（编辑 丛可心） 证券日报网讯 1月28日，中钨高新在互动平台回答投资者提问时表示，目前公司海外业务收入整体占比 约为20%-30%。公司严格遵守相关法律法规和政策要求，确保相关产品出口符合国家规定。公司2025年 度具体出口情况请后续参考公司在官方渠道披露的定期报告。 ...

进一步统计，近3个月内该股累计发生7笔大宗交易，合计成交金额为4088.99万元。该股近5个交易日累 计上涨25.43%，主力资金合计净流出5.72亿元。 责任编辑：小浪快报 1月28日，中钨高新收涨3.55%，收盘价为52.28元，发生1笔大宗交易，合计成交量19万股，成交金额 863.55万元。 第1笔成交价格为45.45元，成交19.00万股，成交金额863.55万元，溢价率为-13.06%，买方营业部为中 国中金财富证券有限公司长沙解放西路证券营业部，卖方营业部为东方证券股份有限公司北京安立路证 券营业部。 ...

格隆汇1月28日丨中钨高新(000657.SZ)在投资者互动平台表示，目前公司海外业务收入整体占比约为20- 30%。公司严格遵守相关法律法规和政策要求，确保相关产品出口符合国家规定。 ...

Core Viewpoint - The essence of the cyclical performance of the tool industry is the fluctuation of tool prices, with the rising price of tungsten carbide becoming a decisive factor for the long-term upward cycle of tools [1][2] Group 1: Cycle Judgment - The end of price deflation marks the beginning of an upward cycle in the tool industry [1] - Tool demand is positively correlated with industrial added value, indicating a long-term increase in demand [1] - Tungsten carbide, accounting for 52% of the main BOM cost, is the core factor affecting the industry cycle [1][2] Group 2: Tungsten Price Trend - Domestic tungsten ore mining indicators are expected to decrease by 6.45% year-on-year by 2025, leading to a tightening global supply [2] - The CAGR of tungsten consumption in China from 2020 to 2024 is projected to be 5.52%, with a growing global supply-demand gap [2] - Tungsten is a strategic metal in defense and high-end manufacturing, with export controls implemented to maintain national security [2] Group 3: Competitive Landscape - The tool industry is experiencing a supply-side reform with a trend towards industry consolidation and a decline in foreign imports [3] - From 2018 to 2022, China's tool import value decreased from 14.8 billion to 12.6 billion, while export value increased from 18 billion to 23.2 billion [3] - Private enterprises are showing significant innovation advantages and market vitality, while state-owned enterprises face management and innovation challenges [3] Group 4: Fundamental Evidence - The tool industry is establishing an upward cycle with synchronized improvement in financial statements [4] - Revenue and net profit growth rates for the first three quarters of 2025 are 23.12% and 13.62% respectively, indicating an industry turning point [4] - The cash flow situation is improving, with positive operating cash flow returning in the first half and first three quarters of 2025 [4]

Core Viewpoint - The surge in metal prices, particularly gold and silver, is driven by a combination of geopolitical risks, monetary policy expectations, and structural weaknesses in the dollar credit system, leading to significant investment opportunities in the precious metals sector [4][10]. Group 1: Metal Price Movements - On January 26, gold prices surpassed $5100 per ounce, while silver prices reached over $110 per ounce, marking a significant increase in the precious metals market [4][5]. - The A-share market saw the precious metals sector lead with a 7.3% increase, while basic metals also experienced a rise of 2.73% [2][3]. - Analysts predict that the overall strong trend in the precious metals market will continue, although caution is advised due to high volatility [4][10]. Group 2: Company Performance and Earnings - As of January 26, 73% of the 26 listed companies in the non-ferrous metals sector have reported positive earnings forecasts for 2025, largely attributed to rising metal prices [6][8]. - Companies like Zhao Jin Gold and Hunan Gold expect significant profit increases due to higher gold and other metal prices [7][8]. - The acquisition of gold mines by companies such as Luoyang Molybdenum indicates a strategic move to enhance production capabilities amid rising prices [8]. Group 3: Market Dynamics and Future Outlook - The current market dynamics suggest a potential for further price increases in metals, driven by global economic conditions and supply constraints [9][10]. - Analysts recommend a cautious approach to investment, suggesting strategies that include dollar-cost averaging and careful risk management [10][11]. - Regulatory measures may be implemented to curb excessive speculation in the metals market, emphasizing the need for compliance with trading rules [11].

Group 1 - The Shenzhen State-owned Enterprise ESG Index (970055) closed at 1502.98 points, with a slight increase of 0.04% and a trading volume of 59.929 billion yuan, resulting in a turnover rate of 2.12% [1] - Among the constituent stocks of the index, 19 stocks experienced an increase, with Zhongtung High-tech leading the rise at 10.01%, while 31 stocks saw a decline, with Taisheng Wind Power leading the drop at 10.11% [1] Group 2 - The net outflow of main funds from the Shenzhen State-owned Enterprise ESG Index constituent stocks totaled 2.603 billion yuan, while retail investors saw a net inflow of 1.835 billion yuan and speculative funds had a net inflow of 768 million yuan [2]

Group 1 - The small metals sector experienced a significant increase of 5.23% on January 26, with Zhangyuan Tungsten leading the gains [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] - Key stocks in the small metals sector showed notable price increases, with Zhangyuan Tungsten rising by 10.01% to a closing price of 23.07 [1] Group 2 - The small metals sector saw a net inflow of 1.367 billion yuan from main funds, while retail investors experienced a net outflow of 1.181 billion yuan [2] - The trading volume for Zhangyuan Tungsten was 934,000 shares, with a transaction value of 2.098 billion yuan [1] - North Rare Earth had a net inflow of 726 million yuan from main funds, indicating strong institutional interest [3]

Market Overview - The Shanghai Composite Index fell by 0.09% on January 26, with 10 industries experiencing gains, led by non-ferrous metals and petroleum & petrochemicals, which rose by 4.57% and 3.18% respectively [1] - The defense and military industry and the automotive industry saw the largest declines, with drops of 4.47% and 2.31% respectively [1] - Overall, there was a net outflow of 114.32 billion yuan in the main funds across the two markets, with six industries seeing net inflows [1] Non-Ferrous Metals Industry - The non-ferrous metals industry increased by 4.57%, despite a net outflow of 2.85 billion yuan in main funds [2] - Out of 138 stocks in this sector, 92 rose, with 22 hitting the daily limit, while 46 fell, including 1 hitting the lower limit [2] - The top three stocks with the highest net inflow were Northern Rare Earth (8.12 billion yuan), Luoyang Molybdenum (5.34 billion yuan), and China Tungsten High-Tech (3.65 billion yuan) [2] Non-Ferrous Metals Fund Inflow - The top stocks by fund inflow included: - Northern Rare Earth: +2.50%, turnover rate 5.09%, main fund flow 81.18 million yuan - Luoyang Molybdenum: +8.35%, turnover rate 2.71%, main fund flow 53.39 million yuan - China Tungsten High-Tech: +10.01%, turnover rate 6.90%, main fund flow 36.52 million yuan [2] Non-Ferrous Metals Fund Outflow - The top stocks by fund outflow included: - Silver Industry: -10.03%, turnover rate 8.50%, main fund flow -1397.23 million yuan - Tongling Nonferrous Metals: -10.06%, turnover rate 10.02%, main fund flow -857.32 million yuan - Zijin Mining: -5.17%, turnover rate 3.22%, main fund flow -626.08 million yuan [3]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交全额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2026-01-26 | 000657 | 中钨高新 | 40.50 | 20.00 | | 810.00 中国中金财富证券 | 东方证券股份有限 | | | | | | | | 有限公司长沙解放 | 公司北京安立路证 | | | | | | | | 西路证券营业部 | 券营业部 | | 2026-01-26 | 000657 | 中钨高新 | 40.50 | 30.00 | | 1,215.0 东方证券股份有限 | 东方证券股份有限 | | | | | | | | 公司北京安立路证 | 公司北京安立路证 | | | | | | | | 券营业部 | 券营业部 | 1月26日，中钨高新大宗交易成交50万股，成交额2025万元，占当日总成交额的0.42%，成交价40.5元，较市场收盘价49.47 元折价18.13%。 ...

Group 1 - The core viewpoint of the news highlights a significant surge in the non-ferrous metals sector, with the non-ferrous mining ETF (招商, 159690) experiencing a rise of 5.21% and peaking at 6.77% [1] - Major stocks within the sector, such as 白银有色, 中钨高新, and 兴业银锡, reached their daily limit up, while 湖南白银 and 中金黄金 showed notable gains [1] Group 2 - Bank of America has raised its gold price target to $6,000 per ounce, marking the most aggressive forecast among major institutions [3] - Analyst Michael Hartnett noted that historically, gold prices have increased by an average of 300% over approximately 43 months during past bull markets, suggesting a potential peak in spring 2026 [3] - The top three weighted components of the non-ferrous mining ETF are copper (31%), gold (14%), and aluminum (12%), collectively accounting for 57%, indicating a high concentration in leading resources [3] - The ETF acts as a "non-ferrous amplifier," showing significant leverage effects as its net value can increase several times compared to the underlying commodity prices during price uptrends [3] - The mining sector's long-term investment value is expected to benefit from the recovery of the global manufacturing cycle and the ongoing demand from emerging industries such as renewable energy and artificial intelligence [3]