Group 1 - The core viewpoint of the article highlights that Jiaxin International Resources (03858) has seen its stock price rise over 5%, reaching a new high of 63.15 HKD, which is nearly five times its IPO price of 10.62 HKD [1] - As of the report, the stock is up 5.36%, trading at 62.9 HKD with a transaction volume of 36.73 million HKD [1] - The price increase is attributed to tightening supply and demand dynamics in the tungsten market, with tungsten prices surpassing 480,000 RMB per ton, setting a new historical high [1] Group 2 - Jiaxin International Resources is a tungsten mining development company headquartered in Kazakhstan, with its core asset being the Bakuta tungsten project [1] - The company's business model encompasses the entire value chain of tungsten mining, including exploration, extraction, processing, and sales, with tungsten concentrate as its main product [1] - First Shanghai believes that the company is at a critical value release inflection point, possessing world-class core assets that lay the foundation for long-term growth [1] - The company is noted as a rare pure tungsten mining target in the market, with its current stock price offering a high margin of safety and attractiveness [1]

Group 1 - Recent significant price increases in various minor metals, with tungsten showing the most notable rise. As of January 9, black tungsten concentrate (≥65%) is priced at 485,000 yuan/ton, a week-on-week increase of 5.4%. Ammonium paratungstate (APT) is priced at 710,000 yuan/ton, up 6.0% week-on-week; tungsten powder is priced at 1,130 yuan/kg, up 6.5% week-on-week, all reaching historical highs [1] - According to Shenwan Hongyuan Research, the minor metals sector is expected to see positive changes by 2026, driven by high growth in energy storage demand, which will accelerate the reversal cycle in the lithium carbonate industry. In the context of de-globalization, the value of strategic minor metals such as rare earths, tungsten, and antimony will continue to be reassessed [1] - The reshaping of the global credit landscape and the continuation of the Federal Reserve's interest rate cut cycle will jointly support the favorable trend of precious and minor metals [1] Group 2 - On January 9, the A-share market experienced a strong rally, with the Shanghai Composite Index breaking through 4,100 points. The total trading volume reached 3.12 trillion yuan, marking the sixth historical instance of surpassing 3 trillion yuan in trading volume [3] - The minor metals concept continues to strengthen, with several stocks such as Hailiang Co., Yunnan Tin Company, Antai Technology, Xiamen Tungsten, and Zhenhua Co. hitting the daily limit. Other stocks like Zhangyuan Tungsten, Tin Industry Co., Huaxi Nonferrous, Chihong Zinc & Germanium, and China Uranium Industry also saw price increases [3]

Core Viewpoint - The non-ferrous metal sector in the Shanghai and Shenzhen markets is experiencing active performance, with several companies showing significant stock price increases today. Group 1: Company Highlights - Antai Technology: Latest stock price is 25.19 yuan with a daily increase of +10.00%. It is a leader in refractory metals and semiconductor equipment materials, holding a leading global market share in tungsten alloy multi-leaf gratings [1]. - Xiamen Tungsten: Latest stock price is 48.19 yuan with a daily increase of +10.00%. It possesses a complete tungsten industry chain and is the first in China to develop and produce tungsten components for nuclear fusion devices [2]. - Zhangyuan Tungsten: Latest stock price is 16.96 yuan with a daily increase of +8.44%. It is a domestic producer with a complete tungsten industry chain and has its own tungsten mine resources with nearly 95,000 tons of tungsten reserves [3]. - Tin Industry Co.: Latest stock price is 33.82 yuan with a daily increase of +7.81%. It operates as a full industry chain enterprise in non-ferrous metals [4]. - Zhong Rare Earth: Latest stock price is 64.22 yuan with a daily increase of +6.41%. It is a core platform of China Rare Earth Group, spanning industries including rare earth, copper, and tungsten [5]. - Zhong Tung High-tech: Latest stock price is 32.89 yuan with a daily increase of +6.03%. It is a tungsten industry platform under China Minmetals, operating the entire industry chain, with significantly increased tungsten metal reserves after acquisitions [6]. - Luoyang Molybdenum: Latest stock price is 22.78 yuan with a daily increase of +5.07%. It is a global diversified mineral giant, operating molybdenum-tungsten mines that are associated with tungsten resources [7]. - Zhongjin Lingnan: Latest stock price is 6.51 yuan with a daily increase of +4.83%. It is a comprehensive non-ferrous metal enterprise [9].

Group 1 - The A-share small metal sector showed strength, with the sector index rising by 3.59% as of the morning close on January 9, 2023, driven by significant price increases in tungsten and other rare metals [1] - Notable stocks in the sector included Yunnan Zhenye, Dongfang Tantalum, and Xiamen Tungsten, which reached their daily limit up, while other companies like Jinchuan Group and Huaxi Nonferrous also saw gains [1] - Tungsten prices have reached historical highs, with black tungsten concentrate priced at 485,000 yuan/ton, ammonium paratungstate (APT) at 710,000 yuan/ton, and tungsten powder at 1,130 yuan/kg, reflecting week-on-week increases of 5.4%, 6.0%, and 6.5% respectively [1] Group 2 - Analysts indicate that the tungsten market is supported by supply constraints due to lower ore grades, controlled mining volumes, and sellers' reluctance to sell, alongside a growing global demand for strategic resources [2] - The cobalt market is experiencing price increases due to export quota controls in the Democratic Republic of Congo and delays in domestic arrivals, with cobalt powder prices rising to 570 yuan/kg, a week-on-week increase of 10.7% [2] - The rare earth industry is witnessing price increases, with the rare earth industry index rising by 2.96% on January 9, driven by supply constraints, favorable macroeconomic conditions, and increasing downstream demand [2] Group 3 - The global rare earth industry is undergoing a transformation, with domestic supply consolidation and increased industry concentration, while overseas mines are actively developing, indicating a trend towards diversified global supply [3] - Demand for rare earths is stable in traditional sectors like electric vehicles and wind power, while emerging fields such as robotics and low-altitude economy are expected to provide long-term support for demand [3] - The supply-demand imbalance for strategic minor metals is tightening due to limited reserves, high extraction difficulty, and rapid growth in downstream demand from sectors like new energy and semiconductors [3]

Group 1 - The small metals sector increased by 3.14% on January 7, with Xianglu Tungsten leading the gains [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] - Key stocks in the small metals sector showed significant price increases, with Xianglu Tungsten rising by 9.98% to a closing price of 16.53 [1] Group 2 - The small metals sector experienced a net inflow of 1.543 billion yuan from main funds, while retail investors saw a net outflow of 703 million yuan [2][3] - Notable stocks with significant main fund inflows include Northern Rare Earth with 647 million yuan and China Rare Earth with 468 million yuan [3] - Conversely, stocks like Western Materials and Tian Gong Co. faced declines, with Western Materials down by 3.86% [2]

Group 1 - The core viewpoint of the news is that Zhangyuan Tungsten Industry has seen a stock price increase of 6%, reaching 15.90 yuan per share, with a trading volume of 697 million yuan and a turnover rate of 3.79%, resulting in a total market capitalization of 19.103 billion yuan [1] - Zhangyuan Tungsten Industry, established on February 28, 2000, and listed on March 31, 2010, is located in Chongyi County, Ganzhou City, Jiangxi Province. The company specializes in the tungsten industry chain, including products such as APT, tungsten oxide, tungsten powder, tungsten carbide powder, tungsten materials, and hard alloys [1] - The main business revenue composition of Zhangyuan Tungsten Industry includes tungsten carbide powder (34.10%), tungsten powder (31.47%), hard alloys (21.28%), and other products (8.49%) [1] Group 2 - From the perspective of fund holdings, one fund under Xinghua Fund has a significant position in Zhangyuan Tungsten Industry. The Xinghua Jingcheng Mixed A Fund (023173) held 406,000 shares in the third quarter, accounting for 7.25% of the fund's net value, making it the seventh-largest holding [2] - The Xinghua Jingcheng Mixed A Fund (023173) was established on July 9, 2025, with a latest scale of 60.2717 million yuan. The fund has achieved a year-to-date return of 0.4%, ranking 8112 out of 8823 in its category, and a cumulative return of 23.81% since inception [2] Group 3 - The fund managers of Xinghua Jingcheng Mixed A Fund (023173) include Lü Zhizhuo, Cui Tao, and Hu Xichao. Lü Zhizhuo has a tenure of 5 years and 10 days, with a total fund asset size of 3.364 billion yuan, achieving a best return of 23.32% and a worst return of -8.65% during his tenure [3] - Cui Tao has a tenure of 2 years and 217 days, managing a fund asset size of 160 million yuan, with a best return of 24.06% and a worst return of -6.1% [3] - Hu Xichao has a tenure of 108 days, overseeing a fund asset size of 123 million yuan, with a best return of 4.08% and a worst return of 0.11% [3]

Core Viewpoint - Zhangyuan Tungsten Industry (002378) announced the convening of its first extraordinary general meeting of shareholders for 2026 on January 16, 2026, at 14:30, to review proposals regarding expected daily related party transactions for 2026 and the establishment of a remuneration management system for directors and senior management [1] Group 1 - The company will hold the extraordinary general meeting both in-person and via online voting [1] - The agenda includes the review of expected daily related party transactions for the year 2026 [1] - The meeting will also address the proposal for the remuneration management system for directors and senior management [1]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 崇义章源钨业股份有限公司（以下简称"公司"）于 2025 年 12 月 27 日召开 第六届董事会第二十二次会议，审议通过《关于提请召开 2026 年第一次临时股 东会的议案》，现将本次股东会有关事项公告如下： 证券代码：002378 证券简称：章源钨业 公告编号：2025-066 崇义章源钨业股份有限公司 关于召开 2026 年第一次临时股东会的通知 一、召开会议的基本情况 1．股东会届次：2026 年第一次临时股东会 2．股东会的召集人：公司董事会 公司于 2025 年 12 月 27 日召开第六届董事会第二十二次会议，审议通过《关 于提请召开 2026 年第一次临时股东会的议案》，决定于 2026 年 1 月 16 日召开 公司 2026 年第一次临时股东会。 3．本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易 所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号—主板上市公 司规范运作》等法律、行政法规、部门规章、规范性文件及公司《章程》的有关 规定。 4．会议召开的日期、时间： ...

第一章 总则 第一条 为规范崇义章源钨业股份有限公司（以下简称"公司"）董事、高级 管理人员（以下简称"高管"）的薪酬管理，建立科学有效的激励与约束机制，提 高公司经营管理水平，促进公司稳健经营和可持续发展，根据《中华人民共和国 公司法》《上市公司治理准则》等有关法律、法规、规范性文件以及公司《章程》 的有关规定，结合公司实际情况，特制定本制度。 第二条 本制度适用于公司董事以及高管，董事包括非独立董事（含职工董 事）、独立董事。 第三条 公司董事、高管的薪酬分配遵循以下原则： 崇义章源钨业股份有限公司 董事、高级管理人员薪酬管理制度 （2025 年 12 月 27 日经公司第六届董事会第二十二次会议审议通过） （一）薪酬与公司行业地位及企业实际情况相匹配的原则； （二）薪酬与公司业绩和股东回报相结合的原则； （三）薪酬与个人职责、贡献和绩效相适应的原则； （四）薪酬与公司总体薪酬体系、公司其他重要管理和技术人才薪酬相适配 的原则； （五）薪酬与公司可持续发展相符合的原则。 第二章 薪酬方案及构成 第四条 公司董事、高管薪酬方案由薪酬与考核委员会制定，明确薪酬确定 依据和具体构成。董事薪酬方案经董事会审议后， ...

证券代码：002378 证券简称：章源钨业 公告编号：2025-065 崇义章源钨业股份有限公司 关于 2026 年度日常关联交易预计的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、日常关联交易基本情况 （一）日常关联交易概述 （三）2025 年日常关联交易实际发生情况 单位：人民币万元 崇义章源钨业股份有限公司（以下简称"公司"或"本公司"）于 2025 年 12 月 27 日召开第六届董事会第二十二次会议，全体董事以 9 票同意，0 票反对，0 票 弃权的表决结果，审议通过了《关于 2026 年度日常关联交易预计的议案》。公 司及控股子公司根据生产经营需要，对与关联方西安华山金属材料科技有限公司 （以下简称"西安华山"）和 KBM Corporation（以下简称"KBM"）的日常关联交 易情况进行了估计，预计 2026 年与西安华山关联交易金额为 8,410 万元人民币； 预计 2026 年与 KBM 关联交易金额为 61,500 万元人民币。 截至本公告披露日，公司及控股子公司与西安华山交易金额为 4,668.67 万元 人民币，公司及控股 ...