Guangdong Xianglu Tungsten Co Ltd

On August 6, the minor metals sector rose 3.12% intraday, with Yunnan Germanium hitting its daily limit up, and China Tungsten and Hightech and Dongfang Tantalum among the top gainers. A Changjiang Securities research note pointed out that the minor metals sector is shifting from valuation contraction to a fundamentals-driven uptrend. Tantalum is benefiting from rising demand for polymer tantalum capacitors driven by high power consumption in AI chips. Nvidia's GB200 has already adopted them at scale, and per-unit tantalum capacitor usage in the GB300 and Rubin platforms is expected to increase further, marking an industry inflection point. Molybdenum, a critical metal for oil and gas and military applications, is also seeing long-term growth potential from the trend of replacing tungsten with molybdenum in semiconductors, in addition to cyclical restocking logic.

As of July 23, nearly 90 listed nonferrous metals companies have released their preliminary first-half 2026 earnings forecasts, with over 80% reporting improved results. Tianqi Lithium expects net profit attributable to shareholders to rise by 3,276.35% to 4,934.91%, the highest growth in the sector. Ganfeng Lithium, Tianhua New Energy, and other lithium producers also posted gains ranging from several-fold to dozens of times, mainly driven by a recovery in lithium prices and demand from the new energy sector. Minor metals such as tungsten and germanium performed strongly, with Xianglu Tungsten forecasting growth of up to 3,435.76%, and Yunnan Germanium benefiting from rising demand for high-speed optical modules. The aluminum processing segment faced significant pressure, with Xinbo Aluminum expecting a loss of 46 million to 65 million yuan, a year-on-year decline of 224.7% to 276.21%. Gold companies generally improved, with Zhaojin Gold and Western Gold both more than doubling their earnings.