截至发稿，王正累计任职时间6年58天，现任基金资产总规模30.31亿元，任职期间最佳基金回报 43.66%， 任职期间最差基金回报-25.01%。 从基金十大重仓股角度 数据显示，华宝基金旗下1只基金重仓厦门钨业。华宝中证稀有金属指数增强发起A（013942）四季度 持有股数51.15万股，占基金净值比例为2.9%，位居第九大重仓股。根据测算，今日浮盈赚取约168.28 万元。 2月26日，厦门钨业涨5.13%，截至发稿，报67.42元/股，成交20.90亿元，换手率2.04%，总市值1070.35 亿元。 华宝中证稀有金属指数增强发起A（013942）成立日期2021年12月15日，最新规模2.12亿。今年以来收 益22.07%，同类排名115/5572；近一年收益120.18%，同类排名51/4311；成立以来收益28.41%。 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 ...

Core Viewpoint - The rare metal stocks in the A-share market have collectively strengthened, with significant price increases observed in several companies, driven by rising raw material costs and strategic pricing adjustments [1][2]. Group 1: Company Performance - Zhangyuan Tungsten Industry and Yunnan Zinc Industry both reached the daily limit increase of 10.01% [1][2]. - Zhongtung High-tech saw an increase of over 8.11%, while Dongfang Tantalum Industry rose by over 6.70% [1][2]. - Other notable performers include Xianglu Tungsten Industry, Rongjie Co., Tianqi Lithium, and Yongxing Materials, all increasing by over 4% [1][2]. - Xiamen Tungsten Industry, Ganfeng Lithium, and Tibet Mining also experienced gains of over 3% [1][2]. Group 2: Market Dynamics - Zhangyuan Tungsten Industry announced a price adjustment for its welding machine clamp blades due to the continuous rise in tungsten raw material prices, effective from February 26, 2026 [1]. - The U.S. White House plans to utilize an AI model developed by the Department of Defense to establish reference prices for critical global mineral trades, starting with germanium, gallium, antimony, and tungsten [1].

Core Viewpoint - The tungsten market has experienced a strong upward trend since the beginning of 2026, with core product prices reaching historical highs, making it the most outstanding performer in the non-ferrous metal sector [1] Group 1: Price Trends - In the second half of February 2026, major companies announced long-term procurement prices: 55% black tungsten concentrate at 730,000 CNY/ton, 55% white tungsten concentrate at 729,000 CNY/ton, and ammonium paratungstate (national standard zero grade) at 1,070,000 CNY/ton, all of which represent an increase from the first half of February [1] - The overall price increase is driven by tight market supply and a clear sentiment of reluctance to sell among enterprises, leading to a price surge along the industrial chain [1] Group 2: Factors Driving Price Increase - The price increase is attributed to three main factors: tightening supply, recovering demand, and reassessment of strategic attributes [2] - On the supply side, domestic mining has implemented total extraction control, with 2026 extraction indicators remaining tight, compounded by enhanced environmental and safety regulations, leading to the exit of small mines and a continuous contraction of effective supply [2] - On the demand side, sectors such as high-end manufacturing, new energy vehicles, and military industries are seeing steady recovery, with significant increases in demand from emerging fields like photovoltaic tungsten wire, military, and semiconductors [2] Group 3: Impact on Downstream Industries - The continuous rise in tungsten prices significantly impacts downstream industries, particularly the hard alloy sector, where tungsten raw materials account for 60% to 70% of production costs, leading to increased production costs and financial pressure on small processing enterprises [3] - Some downstream companies are experiencing difficulties in procurement, with reports of "difficulty in obtaining goods, price increases, and low inventory" [3] Group 4: Industry Transformation - In response to ongoing cost pressures, downstream companies are actively adopting various measures to accelerate industry transformation and upgrading [4] - Large enterprises are signing long-term procurement agreements to lock in raw material prices and increase R&D investment to optimize production processes and reduce raw material losses [4] - Leading companies are focusing on high-value-added products, such as Xiamen Tungsten Co., Ltd. producing ultra-fine tungsten wire for photovoltaic applications, thereby achieving premium pricing [4] - The recycling of tungsten is also gaining traction, with leading companies investing in waste tungsten recovery technologies to alleviate the tight supply of primary tungsten [4] - Industry experts suggest that the tungsten market has entered a phase of tight supply and demand balance, with strong price support expected in the short term, while long-term demand from new energy and high-end manufacturing will further highlight tungsten's scarcity and value [4]

Core Viewpoint - The tungsten market is expected to outperform other commodities like gold and lithium in 2025-2026, with tungsten prices having already increased by over 220% in 2025, surpassing gold's performance [1][2]. Supply and Demand Dynamics - As of February 25, 2025, the price of tungsten iron in Shanghai has exceeded 1.0225 million yuan per ton, a 3.7-fold increase compared to the same period last year [3]. - The price of black tungsten concentrate reached 705,000 yuan per ton in 2026, up 53.26% year-to-date, while ammonium paratungstate (APT) is priced at 1.05 million yuan per ton, up 56.72%, both hitting historical highs [5]. - China's tungsten reserves account for 52% of the global total, and its production represents 83%, making it the leading tungsten supplier globally [7]. - From 2025, China will tighten tungsten resource management, leading to a significant reduction in supply, with the first batch of tungsten concentrate mining quotas set at 58,000 tons, a 6.5% decrease from the previous year [7]. - Export controls on tungsten products will further tighten global supply, with a projected 27.5% decrease in tungsten exports in 2025 [7][8]. - The slow release of overseas tungsten production capacity will not compensate for the supply reduction from China, with new non-Chinese tungsten concentrate capacity expected to be less than 5,000 tons by 2026 [8]. Demand Growth - Tungsten's applications are expanding beyond traditional sectors into high-end fields such as renewable energy, military, and semiconductors [10]. - Key drivers of demand growth include photovoltaic tungsten wire and PCB drill bits, with strong demand from military and semiconductor sectors [11]. - Since September 2025, tungsten concentrate inventories have been depleting, leading to tight spot supply and increased demand for replenishment from downstream enterprises [12]. Industry Profitability - The rise in tungsten prices is improving profitability across the industry, with significant benefits for resource-rich and high-end processing companies [15]. - Companies with their own tungsten resources, such as Zhangyuan Tungsten, are experiencing substantial profit increases, with stock prices rising over 136% this year [17]. - High-end processing companies, like Zhongtung High-tech, are also benefiting from price increases and strong demand for high-end tungsten products, with stock prices up over 112% [20]. Long-term Outlook - The ongoing rise in tungsten prices is expected to become a long-term norm rather than a short-term market speculation [14]. - The strategic value of tungsten is increasing amid global competition for strategic mineral resources, with China holding a dominant position in the tungsten market [25]. - The valuation logic for tungsten has shifted, with its dual attributes of being a strategic resource and high-end manufacturing material likely to enhance its valuation further [23][24].

Core Viewpoint - The tungsten market is expected to outperform other commodities like gold and lithium in 2025-2026, driven by a combination of policy, resource constraints, and strong demand [1][8]. Supply and Demand Dynamics - Tungsten prices have surged over 220% in 2025, significantly outpacing gold [2]. - As of February 25, 2025, the price of tungsten iron in Shanghai reached 1.0225 million yuan per ton, a 3.7-fold increase from the previous year [4]. - The price of black tungsten concentrate has reached 705,000 yuan per ton in 2026, up 53.26% year-to-date, while ammonium paratungstate (APT) is at 1.05 million yuan per ton, up 56.72% [6]. - China's tungsten reserves account for 52% of the global total, with production at 83%, making it the dominant supplier [10]. - From 2025, China will tighten tungsten resource management, leading to a significant reduction in supply, with a 6.5% decrease in the first batch of tungsten concentrate mining quotas [10]. - Export controls on tungsten products will further tighten global supply, with a projected 27.5% decrease in tungsten exports in 2025 [10]. Market Performance - A-share tungsten stocks have shown remarkable performance, with companies like Xianglu Tungsten and Zhangyuan Tungsten seeing increases of 159.34% and 136% respectively [7]. - The supply-demand imbalance is expected to persist, with a projected global tungsten supply gap of 18,500 tons by 2026, increasing annually [15]. Industry Trends - The demand for tungsten is expanding beyond traditional applications into high-end sectors such as renewable energy, military, and semiconductors [12][13]. - The consumption of tungsten concentrate has been rising, with low inventory levels prompting downstream companies to replenish stocks, further driving up prices [14]. - Companies with proprietary tungsten resources, like Zhangyuan Tungsten, are expected to see significant profit increases due to rising prices [17]. Investment Opportunities - The price increase is benefiting the entire tungsten industry chain, particularly resource-rich and high-end processing companies [16]. - Institutions have set target prices for leading companies like Zhangyuan Tungsten and Zhongtung High-tech, indicating potential upside of 19%-34% and 19%-27% respectively [19][24]. - The economic viability of tungsten recycling is improving, with the recycling rate expected to rise from 21% in 2023 to over 30% by 2025, benefiting companies like Xiamen Tungsten [26]. Strategic Importance - The ongoing rise in tungsten prices reflects a revaluation of strategic resources amid global competition, with China holding a pivotal role in the tungsten market [29].

Core Viewpoint - Tungsten has experienced a significant price surge, with a year-on-year increase of over 220% in 2025 and a continued upward trend in early 2026, overshadowing gold's market position [1][3]. Supply Side Analysis - The tungsten market is facing a supply crunch due to strict quota controls, with China holding over 80% of global tungsten supply and reducing its mining quotas by 6.5% in 2025 [7]. - The average grade of domestic tungsten ore has declined from 0.42% in 2004 to 0.28% in 2024, increasing extraction costs and difficulties [8]. - New overseas tungsten mining projects are insufficient to meet global demand, with only about 5,000 tons of new capacity expected by 2026, and export restrictions from China further exacerbate supply issues [10]. Demand Side Analysis - Demand for tungsten is being driven by technological advancements in sectors like photovoltaics and AI, with tungsten wire for solar cells expected to see a demand increase from 8,300 tons in 2024 to 16,000 tons in 2025, a growth of 198% [13]. - The AI server market is also contributing to demand, with high-precision tungsten tools being essential for advanced PCB manufacturing [15]. Company Performance - Xiamen Tungsten and China Tungsten High-Tech are the leading companies in the tungsten industry, with Xiamen Tungsten focusing on diversified operations and China Tungsten High-Tech specializing in deep integration of the tungsten supply chain [19][20]. - In 2025, Xiamen Tungsten reported a net profit of 2.311 billion yuan, a 3508% increase, while China Tungsten High-Tech's net profit surged by 407.52% in the same period [22]. Market Outlook - The tungsten price is expected to remain high in 2026, with a projected supply-demand gap increasing from 18,500 tons in 2026 to 19,200 tons by 2028, driven by sustained demand from the photovoltaic and AI sectors [23].

Core Viewpoint - The "tungsten" sector in the A-share market has shown strong growth, with several companies experiencing significant stock price increases, indicating a robust interest and potential investment opportunities in this industry. Group 1: Company Highlights - **Zhangyuan Tungsten (002378.SZ)**: Latest stock price is 33.55 CNY, with a daily increase of +10.00%, known for its complete tungsten industry chain capabilities, focusing on tungsten concentrate mining and deep processing products like ammonium paratungstate (APT) and tungsten powder [1] - **China Tungsten High-tech (000657.SZ)**: Latest stock price is 58.83 CNY, with a daily increase of +10.00%, serves as the tungsten industry operation platform under China Minmetals Corporation, offering products such as tungsten concentrate and hard alloys [2] - **Dazhong Mining (001203.SZ)**: Latest stock price is 39.84 CNY, with a daily increase of +9.99%, involved in tungsten resource recovery from lithium mines and has stakes in tin mining [3] - **China Rare Earth (600259.SH)**: Latest stock price is 95.64 CNY, with a daily increase of +9.84%, recognized as the core listed platform of China Rare Earth Group, focusing on a diversified industrial layout including rare earths, copper, and tungsten [4] - **Xiyang Co., Ltd. (000960.SZ)**: Latest stock price is 40.21 CNY, with a daily increase of +8.97%, operates as a full industry chain enterprise in non-ferrous metals, with significant mineral resources in Yunnan Province [5] - **Xiamen Tungsten (600549.SH)**: Latest stock price is 64.13 CNY, with a daily increase of +7.29%, noted for its complete tungsten industry chain and advantages in mining and processing [6] - **Zhongjin Lingnan (000060.SZ)**: Latest stock price is 7.85 CNY, with a daily increase of +6.80%, operates as an integrated deep processing enterprise in non-ferrous metals [7] - **Xinjing Road (000510.SZ)**: Latest stock price is 18.70 CNY, with a daily increase of +6.61%, has tungsten resources and is developing mining projects [8] - **Shengtun Mining (600711.SH)**: Latest stock price is 16.86 CNY, with a daily increase of +5.24%, owns copper, tungsten, and tin mines [9] - **Xianglu Tungsten (002842.SZ)**: Latest stock price is 37.50 CNY, with a daily increase of +4.60%, recognized for its complete tungsten industry chain [10] - **Greenme (002340.SZ)**: Latest stock price is 9.84 CNY, with a daily increase of +4.35%, a leader in the recovery of key metals, including tungsten [11]

Group 1 - The core viewpoint of the news is that the new energy sector is experiencing significant growth, driven by government policies and market dynamics, particularly in the context of the electricity market reform and lithium prices [1][2]. Group 2 - As of February 25, 2026, the New Energy ETF (516160) rose by 2.24%, with a trading volume of 201 million yuan and a turnover rate of 2.88% [1]. - The State Council issued an implementation opinion on improving the national unified electricity market system, marking a shift towards a more systematic approach to electricity market reform [1]. - The top ten weighted stocks in the China New Energy Index include major players such as CATL, Sungrow Power, and LONGi Green Energy, reflecting the overall performance of the new energy sector [3]. Group 3 - UBS has raised its price forecasts for lithium spodumene and carbonate, indicating that the global lithium market has entered a third price supercycle, driven by the electric vehicle sector [2]. - The cost of single battery cells has decreased to $55 per kWh, nearly a 50% reduction since 2020, with manufacturing costs continuing to decline by approximately 10% annually [2]. - The upcoming Beijing Auto Show is expected to stimulate market demand as new flagship models are set to be launched, potentially leading to a rebound in new energy vehicle penetration rates [2].

Group 1 - Northern Rare Earth, Baogang Co., China Molybdenum, and Chalco International reached the daily limit increase in stock prices [1][2] - San Chuan Wisdom surged over 15% in stock price [1][2] - Other companies such as Jiuling Technology, Jinli Permanent Magnet, Zhong Rare Earth, Xiamen Tungsten, and Shenghe Resources also experienced stock price increases [1][2]

Core Viewpoint - The rare earth permanent magnet sector has seen a significant surge, with multiple companies reaching their historical highs, driven by rising prices of rare earth products [1] Group 1: Market Performance - Shenghe Resources has hit the daily limit and continues to set historical highs, while other companies like Northern Rare Earth, China Rare Earth Holdings, and Baotou Steel have also reached their daily limits [1] - The prices of various rare earth products have increased post-holiday, with notable rises in prices for praseodymium-neodymium oxide, metallic praseodymium-neodymium, metallic neodymium, dysprosium oxide, and terbium oxide [1] Group 2: Price Changes - As of February 24, the average prices for rare earth products are as follows: - Praseodymium-neodymium oxide: 882,000 CNY/ton, up by 41,600 CNY/ton - Metallic praseodymium-neodymium: 1,036,700 CNY/ton, up by 31,700 CNY/ton - Metallic neodymium: 1,120,000 CNY/ton, up by 80,000 CNY/ton - Dysprosium oxide: 1,622,900 CNY/ton, up by 170,000 CNY/ton - Terbium oxide: 6,438,000 CNY/ton, up by 118,000 CNY/ton [1]