来源：新浪基金∞工作室 中证500成长ETF银华（562340）业绩比较基准为中证500质量成长指数收益率×100%，管理人为银华基 金管理股份有限公司，基金经理为张亦驰，成立（2024-04-25）以来回报为39.20%，近一个月回报为 3.00%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月24日，截止午间收盘，中证500成长ETF银华（562340）涨1.73%，报1.415元，成交额45.79万元。中 证500成长ETF银华（562340）重仓股方面，巨人网络截止午盘跌4.69%，西部矿业涨2.60%，天山铝业 涨1.05%，厦门钨业涨0.82%，通富微电涨2.12%，宏发股份涨2.38%，杰瑞股份涨5.15%，睿创微纳涨 0.17%，豪迈科技涨0.16%，金诚信涨2.94%。 ...

Group 1 - Tungsten prices have surged significantly since the beginning of the year, with black tungsten concentrate (≥65%) averaging 696,000 yuan/ton, reflecting a year-to-date increase of approximately 51.6% [3] - The rapid price increase is attributed to supply constraints in the mining sector and increased demand for inventory replenishment from downstream industries, exacerbated by strict crackdowns on illegal mining [2][8] - Major tungsten companies, including Xiamen Tungsten (600549.SH), Zhongtung High-tech (000657.SZ), and Xianglu Tungsten (002842.SZ), have issued multiple price increase notices this year [2][6] Group 2 - The tightening supply of tungsten has led to a situation where some downstream companies are struggling to cope with high prices, resulting in a "no rice to cook" scenario [7] - The crackdown on illegal mining has reduced the market supply of raw materials by approximately one-third to one-fourth, impacting the overall availability of tungsten [7][9] - The current supply-demand imbalance raises questions about whether the rapid price increase is a temporary phenomenon or indicative of a longer-term structural bull market [2][15] Group 3 - The transmission of price increases from the tungsten mining sector to downstream industries is generally smooth but may weaken over time, particularly affecting lower-end processing sectors [11][12] - High-end tungsten products, such as hard alloys and cutting tools, are experiencing increased demand, with lead times for orders extending from over a month to 2-3 months [14] - The cost of tungsten raw materials constitutes a small portion of the overall production costs for tools, which limits the impact of price increases on end-user pricing [14] Group 4 - The long-term outlook for tungsten prices remains strong due to ongoing supply constraints and increasing demand from traditional industries and emerging sectors [15][16] - Analysts suggest that while there may be short-term price adjustments, the overall trend is expected to maintain a high price level due to limited new mining capacity and stringent domestic regulations [15][16] - The market sentiment has become extreme due to the rapid price increases, indicating potential for a correction in the near future [17]

Core Viewpoint - The tungsten price has surged significantly since the beginning of the year, driven by supply constraints and increased demand from downstream industries, leading to a "jumping price mode" in the market [1][2]. Supply and Demand Dynamics - As of February 12, the average price of black tungsten concentrate (≥65%) reached 696,000 yuan per ton, reflecting a year-to-date increase of approximately 51.6% [2]. - The domestic supply of tungsten has decreased by about one-third to one-fourth due to intensified crackdowns on illegal mining activities, which has contributed to the current price surge [5][6]. - The actual annual supply of tungsten ore in China is estimated to be around 120,000 to 130,000 tons, with about 20% of this supply being unregulated and thus not circulating in the market [6][7]. Impact on Downstream Industries - The rapid price increase has led to a trust crisis in the spot market, with some downstream companies facing difficulties in fulfilling contracts due to soaring prices [4][9]. - Major tungsten companies, including Xiamen Tungsten (600549.SH) and Zhongtung High-tech (000657.SZ), have issued multiple price increase notifications this year, reflecting the upward pressure on prices [1][5]. - The cost of tungsten in the manufacturing of tools is relatively low, accounting for about 10%-15% of the total cost, which may limit the impact of price increases on end products [12]. Market Sentiment and Future Outlook - Industry experts express mixed sentiments about the sustainability of the current price levels, with some predicting potential adjustments in the near future due to extreme market emotions [14][15]. - The ongoing supply constraints, coupled with the increasing demand from traditional and emerging sectors, suggest that tungsten prices may remain elevated in the medium to long term [13][14]. - The tightening of mining quotas and the limited new production capacity are expected to keep the supply-demand imbalance unresolved in the short term [13][14].

板块变化情况 经济观察网厦门钨业（600549）在2026年2月13日出现逆板块下跌，主要受以下因素影响： 当日有色金属板块整体表现疲软，上证指数下跌1.26%，有色金属(代码：01801050)板块指数下跌 3.36%，钨概念(代码：02050012)板块指数下跌3.71%。在此背景下，厦门钨业作为板块成分股受到市场 情绪拖累。 资金面情况 2月13日厦门钨业主力资金净流出3.18亿元，占总成交额的8.41%，显示部分资金选择获利了结。尽管公 司近5日融资净流入3.86亿元，但短期资金博弈加剧了股价波动。 公司估值 截至2月13日，厦门钨业动态市盈率为39.76倍，虽低于行业54.91倍的中位值，但股价在前期涨幅较大 (年初至2月6日累计上涨27%)，存在技术性回调压力。 公司基本面 值得注意的是，厦门钨业2025年业绩表现强劲，营收同比增长31.37%，归母净利润增长35.08%。公司 近期拟收购九江大地矿业股权以增强资源保障，光伏钨丝全球市占率超80%，基本面向好趋势未变。 以上内容基于公开资料整理，不构成投资建议。 ...

东方红中证500指数增强发起A（021175）成立日期2024年7月9日，最新规模3240.29万。今年以来收益 9.54%，同类排名1503/5569；近一年收益26.91%，同类排名2388/4295；成立以来收益47.14%。 2月13日，厦门钨业跌5.01%，截至发稿，报59.71元/股，成交27.44亿元，换手率2.91%，总市值947.95 亿元。 资料显示，厦门钨业股份有限公司位于福建省厦门市思明区展鸿路81号翔业国际大厦21-22层，成立日 期1997年12月30日，上市日期2002年11月7日，公司主营业务涉及从事钨精矿、钨钼中间制品、粉末产 品、丝材板材、硬质合金、切削刀具、各种稀土氧化物、稀土金属、稀土发光材料、磁性材料和稀土贮 氢、系列锂电池材料等其他能源新材料的生产、销售与研发和稀土投资,兼营房地产开发与经营。主营 业务收入构成为：钨钼等有色金属制品46.21%，电池材料39.28%，稀土业务14.36%，房地产及配套管 理0.14%。 从基金十大重仓股角度 数据显示，东证资管旗下1只基金重仓厦门钨业。东方红中证500指数增强发起A（021175）四季度持有 股数4.63万股，占基金 ...

有色概念股走低，锡业股份跌超4%，北方稀土、厦门钨业跌超3%，洛阳钼业、中国铝业、兴业银锡等跌超2%。 受盘面影响，工业有色相关ETF跌超2%。 有券商表示，工业有色等周期资源类品种尽管面临短期市场波动，但长期收益前景依然可观，受益于工业结构优化和 持续的需求增长。此外，基于业绩趋势模型分析，工业有色板块当前估值合理，未来有望迎来反弹机会，建议重点关 注其在产业链中的潜在表现，把握超跌带来的投资窗口。 （文章来源：每日经济新闻） | 代码 | 名称 | 现价 | 涨跌 涨跌幅 ▲ | | --- | --- | --- | --- | | 159162 | 工业有色ETE鹏华 | 0.971 | -0.024 -2.41% | | 159168 | 有色ETF富国 | 1.020 | -0.025 -2.39% | | 560860 | 工业有色ETF万家 | 1.887 | -0.043 -2.23% | | 159157 | 有色金属ETF天弘 | 0.985 | -0.021 -2.09% | ...

（文章来源：每日经济新闻） 每经AI快讯，2月13日，稀土指数盘初下跌2%，主要成分股普遍走低。北方稀土、厦门钨业、盛和资 源、中国稀土、中稀有色等跌幅居前。 ...

Group 1 - The Ministry of Commerce announced that starting from February 13, 2026, it will impose countervailing duties on imported dairy products originating from the EU to maintain fair competition in the domestic dairy market [2][17] - The People's Bank of China will conduct a 1 trillion yuan reverse repurchase operation on February 13, 2026, to ensure liquidity stability ahead of the Spring Festival [3][18] - The stock price of domestic large model company Zhipu has doubled in four days, with a market value exceeding 179 billion HKD, driven by the release of its flagship model GLM-5 and strong demand [4][20] Group 2 - The company Yuhua Development is accepting 177 residential units as debt repayment to recover 241 million yuan in group purchase tail payments, with a planned public sale price of 251 million yuan [5][21] - In the US stock market, popular Chinese concept stocks experienced a collective decline, while storage concept stocks like Seagate Technology saw significant gains [6][22] - Nuveen, a US asset management giant, announced the acquisition of UK-based Schroders for approximately 13.5 billion USD, which will create a combined asset management scale of nearly 2.5 trillion USD [24] Group 3 - On February 12, A-shares saw a collective rise, with market turnover exceeding 2.16 trillion yuan, driven by strong interest from institutions and northbound funds in sectors like liquid cooling servers and CPO [8][25] - Several companies with significant recent stock price increases issued risk warnings, clarifying that their main businesses had not undergone major changes [9][26] - The stock prices of companies in the computing power hardware sector have surged over 100%, driven by macro policies supporting "AI+" and increased demand for computing power [10][27] Group 4 - High-end electronic fabric prices have been rising sharply due to increased demand from AI chip production, with leading companies raising prices by over 10% [11][28] - Xiamen Tungsten Industry plans to acquire a 39% stake in Jiujiang Dadi to enhance its tungsten resource reserves and reduce supply chain risks [15][34] - The investment landscape for global power grids is improving, with Chinese power equipment companies accelerating their overseas expansion due to aging infrastructure in developed countries [31]

Core Viewpoint - Tungsten, known as "industrial teeth," is experiencing a surge in demand and price due to supply constraints and strong market demand [1][2]. Group 1: Price Increases - The long-term procurement prices for tungsten products have significantly increased, with 55% black tungsten concentrate rising by 28.1% to 670,000 CNY/ton and 55% white tungsten concentrate increasing by 28.2% to 669,000 CNY/ton [2][3]. - Ammonium paratungstate (standard grade zero) long-term procurement price rose by 27.6% to 970,000 CNY/ton [2]. Group 2: Supply and Demand Dynamics - Domestic mining operations are conservatively producing, leading to a weak market increment expectation and further price adjustments for long-term contracts [2]. - The supply side is facing tightening due to stricter safety and environmental regulations, resulting in decreased production and shipments from some mines [2][3]. - Demand remains stable, primarily driven by essential purchases, particularly in the PCB tool sector [2]. Group 3: Future Price Outlook - Institutions are optimistic about the future price of tungsten, with expectations for continued strong performance and new highs [3]. - The global tungsten production is projected to increase from 82,800 tons in 2025 to 89,900 tons by 2028, while demand is expected to rise from 102,100 tons to 110,000 tons, indicating a potential supply-demand gap [3]. Group 4: Stock Market Response - A-share tungsten concept stocks have reacted positively to the price increases and supply-demand changes, with several stocks hitting the daily limit [4]. - Notable performers include Xianglu Tungsten Industry and Zhangyuan Tungsten Industry, both of which saw significant price increases [4][5]. - Xianglu Tungsten Industry has achieved a cumulative increase of 166.32% this year, reflecting strong market interest [5].

Core Viewpoint - The news highlights the rising prices of key mineral resources in China, driven by geopolitical factors and supply chain security concerns, with a focus on tungsten and rare earth elements. Group 1: Market Trends - Domestic prices for 65% black tungsten concentrate have increased to 697,000 yuan per ton, up by 7,000 yuan from the previous trading day [2] - Similarly, the price for 65% white tungsten concentrate has also risen to 696,000 yuan per ton, reflecting the same increase [2] - The overall trend indicates a tightening supply of critical mineral resources, leading to upward price pressure [2] Group 2: Industry Insights - China Galaxy Securities notes that major countries are enhancing their resource supply security by controlling key minerals and increasing resource reserves, which will widen the supply gap for critical minerals globally [2] - The establishment of independent supply chains by these countries is expected to stimulate economic activity through rising metal prices, contributing to a "security premium" on global mineral resources [2] - The report emphasizes a bullish outlook on the prices of copper, tungsten, and rare earths due to their high demand and supply constraints [2] Group 3: Company Recommendations - Companies to watch include Zijin Mining, Luoyang Molybdenum, Minmetals Resources, Zhongtung High-tech, Xiamen Tungsten, Northern Rare Earth, China Rare Earth, and Shenghe Resources, as they are positioned to benefit from the rising prices of key minerals [2]