Ningxia Orient Tantalum Industry Co Ltd

Orient Tantalum disclosed its 2026 semi-annual report. In the first half, it achieved operating revenue of 1.04 billion yuan, up 30.50% year on year, breaking the 1 billion yuan mark for the first time. Net profit attributable to shareholders of the listed company was 122 million yuan, and total profit from the tantalum-niobium main business still achieved positive growth of 5.19% year on year. In March 2026, the company completed a private placement of 1.189 billion yuan, focusing on three major projects: a digital tantalum-niobium hydrometallurgy plant, expansion and upgrading of a pyrometallurgical smelting product production line, and a high-end product production line. Several of the projects funded by the placement have entered the equipment installation and commissioning stage. In the first half, overseas sales revenue was 498 million yuan, a sharp year-on-year increase of 77.02%, and its share of total revenue rose to 47.87%. Guosheng Securities expects the company's net profit attributable to the parent from 2026 to 2028 to be 390 million yuan, 560 million yuan, and 730 million yuan, respectively.

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.

ChinaAMC Military Security Hybrid A disclosed its 2026 second-quarter report, with a quarterly profit of 1.075 billion yuan and a weighted average fund unit profit of 0.542 yuan. The fund's net asset value rose 24.82 percent during the reporting period, and its size stood at 4.474 billion yuan at the end of the second quarter. Fund manager Wan Fangfang said that looking ahead to the second half of the year, domestic military equipment demand is likely to improve, unmanned and intelligent equipment are profoundly changing the nature of warfare, and a new batch of equipment models will become the focus of procurement over the next five years. From July, China's commercial space sector will enter a dense launch window, and reusable rocket verification is expected to drive investment sentiment. International arms trade orders have reached a historic high, and the Zhuhai Airshow in November will be a key event leading the overseas expansion of Chinese military equipment. The fund remains committed to long-term military industry investment, focusing on leading companies in high-quality sectors and growth-oriented platform companies, with key allocations in commercial aerospace, arms trade, the aerospace missile industry chain, aviation equipment platform companies, aircraft engines, and high-barrier new materials. As of July 20, the fund's one-year total return with reinvested dividends was 29.59 percent, the three-year return was 36.38 percent, the three-year maximum drawdown was 38.79 percent, and the average equity allocation over three years was 93.22 percent. At the end of the second quarter, the top ten heavy holdings included Fudan Microelectronics, Huaqin Technology, and Dongfang Tantalum Industry.