12月30日，宏达电子盘中下跌2.00%，截至09:44，报49.91元/股，成交1.03亿元，换手率0.95%，总市值 205.55亿元。 宏达电子所属申万行业为：国防军工-军工电子Ⅱ-军工电子Ⅲ。所属概念板块包括：电感、MLCC概 念、中盘、航天军工、军工电子等。 截至9月30日，宏达电子股东户数2.49万，较上期减少14.68%；人均流通股8600股，较上期增加 17.21%。2025年1月-9月，宏达电子实现营业收入14.04亿元，同比增长18.81%；归母净利润3.27亿元， 同比增长25.07%。 分红方面，宏达电子A股上市后累计派现11.48亿元。近三年，累计派现5.77亿元。 机构持仓方面，截止2025年9月30日，宏达电子十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股600.18万股，相比上期增加347.81万股。长信国防军工量化混合A（002983）位居第八大 流通股东，持股169.86万股，为新进股东。国泰中证军工ETF（512660）位居第九大流通股东，持股 158.87万股，相比上期减少33.85万股。南方中证1000ETF（512100）位居第十大流通股东，持股15 ...

广发百发大数据成长混合A（001734）成立日期2015年11月18日，最新规模2.78亿。今年以来收益 37.99%，同类排名2209/8087；近一年收益34.6%，同类排名2317/8085；成立以来收益82.3%。 12月30日，宏达电子跌1.04%，截至发稿，报50.40元/股，成交1281.62万元，换手率0.12%，总市值 207.57亿元。宏达电子股价已经连续3天下跌，区间累计跌幅9.46%。 资料显示，株洲宏达电子股份有限公司位于湖南省株洲市天元区渌江路2号，成立日期1993年11月18 日，上市日期2017年11月21日，公司主营业务涉及钽电容器等军用电子元器件的研发、生产、销售及相 关服务。主营业务收入构成为：元器件76.99%，模块及其他23.01%。 从基金十大重仓股角度 数据显示，广发基金旗下1只基金重仓宏达电子。广发百发大数据成长混合A（001734）三季度持有股 数6.8万股，占基金净值比例为0.93%，位居第三大重仓股。根据测算，今日浮亏损失约3.6万元。连续3 天下跌期间浮亏损失36.18万元。 广发百发大数据成长混合A（001734）基金经理为叶帅。 截至发稿，叶帅累计任 ...

Core Viewpoint - Hongda Electronics has shown significant stock performance with an 88.33% increase year-to-date, indicating strong market interest and potential growth in the defense electronics sector [1]. Group 1: Stock Performance - On December 25, Hongda Electronics' stock rose by 2.12%, reaching 57.44 CNY per share, with a trading volume of 9.82 billion CNY and a turnover rate of 8.03%, resulting in a total market capitalization of 236.56 billion CNY [1]. - The stock has increased by 42.18% over the last five trading days, 51.12% over the last 20 days, and 45.90% over the last 60 days [1]. - The company has appeared on the stock market's "龙虎榜" (top trading list) twice this year, with the most recent appearance on December 24 [1]. Group 2: Financial Performance - For the period from January to September 2025, Hongda Electronics reported a revenue of 1.404 billion CNY, reflecting a year-on-year growth of 18.81%, and a net profit attributable to shareholders of 327 million CNY, which is a 25.07% increase compared to the previous year [2]. - The company has distributed a total of 1.148 billion CNY in dividends since its A-share listing, with 577 million CNY distributed over the last three years [3]. Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders for Hongda Electronics is 24,900, a decrease of 14.68% from the previous period, while the average number of circulating shares per shareholder has increased by 17.21% to 8,600 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 6.0018 million shares, an increase of 3.4781 million shares from the previous period, while Changxin National Defense Industry Quantitative Mixed A is a new entrant holding 1.6986 million shares [3].

长沙晚报掌上长沙12月23日讯（全媒体记者 刘军）A股三大指数23日集体红盘报收。截至收盘，沪指涨 0.07%，收报3919.98点；深证成指涨0.27%，收报13368.99点；创业板指涨0.41%，收报3205.01点。沪深 两市成交18998亿元，较22日小幅放量379亿元。 到23日为止，大盘已经上攻到了3936点附近，从低点反弹超过百点。大盘23日冲高回落，主要原因有三 点，一是22日深证成指与创业板指留下的缺口没有回补，二是成交量没有明显放大，三是主力资金大幅 流出影响做多的人气。因为昨日留下的缺口是周缺口，所以，大盘应该还会有回踩，并且，大盘首先是 要回踩5日均线（3894点）附近，如果在这里不能企稳回升，大盘回踩的第二个支撑点在3816点附近。 并且，大盘目前在3816与3815点形成了双底，所以大盘回踩到这里的概率并不大。 从盘面上看，有色金属板块23日集体爆发。消息面上，贵金属价格继续全面上涨。白银期货主力合约盘 中涨幅超过4%，盘中再创历史新高；黄金期货也出现了大涨，刺激了有色金属板块走强。考虑到美联 储还有降息，外部环境也有不确定性，黄金等有色金属应该还有行情，但追涨还需谨慎。 商业航 ...

Core Viewpoint - Dongfang Tantalum Industry (000962) is actively responding to industry opportunities and challenges by optimizing product layout, deepening strategic cooperation with core customers, and increasing R&D investment to enhance product competitiveness and expand into emerging markets and application fields [1] Group 1 - The company's products are widely used in superconducting products, high-temperature alloy additives, sputtering targets, tantalum capacitors, hard alloys, and chemical corrosion protection [1] - The company closely monitors industry trends and changes in customer demand [1] - The company aims to enhance product competitiveness through various strategies [1]

Core Viewpoint - Tantalum, a high-tech metal, is experiencing a demand surge driven by emerging industries such as AI, with significant growth potential in its primary applications: tantalum capacitors, high-temperature alloys, and semiconductor chips [1][3][4]. Group 1: Demand Growth - The demand for tantalum is shifting, with traditional tantalum capacitors' share decreasing from 60%-80% to an expected 33% by 2024, while absolute demand remains stable [3]. - Tantalum consumption is projected to grow at a compound annual growth rate (CAGR) of 14% from 2020 to 2024, reaching over 2,500 tons by 2024, and further increasing to 3,546 tons by 2030 at a minimum CAGR of 6% [3]. - The AI sector is expected to significantly boost the demand for tantalum capacitors, particularly in high-end consumer electronics [4][8]. Group 2: Key Applications - Tantalum capacitors are the largest application area, widely used in smartphones, laptops, and aerospace due to their high reliability and performance [3]. - High-temperature alloys are becoming the second-largest application for tantalum, with an expected consumption of approximately 475 tons by 2024, accounting for 19% of global tantalum consumption [4]. - The semiconductor industry is rapidly emerging as the third-largest application for tantalum, with tantalum target materials projected to consume 425 tons by 2024, representing 17% of global consumption [5]. Group 3: Supply Challenges - The supply of tantalum is under pressure due to geopolitical issues, particularly in the Democratic Republic of the Congo, which accounts for about 41.9% of global tantalum production [8]. - The company, Dongfang Tantalum, sources most of its tantalum ore from Africa, South America, and Australia, highlighting the importance of stable supply chains [8]. - Dongfang Tantalum holds a 50% market share in domestic tantalum powder and approximately 20% globally, with a similar share in tantalum wire [9].

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]

Summary of the Conference Call for Dongfang Tantalum Industry Company Overview - **Company**: Dongfang Tantalum Industry - **Industry**: Tantalum and Tin Mining, High-Temperature Alloys, Capacitors Key Financial Performance - Revenue and net profit attributable to the parent company increased by 33% and 45% year-on-year, respectively, driven by capacity release and increased sales, highlighting the development potential of the mining business [2][3] - The company achieved a revenue of 1.2 billion yuan in the first three quarters of 2025, a 34% increase year-on-year, with net profit reaching 210 million yuan, a 33% increase [3] Core Business Developments - The company is focusing on five core initiatives: 1. Fixed asset investment project construction 2. Market expansion in high-temperature alloys and tantalum capacitors 3. Technological research and development for products like high-end products and sugar powder 4. Securing raw material supply through contracts with subsidiaries in Brazil 5. Advancing a 1.2 billion yuan private placement project for digital construction in hydrometallurgy [2][4] Market Position and Competitors - The company maintains a leading position in the carbon powder sector, accounting for over 50% of global production [2][5] - Major competitors in the tantalum capacitor market include Kemet, AVX, Vishay, Panasonic, and Samsung, which together hold 90% of the market share [5] Strategic Acquisitions and Future Plans - The acquisition of a Brazilian mine with the largest tantalum reserves globally and the third-largest tin reserves was completed on March 31, 2025 [6][7] - Plans for technological upgrades at the mine to meet future mining demands and achieve self-sufficiency over the next few decades [6][7] Production Capacity and Sales Expectations - High-end alloy production is currently limited, primarily serving aerospace clients, with plans to increase capacity by over 1,000 tons by 2026 [8] - The company is actively seeking new large clients to expand its market reach [8] Financial Strategies and Funding - A new round of equity incentive plans is in progress, with the first round having significantly boosted revenue [9] - The company plans to complete a non-public offering by the end of 2025 or the first quarter of 2026, with a strong financial position and low loan rates [12] Cash Flow and Accounts Receivable - The company has experienced negative cash flow growth due to rapid revenue increases and significant fixed asset investments, including 80 million yuan for a slag storage facility and 180 million yuan for superconducting guns [13][14] - Accounts receivable have increased in line with revenue growth, with measures in place to control the increase [13] Conclusion - Dongfang Tantalum Industry is positioned for growth with strong financial performance, strategic acquisitions, and a focus on expanding its market presence while managing cash flow and investment effectively.

Group 1: Company Overview and Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 1.2 billion RMB, representing a year-on-year growth of 34% [4] - The net profit attributable to the parent company reached 208 million RMB, with a year-on-year increase of 33% [4] - As of September 2025, the total assets amounted to 3.58 billion RMB, reflecting a growth of 16.96% compared to the previous year [4] Group 2: Key Application Areas for Growth - The high-temperature alloy market has seen rapid growth due to increased demand from gas turbines, aerospace engines, and automotive turbochargers [5] - In the semiconductor sector, the demand for tantalum target materials and high-purity tantalum ingots surged due to the explosive growth of AI and computing chips [5] - The tantalum capacitor market is recovering, driven by the resurgence of the consumer electronics market in 2025 [5] Group 3: Capacity Expansion through New Projects - The company plans to establish a digital factory for tantalum and niobium wet metallurgy, with an annual production capacity of 1,100 tons of potassium fluotantalate and 1,700 tons of niobium pentoxide [6][7] - The smelting production line renovation project is expected to add an annual capacity of 860 tons of niobium and 80 tons of tantalum [7] - The high-end tantalum and niobium products production line is projected to increase capacity by 145 tons per year [7] Group 4: Raw Material Supply Assurance - The company completed a binding equity acquisition of Brazil's Taboca Company and signed a procurement contract for approximately 3,000 tons of iron niobium tantalum alloy, with an estimated procurement value of 540 million RMB [6][7] - The company has established a complete production line from ore wet metallurgy to tantalum and niobium product processing, ensuring a stable supply chain [7]

Summary of the Conference Call for Dongfang Tantalum Industry Industry and Company Overview - **Company**: Dongfang Tantalum Industry - **Industry**: Tantalum materials, particularly in the semiconductor and AI sectors Key Points and Arguments 1. **Surge in Downstream Demand**: The demand for tantalum materials, especially tantalum capacitors, has surged due to the AI wave and semiconductor chip upgrades. The price increase of 10% by Yageo confirms this demand growth, benefiting Dongfang Tantalum, which holds over 50% market share in tantalum powder and wire [2][4][6]. 2. **Accelerated Capacity Expansion**: The company has initiated capacity expansion since 2023, with plans for further increases in 2025. The wet process capacity is expected to increase sixfold compared to 2022, enhancing the company's ability to respond to market fluctuations [2][4][7][16]. 3. **Leading Industry Position**: Dongfang Tantalum is a leader in both global and domestic tantalum refining, being the only company in China with a complete tantalum industry chain. The company is expected to further increase its market share as it expands capacity and the market develops [2][5][12]. 4. **Profit Growth Projections**: The company forecasts profits of 210 million yuan in 2024, 320 million yuan in 2025, and 460 million yuan in 2026, with significant profit growth driven by investment income and low debt levels. Gross and net profit margins are expected to approach 18% [2][8][20]. 5. **Diversified Business Operations**: Dongfang Tantalum is involved in various sectors, including superconducting niobium materials and high-temperature alloy additives, which enhances its market adaptability. The company holds approximately 70% market share in superconducting niobium materials domestically [2][9][13]. 6. **Stable Raw Material Supply**: The company benefits from stable titanium ore prices, around 90 USD per pound, despite geopolitical tensions in the Democratic Republic of Congo and Rwanda. This stability is further supported by purchasing tantalum ore from its controlling shareholder [3][11]. 7. **Market Dynamics for Tantalum Capacitors**: The tantalum capacitor market is experiencing growth, with a significant contribution to profits. The company is also expanding its production of tantalum targets, currently holding about 4% market share [6][13]. 8. **Future Revenue and Profit Expectations**: Revenue projections for 2025 to 2027 are 1.711 billion, 2.244 billion, and 2.684 billion yuan, respectively, with net profits of 324 million, 467 million, and 534 million yuan. The company maintains a "buy" rating, while cautioning about potential risks from raw material costs, exchange rate fluctuations, and policy changes [3][20]. Additional Important Information - **Historical Background**: Established in 1965 and listed in 2000, the company has undergone significant changes, including asset swaps to focus on its core business [10]. - **Global Titanium Ore Supply**: The global supply of titanium ore is relatively abundant, with total reserves of about 140,000 tons and an annual production of approximately 2,100 tons [11]. - **Competitive Landscape**: The company faces limited domestic competition and primarily competes with foreign firms from the US and Japan [12]. This summary encapsulates the essential insights from the conference call, highlighting the company's strategic positioning, market dynamics, and financial outlook.