基 础，与主要供应商协商确定。面对原材料价格波动，公司已建立动态的成本管理机制，并通过工艺优 化、供应链协调及钨废品回收对冲等方式积极应对。目前公司自制钨丝母线的自供比例约50%，未来的 自供比例提升目标，将依据市场与生产情况统筹安排。钨丝金刚线作为公司重点发展的产品系列，具体 的全年占比数据、平均售价、毛利率等情况，敬请以公司定期报告为准。钨丝母线扩产项目进展顺利， 设备已全部安装调试完成，公司正持续完善质量管控与工艺研发，稳步推进产能释放与良率提升。 ...

每经AI快讯，有投资者在投资者互动平台提问：1. 钨粉/钨丝采购的定价机制、库存策略，2026年如何 应对钨价波动、成本传导的节奏与幅度？2. 自制钨丝母线的自供比例、单位成本较外采低多少，2026年 自供比例提升目标？3. 高强度钨丝母线的量产良率、成本优势维持情况，是否有新的工艺突破计划？4. 当前钨丝金刚线在总产销量中的占比、平均售价与毛利率，2025年Q4及2026年Q1订单能见度如何？5. 月产600万公里钨丝母线扩产项目当前投产进度、良率？ （记者 胡玲） 美畅股份（300861.SZ）12月30日在投资者互动平台表示，公司钨粉、钨丝采购主要遵循按需采购原 则，并结合对行业趋势的分析进行前瞻性的库存规划。采购定价以市场化机制为基础，与主要供应商协 商确定。面对原材料价格波动，公司已建立动态的成本管理机制，并通过工艺优化、供应链协调及钨废 品回收对冲等方式积极应对。目前公司自制钨丝母线的自供比例约50%，未来的自供比例提升目标，将 依据市场与生产情况统筹安排。钨丝金刚线作为公司重点发展的产品系列，具体的全年占比数据、平均 售价、毛利率等情况，敬请以公司定期报告为准。钨丝母线扩产项目进展顺利，设备已全 ...

证券日报网讯12月25日，美畅股份（300861）在互动平台回答投资者提问时表示，光伏钨丝的技术发展 推动钨丝金刚线渗透率的提升，公司根据下游需求情况合理安排生产保障订单交付。 ...

证券日报网讯 12月25日，美畅股份在互动平台回答投资者提问时表示，公司本身不拥有钨矿资源，并 不享受钨价上涨带来的直接红利。公司采购钨粉、钨丝等原料，将其制造成钨丝金刚线。钨价的上涨直 接推高采购成本，对公司利润造成一定压力。但相应废钨价值也在提升，公司构建起"生产-销售-回 收"的成本对冲机制，通过钨废品收回，有效缓和部分前端原料成本波动带来的压力。实际对冲效果受 产品结构、订单定价、回收效率及运营费用等多重变量共同影响。通过"生产-销售-回收"的循环商业模 式，使公司得以保持平稳运营，在努力消化成本冲击的同时，保障了对客户的稳定供货，维护了全体股 东利益，促进了公司健康可持续发展。 （编辑 任世碧） ...

稀有金属钨被誉为"工业牙齿"，今年以来价格出现明显上涨。根据Wind数据，2025年12月24日，黑钨 精矿价格报46.00万元/吨，较2024年12月31日的14.25万元/吨大幅上涨222.81%。 陕西巨丰投资资讯有限责任公司高级投资顾问于晓明在接受《证券日报》记者采访时表示："钨价上涨 主要是因为供给收缩与新兴需求爆发的共振形成供需缺口，钨作为战略资源价值凸显，我国钨业企业迎 来发展机遇。" 市场景气度被看好 钨因其具有熔点高、硬度高、密度高、导热性良好等特性被广泛应用于汽车、军工、航天航空、机械加 工、新能源、半导体等领域。 上海钢联电子商务股份有限公司铁合金事业部钨业分析师施佳在接受《证券日报》记者采访时分 析："今年以来的钨价上涨，一方面是因为钨精矿开采指标缩减，另一方面是由于全球新能源、军工、 半导体等领域的发展对钨的需求强劲。今年上半年，钨价缓步上行。自9月份以来，钨价大幅拉升。市 场经过了一段时间的成交消化后，原料库存依然偏低。12月份继续补涨，突破价格高点。" "在传统领域对钨的需求稳健增长的基础上，新兴领域市场需求爆发式突破。"苏商银行特约研究员张思 远向《证券日报》记者表示，"光伏产 ...

据中钨在线12月19日最新监测数据，钨产业链核心产品价格全线飙升，创阶段性新高，其中65%黑钨精 矿价格报43万元/标吨，周环比涨15.3%，较年初涨202.1%;国内APT(仲钨酸铵)价格报65万元/吨，周环 比涨17.1%，较年初涨208.1%;且钨粉价格突破千元大关，报1030元/公斤，周环比涨13.2%，较年初涨 226%。 钨价"狂飙"引领金属牛市，佳鑫国际(03858)凭"弹性之王"本色领涨! 据中钨在线消息，本周钨价延续强势，价格持续飙升，主要钨原材料价格周涨幅在12%-18%左右，年内 累计涨幅突破200%，钨已成为2025年涨价幅度最为"凶猛"的金属品种。 而在这一波汹涌的钨价上涨浪潮中，被市场誉为"钨矿涨价周期弹性之王"的佳鑫国际，无疑成为了最耀 眼的"明星"。在2025年8月28日正式登陆港交所之后，佳鑫国际股价在12月18日强势刷新历史高点，报 收44.38港元/股，相较于10.92港元/股的发行价，累计涨幅已突破306%，充分彰显了市场对其价值的高 度认可。 但若对此轮钨矿涨价的逻辑以及佳鑫国际的基本面有深刻认识，便能知晓佳鑫国际股价或刚行至"山 腰"。展望未来，随着钨矿价格的持续坚 ...

Group 1: Financial Performance - In Q3 2025, the company's sales volume of diamond wire saw a quarter-on-quarter decline of 26.19% [5] - The total revenue for the first three quarters of 2025 was down 19.70% year-on-year, amounting to 1.57 billion [5] - Q3 2025 revenue was 5.1 billion, reflecting a 12.50% decrease from Q2 [5] - The net profit attributable to shareholders for the first three quarters was 724.4 million, with a 7.96% increase compared to the entire previous year [5][6] Group 2: Product and Market Insights - The proportion of tungsten wire diamond wire increased from approximately 50%-60% in Q2 to over 80% in Q3 [7] - The market share of the company currently stands between 40%-50% [8] - The price of tungsten wire decreased by about 5% compared to Q2 [9] Group 3: Cost and Supply Chain Management - Approximately 60%-70% of the cost of tungsten wire comes from raw tungsten materials, which have seen a price increase of about 66% since mid-year [8] - The company has not raised prices for tungsten wire diamond wire despite rising raw material costs, maintaining stable pricing for end customers [8] - The company has sufficient inventory from low-cost raw material purchases, which has supported operations during price fluctuations [9] Group 4: Strategic Initiatives - The company is focusing on technological iterations and service upgrades to enhance customer value [6] - A flat organizational transformation is underway, maintaining historically low labor costs [6] - The self-supply ratio of tungsten wire is expected to reach 50% by Q4 2025, with all expansion equipment installed and tested [9]

Summary of Key Points from the Conference Call on the Photovoltaic Industry Industry Overview - The photovoltaic (PV) industry is driven by policies aimed at addressing excessive competition, with measures such as minimum bidding guidance prices and energy consumption standards to promote the elimination of outdated capacity and achieve supply-demand balance and price recovery [1][2] - Global installed capacity is expected to reach 580 GW in 2025, a 10% year-on-year increase, with module demand projected between 600-700 GW [1][4] - The industry is expected to maintain a growth rate of 10%-15% over the next three years [1][4] Core Insights and Arguments - Since July 2025, prices in the PV supply chain have begun to rise, with silicon materials and wafers leading the rebound, and module bidding prices also starting to recover, indicating the effectiveness of anti-involution measures [1][5] - The valuation of the PV industry is currently relatively low, with short-term support from policies and long-term positive demand expectations [1][9] - New energy consumption standards may impact polysilicon capacity, potentially leading to supply reductions, with about 30% of capacity not meeting the standards [1][14] Investment Opportunities - Recommended sectors include high-energy-consuming and cost-competitive areas such as polysilicon and glass, with companies like Tongwei, GCL, and Flat Glass being the most beneficial from supply-side reforms [6] - Leading companies in various segments, such as Zhonghuan in wafers, Junda in batteries, and JA Solar in modules, are expected to have strong operational capabilities and potential for profitability recovery [6][7] - New technology fields, such as BC battery technology and advancements in silver and copper pastes, are also highlighted as significant opportunities [7] Challenges and Risks - The PV industry faces intense competition leading to severe involution and ineffective self-regulation, compounded by local government support hindering market clearing [8] - Stronger policy measures are needed to expedite the exit of outdated capacity and enhance market discipline [8] Price Trends and Market Dynamics - The price of polysilicon has risen to approximately 40,000 to 52,000 yuan, with expectations of price stability due to production control measures [16] - The increase in polysilicon prices will lead to higher module costs, but the overall impact on the installation cost of PV systems is expected to be minimal [17] Future Outlook - The PV industry is currently undervalued, with a significant improvement in fundamentals expected in the latter half of 2025 and into 2026 [22] - The storage business is anticipated to become a crucial growth point for PV module companies, with firms like Trina Solar and JinkoSolar showing significant potential for performance growth [21] Additional Insights - The auxiliary materials sector is experiencing price increases and profit recovery opportunities, particularly in glass and other materials, driven by supply structure optimization [23] - The application of copper paste and tungsten wire is accelerating, with significant advancements expected in 2026 [24] Conclusion - The PV industry is at a pivotal moment with policy support, improving fundamentals, and emerging growth opportunities in storage and technology, making it a compelling area for investment [22]

Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Viewpoints - The company has experienced a significant decline in revenue and profit in H1 2025, with a revenue of 1.451 billion yuan, down 45.16% year-on-year, and a net profit of -89 million yuan [1]. - The company is rapidly increasing its production capacity for tungsten wire diamond wire, achieving a sales volume of approximately 30.3 million kilometers in H1 2025, with tungsten wire diamond wire accounting for about 77.29% [2]. - The company is actively entering the robotics sector, leveraging its core technology in semiconductor cutting applications and developing key components for humanoid robots, which is expected to provide strong support for long-term growth [3]. Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 2.896 billion yuan, 3.457 billion yuan, and 4.053 billion yuan respectively, with corresponding net profits of -34 million yuan, 157 million yuan, and 269 million yuan [4][6]. - The company is expected to achieve a PE ratio of 55x in 2026 and 32x in 2027, indicating potential for growth as it expands into new markets [4][6].