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 ...

11月20日，章源钨业盘中上涨2.34%，截至13:02，报13.11元/股，成交3.77亿元，换手率2.45%，总市值 157.51亿元。 资金流向方面，主力资金净流入150.19万元，特大单买入914.26万元，占比2.42%，卖出1009.92万元， 占比2.68%；大单买入8711.91万元，占比23.09%，卖出8466.07万元，占比22.43%。 章源钨业所属申万行业为：有色金属-小金属-钨。所属概念板块包括：基金重仓、航天军工、专精特 新、融资融券、中盘等。 截至9月30日，章源钨业股东户数9.81万，较上期增加80.69%；人均流通股12185股，较上期减少 44.66%。2025年1月-9月，章源钨业实现营业收入38.78亿元，同比增长37.38%；归母净利润1.90亿元， 同比增长29.71%。 分红方面，章源钨业A股上市后累计派现8.62亿元。近三年，累计派现2.69亿元。 机构持仓方面，截止2025年9月30日，章源钨业十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股1300.64万股，相比上期增加422.07万股。银华心佳两年持有期混合（010730）位居第四大 流通 ...

长江有色金属网数据显示，11月17日，长江综合钨粉均价报747500元/吨，较前一交易日上涨2500元， 年内累计涨幅已实现翻倍。另据中钨在线数据，11月17日，65%黑钨精矿价格报32万元/标吨，较上一 日上涨2000元/吨，年初至今上涨123.8%。65%白钨精矿价格报31.9万元/标吨，较上一日上涨2000元/ 吨，较年初涨124.7%。仲钨酸铵（APT）价格报47.8万元/吨，较上一日上涨3000元/吨，较年初涨 126.5%。 分析认为，供给端的极致紧张是钨粉价格上涨的核心基石。2025年国内首批钨矿开采总量控制指标降至 5.8万吨，同比降幅达6.45%，江西、湖南等主产区配额进一步下调，部分低产能矿区甚至未获开采指 标，源头供给持续收缩。需求端的多元爆发为价格上行注入强劲动力，光伏及固态电池等新型领域需求 快速爆发，传统领域同步回暖。 免责声明：以上内容为本网站转自其他媒体，相关信息仅为传递更多信息之目的，不代表本网观点，亦 不代表本网站赞同其观点或证实其内容的真实性。如稿件版权单位或个人不想在本网发布，可与本网联 系，本网视情况可立即将其撤除。 素材源：吕怡蕾 编辑：康书源 审核：王怡然 短期来 ...

Core Viewpoint - Zhangyuan Tungsten Industry has shown significant stock price appreciation and strong financial performance in 2023, indicating potential growth in the tungsten industry. Financial Performance - As of September 30, 2025, Zhangyuan Tungsten achieved a revenue of 3.878 billion yuan, representing a year-on-year growth of 37.38% [2] - The net profit attributable to shareholders for the same period was 190 million yuan, reflecting a year-on-year increase of 29.71% [2] - The company has distributed a total of 862 million yuan in dividends since its A-share listing, with 269 million yuan distributed over the last three years [3] Stock Market Activity - On November 7, 2023, the stock price increased by 2.04%, reaching 13.48 yuan per share, with a trading volume of 341 million yuan and a turnover rate of 2.16% [1] - The stock has appreciated by 110.69% year-to-date, with a 4.58% increase over the last five trading days, 8.10% over the last 20 days, and 45.57% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on August 26, 2023, where it recorded a net buy of -121 million yuan [1] Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 98,100, up by 80.69% from the previous period [2] - The average number of circulating shares per shareholder decreased by 44.66% to 12,185 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 13.0064 million shares, and several ETFs, with varying changes in their holdings [3]

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].

Core Insights - The tungsten market has experienced a significant price surge, with major tungsten products reaching historical highs, driven by increased demand and supply constraints [1][2][3] 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 are at 312,000 CNY/ton and 311,000 CNY/ton respectively, each increasing by 2,000 CNY from the previous trading day [1][2] - Year-to-date price increases for major tungsten products have exceeded 100%, with black tungsten concentrate rising by 118.18%, APT by 118.96%, and tungsten powder by 124.68% compared to the beginning of the year [1][2] Supply and Demand Dynamics - The tightening supply situation is expected to continue, with the Ministry of Natural Resources and the Ministry of Industry and Information Technology indicating a reduction in tungsten mining quotas for 2025, down to 58,000 tons, a decrease of 4,000 tons or 6.45% year-on-year [2][3] - The demand for tungsten has been bolstered by increased production in sectors such as photovoltaics and automotive, leading to a tight market balance [2][3] Industry Performance - Companies in the tungsten sector have reported strong financial results, 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 performance, with net profits increasing by 259.65% and 72.61% respectively [2] Market Outlook - Analysts predict a favorable supply-demand balance for tungsten, with strong pricing support from supply constraints and resilient demand from downstream industries [3] - The tightening of mining quotas and limited new capacity are expected to reinforce the bullish outlook for tungsten prices [3]

Core Viewpoint - The stock of Jiexin International Resources (03858) has risen over 6%, driven by a significant increase in tungsten prices since October, with prices doubling compared to the beginning of the year [1] Company Summary - Jiexin International Resources is focused on developing the Bakuta tungsten mine project in Kazakhstan [1] Industry Summary - Tungsten products have seen a rapid price increase, with black tungsten concentrate quoted at 288,000 yuan/ton, up 3,000 yuan/ton from the previous trading day, and APT quoted at 425,000 yuan/ton, up 7,000 yuan/ton [1] - Tungsten powder prices have also increased to 635 yuan/gram, up 5 yuan/gram [1] - According to Huaxi Securities, tungsten prices have been consistently high since early 2025, reaching historical highs, with tight supply conditions expected to support prices in the future [1] - Although there is potential new supply overseas, it will take time to impact the market, and the current tight supply situation is expected to persist [1]

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Group 1 - Tungsten is experiencing a significant price increase, with prices doubling compared to the beginning of the year, including black tungsten concentrate rising from 143,000 CNY/ton to 278,000 CNY/ton, a 101.4% increase [1] - The supply side is tightening due to reduced mining quotas and slower production rates, while domestic demand remains stable, primarily driven by essential purchases [1] - The industry outlook is positive for tungsten prices due to rigid supply constraints and sustained growth in downstream demand, with major companies reporting substantial profit increases [2] Group 2 - Jiaxin International Resources focuses on the Bakuta tungsten mine project in Kazakhstan, which is currently in production and expected to benefit from rising tungsten prices, leading to significant profit growth [3] - Luoyang Molybdenum Company projects a tungsten metal output of 6,500 to 7,500 tons for the year 2025 [3]

Group 1 - Tungsten is experiencing a significant price increase, with prices doubling compared to the beginning of the year, including black tungsten concentrate rising by 101.4% to 143,000 CNY/ton [1] - The supply side is tightening due to reduced mining quotas and slower production rates, while domestic demand remains stable, primarily driven by essential purchases [1] - Major companies are managing cost pressures through diversified strategies, effectively transmitting costs without being passively affected [1] Group 2 - The Ministry of Commerce's announcement regarding the export conditions for tungsten, antimony, and silver indicates a positive signal for antimony exports, with expectations for a rebound in prices [2] - The rapid price increase of tungsten in the third quarter has enhanced the pricing power of downstream industries, leading to significant earnings growth for integrated companies [2] Group 3 - Jiaxin International Resources focuses on the Bakuta tungsten mine project in Kazakhstan, with expectations for profit growth due to rising tungsten prices [3] - Luoyang Molybdenum's production guidance for 2025 indicates an expected tungsten metal output of 6,500 to 7,500 tons [3]