上市公司2025年中报正在密集披露当中，QFII上半年末重仓股及持股变动情况浮出水面。Wind数据显示，已有264家上市公司披露了2025年中报。其中，64 家公司前十大流通股东名单中出现了QFII的身影。具体来看，QFII在二季度新进成为28只个股的前十大流通股东；同时，对另外18只个股的持股数量相比上 季度有所增加。行业方面，QFII上半年末对汽车行业持仓市值超过13亿元，对建筑材料、电力设备行业持仓市值均超10亿元。 当日综合评分 技术面5.5 资金面10.0 短期大盘趋势偏强 当日点评 主力净流入行业板块前五：稀土磁材，智能音箱，半导体，小家电，信托； 主力净流入概念板块前五：光通信，光电共封装CPO，5G，镨钕，智能眼 镜/MR头显； 主力净流入个股前十：新易盛、北方稀土、寒武纪、中科创达、中油资本、包钢股份、云天励飞、太辰光、中际旭创、盛和资源 钨产品价格频创新高，国内首批钨精矿配额+环保督察影响下，供应下降。国外桑东和海豚钨矿增量不及预期，巴库塔钨矿顺利投产，但当地缺乏冶炼产 能，需运回中国冶炼后再出口。平衡表整体偏紧，海外的缺口相较国内更加明显，价格整体乐观。 美国总统特朗普在社交媒体上写道， ...

Group 1 - The price of antimony in the domestic market has likely reached its bottom, with expectations of recovery due to seasonal demand and potential export growth [1] - Tungsten product prices are hitting new highs, driven by a decrease in supply from domestic quotas and environmental inspections, while overseas production increases are below expectations [1] - The upcoming peak season for flame retardants in September and October may significantly boost domestic antimony prices if export demand recovers [1] Group 2 - The solid-state battery industry is accelerating, with upstream equipment segments expected to benefit first as production processes are optimized [2] - The production process of solid-state batteries differs from traditional lithium batteries, leading to a significant increase in the value of equipment used in the early and mid-stages of production [2] - The transition to dry processing techniques in the electrode and electrolyte preparation stages enhances the value contribution of these processes [2] Group 3 - The monetary policy in the second half of the year may be more accommodative than expected, focusing on economic growth and employment [3] - External factors, such as potential interest rate cuts by the Federal Reserve, may create favorable conditions for monetary easing in China [3] - Domestic economic pressures, including the impact of tariffs and low inflation, suggest a need for further reductions in policy interest rates [3]

Group 1 - The price of tungsten products is reaching new highs due to a decrease in supply influenced by the first batch of tungsten concentrate quotas and environmental inspections in China [1] - The increase in tungsten production from foreign mines such as Sandong and Dolphin is below expectations, while the Bakuta tungsten mine has started production but lacks local smelting capacity, necessitating transportation back to China for smelting before export [1] - The overall balance sheet for tungsten is tight, with a more pronounced supply gap overseas compared to domestic markets, leading to an optimistic price outlook [1] Group 2 - Antimony prices in the domestic market have nearly bottomed out, with the Ministry of Commerce responding to export license applications for antimony, indicating compliance reviews will be conducted [1] - Downstream terminal demand is currently at a low point, but expectations for reduced production in photovoltaic glass have been realized, and the traditional peak season for flame retardants is approaching in September and October [1] - If export demand recovers effectively alongside the upcoming peak season for flame retardants, it is expected to significantly boost domestic antimony prices [1]

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 - Zhangyuan Tungsten Industry (002378.SZ) reported a significant increase in revenue and net profit for the first half of 2025, driven by rising tungsten product prices and increased sales volume [1] Financial Performance - The company achieved an operating revenue of 2.406 billion yuan, representing a year-on-year growth of 32.65% [1] - The net profit attributable to shareholders was 115 million yuan, reflecting a year-on-year increase of 2.54% [1] Market Factors - The growth in total operating revenue is attributed to the rise in tungsten product market prices and an increase in product sales [1]

稀土矿（资料图） 中国通过《稀土管理条例》构建的全产业链监管体系，以及华为90%芯片国产化率等技术突破，正在重塑国际贸易规 则。据知情人士透露，美方计划将现行145%的惩罚性关税降至50%-54%区间，试图通过"关税腰斩"换取中国放松稀土管 制。中国对美的稀土管制政策让美国军工产业倍受影响。美国军工巨头诺斯罗普·格鲁曼公司财报显示，B-21隐身轰炸机 项目因稀土成本激增亏损4.77亿美元，F-35战斗机供应链面临断裂风险。 特朗普（资料图） 美国还被中国进行的稀土管制反击卡脖子，这也让美国不得不考虑让步。稀土进口减少相比其他产品，更让美国难受。 消息人士表示，美方已经准备降低关税，具体数字尚不清楚，但应当在60%以下。这与特朗普某次暗示要对华大幅降低 关税的数字差不多。另外，知情人士还透露，美国还十分希望中方能放松稀土出口管制。稀土问题将成为谈判的首要目 标，以减轻美国稀土库存不足的压力，使科技等相关产业不至于没有原料导致停产。 据人民网报道，根据《中华人民共和国出口管制法》等有关法律法规，4月4日，商务部会同海关总署发布关于对钐、 钆、铽、镝、镥、钪、钇等7类中重稀土相关物项实施出口管制措施的公告，并于发布 ...

Core Insights - The company reported a total revenue of 33.2 billion yuan in 2024, marking an 8.75% year-on-year increase, and a net profit attributable to shareholders of 1.02 billion yuan, up 9.19% year-on-year [1] - Despite significant progress in new energy materials and urban mining operations, the company faced operational pressure as revenue and net profit declined sequentially in the fourth quarter [1][8] New Energy Materials Business - The new energy materials segment showed strong performance with an average capacity utilization rate exceeding 95%, significantly above the industry average [4] - The total shipment of ternary precursor materials for power batteries reached 189,000 tons, a 5% increase year-on-year, maintaining a top two position globally [4] - Sales of nickel-rich high-voltage ternary precursors grew by 66% to 44,000 tons, indicating the company's leading position in high-voltage precursor technology [4] - Cobalt oxide sales reached 20,664 tons, an 88% increase, capturing over 25% of the global supply, and the company achieved a 102% year-on-year growth in cathode material shipments [4] - Despite strong performance, the fourth quarter saw a 19.2% and 69.9% sequential decline in revenue and net profit, respectively, highlighting short-term market demand fluctuations [4] Urban Mining Operations - The urban mining segment experienced significant growth, particularly in battery recycling and tiered utilization, with revenue from battery recycling rising substantially [5] - The company recycled and dismantled 35,930 tons of power batteries, a 31% increase, equivalent to 4.31 GWh, which is a 41% year-on-year growth [5] - Lithium carbonate recovery exceeded 4,000 tons, with a growth rate of over 44% and a lithium recovery rate surpassing 95% [5] - Tungsten recovery reached 6,486 tons, a 39% increase, and cobalt product sales grew by 76% to 12,557 tons, maintaining over 50% of the global market share for ultra-fine cobalt powder [6] - The scrap vehicle business also saw significant growth, with total recovery reaching 280,000 tons, a 133% increase [6] - However, the fourth quarter net profit for this segment declined by 20.95%, indicating short-term profitability challenges [6] Nickel Resource Development - The company achieved a global output of 51,677 tons of nickel metal, a 91% year-on-year increase, and established a nickel resource capacity of 150,000 tons per year in Indonesia [7] - The company ranks among the top three globally in MHP nickel production capacity, with 110,000 tons controlled and 40,000 tons in joint ventures [7] - The company successfully launched the world's first 1,168m³ high-pressure hydrometallurgical reactor, achieving world-class operational and product quality metrics while significantly reducing carbon emissions [7] - Despite these advancements, the fourth quarter saw a 1250.90% sequential decline in non-recurring net profit, indicating ongoing profitability pressures in this segment [7] Summary - The company achieved revenue and net profit growth in 2024 through its dual-driven strategy in new energy materials and urban mining operations [8] - However, the performance fluctuations in the fourth quarter reveal operational pressures that the company must address to enhance profitability and navigate increasing market competition and economic uncertainties [8]

Group 1 - The core viewpoint of the news is that Zhangyuan Tungsten Industry (002378.SZ) has reported a decrease in institutional holdings, with the top ten institutional investors holding a combined 63.85% of shares, down 2.33 percentage points from the previous quarter [1] - As of April 21, 2025, a total of 68 institutional investors disclosed holdings in Zhangyuan Tungsten Industry, amounting to 774 million shares, which represents 64.40% of the total share capital [1] Group 2 - In the public fund sector, two public funds reported a decrease in holdings, with a total reduction of 0.15% compared to the previous quarter [2] - A total of 61 new public funds were disclosed this period, including several notable funds such as Yinhua Xinjia Two-Year Holding Mixed Fund and Huaxia CSI 1000 ETF [2] - One pension fund reported a decrease in holdings, specifically the Basic Pension Insurance Fund 804 Combination, with a slight decline in holding percentage [2] - One foreign fund, Hong Kong Central Clearing Limited, also reported a decrease in holdings, with a reduction of 0.40% compared to the previous quarter [2]