Trading Volume Summary - The total trading volume of the Shanghai and Shenzhen Stock Connect today reached 321.215 billion, with Haiguang Information and Ningde Times leading in trading volume for the Shanghai and Shenzhen stock connect respectively [1] - The total trading amount for the Shanghai Stock Connect was 154.231 billion, while the Shenzhen Stock Connect totaled 166.984 billion [2] Top Trading Stocks - In the Shanghai Stock Connect, the top trading stocks included Haiguang Information with 3.506 billion, followed by Zijin Mining and Cambricon Technologies [3] - In the Shenzhen Stock Connect, Ningde Times led with 3.056 billion, followed by Xinyi Technology and Zhongji Xuchuang [3] Sector Fund Flow - The electronic sector saw the highest net inflow of main funds at 16.530 billion, with a net inflow rate of 3.10% [5] - The new energy sector experienced a significant net outflow of 9.631 billion, with a net outflow rate of -3.28% [5] ETF Trading Activity - The top ETF by trading volume was the CSI 300 ETF from Huatai-PB, with a trading amount of 23.2079 billion, reflecting a 70.47% increase from the previous trading day [6] - The CSI 1000 ETF saw a remarkable trading amount of 18.2257 billion, with a 252.46% increase compared to the last trading day [9] Market Performance - Precious metals, energy metals, and oil and gas sectors showed strong performance, while sectors like liquor, power grid equipment, and coal experienced declines [7] Institutional and Retail Investor Activity - Institutional activity was moderate, with notable purchases in Zhongtung High-tech, which saw three institutions buy 316 million, while Tongfu Microelectronics faced selling pressure from two institutions totaling 125 million [11][12] - Retail investor activity showed a significant decrease, with fewer active trading seats and reduced net buying scale [13]

Core Viewpoint - The rare metal tungsten, referred to as "industrial teeth," is expected to be the standout performer in the non-ferrous metal market in 2025, with tungsten prices skyrocketing from 200,000 yuan/ton at the beginning of the year to 600,000 yuan/ton by year-end, marking a staggering 300% increase and setting a historical high [1][3]. Supply and Demand Dynamics - The surge in tungsten prices is driven by a combination of rigid supply constraints and explosive demand growth, with APT (the core product of tungsten smelting) social inventory plummeting from a normal level of 600 tons to below 200 tons, and hard alloy companies having only 12 days of raw material inventory left, significantly below the 30-day safety line [3][4]. - The supply side is constrained by three main factors: policy control, resource depletion, and difficulty in increasing overseas production. The annual mining quota for tungsten in China has been reduced by 8.3% to 56,800 tons for 2025, limiting production even as prices rise [4][5]. Demand Explosion - The demand structure for tungsten has fundamentally changed in 2025, with the share of demand from new energy and high-end manufacturing rising from 15% in 2024 to 30%, moving away from traditional steel industry reliance [6][8]. - The photovoltaic industry is a major source of demand growth, with tungsten wire replacing carbon steel wire in silicon wafer cutting due to its superior strength and wear resistance [8]. - The demand from the electric vehicle sector is also rapidly increasing, with each vehicle requiring approximately 2-8 kg of tungsten, and global EV sales expected to grow by 20% in 2025, adding 10,500 tons of tungsten demand [8]. Profit Distribution - The profits from the surge in tungsten prices are not evenly distributed across the industry chain, with upstream resource companies being the biggest winners. For instance, a 10,000 yuan/ton increase in tungsten prices can boost net profits significantly for companies like Xiamen Tungsten and Zhongtung High-tech [9][10]. - Midstream smelting companies face challenges due to rising raw material costs and tight supply, leading to reduced profit margins for smaller firms [10]. Future Outlook - The consensus in the industry is that the supply-demand gap will remain unbridgeable, with tungsten prices expected to stay high for the next 3-5 years. The global primary tungsten supply growth rate is projected to be only 2%-3% from 2026 to 2030, significantly lower than demand growth [11][12]. - Analysts predict that black tungsten concentrate prices will fluctuate between 460,000 and 520,000 yuan/ton in 2026, with potential for prices to exceed 500,000 yuan/ton if China tightens exports further [12]. Investment Opportunities - Investors are advised to focus on three key areas: upstream resource leaders like Xiamen Tungsten and Zhangyuan Tungsten, high-end manufacturing leaders like Zhongtung High-tech, and niche players in high-value sectors such as tungsten-based new materials and military-grade tungsten alloys [13][14]. - The demand growth for tungsten is closely tied to the most promising growth sectors over the next 5-10 years, providing long-term support for tungsten prices and enhancing the investment value of leading companies in the industry [14].

Group 1 - The stock market showed positive performance with the Shanghai Composite Index rising by 0.08%, Shenzhen Component Index increasing by 0.7%, and the ChiNext Index up by 0.54% on January 21 [2] - The total market turnover reached 2.61 trillion yuan, with nearly 3,100 stocks experiencing gains [2] - Sectors such as gold, natural gas, semiconductors, CPO, and PCB saw significant increases [2] Group 2 - The top three net purchases on the Dragon and Tiger list were from Zhongtung High-tech, Longxin Zhongke, and Dazhu CNC, with net purchases of 577 million yuan, 269 million yuan, and 253 million yuan respectively [4] - The top three net sales were from Zhejiang Wenhulian, Hunan Silver, and Jiuding New Materials, with net sales of 399 million yuan, 220 million yuan, and 207 million yuan respectively [5] Group 3 - Zhongtung High-tech reported a 10% increase in stock price, closing at 41.68 yuan, with a turnover of 4.29 billion yuan and a net institutional purchase of 305 million yuan [8][12] - Longxin Zhongke's stock price rose by 20% to 177.72 yuan, with a turnover of 2.24 billion yuan and a net institutional purchase of 436.96 million yuan [13][18] - Dazhu CNC's stock price increased by 20% to 161.34 yuan, with a turnover of 1.36 billion yuan and a net institutional purchase of 279 million yuan [19][23] Group 4 - The semiconductor industry is experiencing a surge in AI server procurement, which is affecting the budget for general servers, leading to increased prices for server CPUs [17] - Dazhu CNC is expected to see a significant increase in net profit for 2025, projected to be between 785 million and 885 million yuan, driven by high demand for PCB equipment related to AI servers [23][24] - Zhongtung High-tech has confirmed an increase in tungsten metal resources by 91,700 tons and other associated minerals, enhancing its market position [12]

Core Viewpoint - The rare metal tungsten, referred to as the "industrial tooth," is expected to be the standout performer in the non-ferrous metals market in 2025, with prices skyrocketing from 200,000 yuan/ton at the beginning of the year to 600,000 yuan/ton by year-end, marking a staggering 300% increase and setting a historical high [4]. Supply and Demand Dynamics - The surge in tungsten prices is driven by a combination of rigid supply constraints and structural demand explosions, with APT (the core product of tungsten smelting) social inventory dropping from a normal level of 600 tons to below 200 tons, and hard alloy companies having only 12 days of raw material inventory, significantly below the 30-day safety line [7][11]. - The supply side is constrained by three main factors: policy control, resource depletion, and the difficulty of increasing overseas production. The annual mining quota for tungsten in China was set at 56,800 tons for 2025, an 8.3% decrease from the previous year, limiting production even as prices rise [10][11]. Demand Explosion - Demand for tungsten has fundamentally shifted, with the share from new energy and high-end manufacturing rising from 15% in 2024 to 30% in 2025, moving away from traditional steel industry reliance [13]. - The photovoltaic industry is a major growth driver, with tungsten wire replacing carbon steel wire in silicon wafer cutting due to its superior strength and wear resistance. The demand from the new energy vehicle sector is also rapidly increasing, with each vehicle requiring 2-8 kg of tungsten [15]. Profit Distribution in the Industry - The profit from rising tungsten prices is unevenly distributed across the industry, favoring upstream resource companies. For instance, a 10,000 yuan/ton increase in tungsten prices can boost net profits significantly for companies like Xiamen Tungsten and Zhongtung High-tech [17]. - Midstream smelting companies face challenges due to rising raw material costs and tight supply, with some small firms experiencing profit margins dropping below 10% [18]. Future Outlook - The consensus for the tungsten industry in 2026 and beyond is that the supply-demand gap will remain unbridgeable, with prices expected to stay high for the next 3-5 years. The global primary tungsten supply growth rate is projected to be only 2-3% annually from 2026 to 2030, significantly lower than demand growth [20][21]. - Analysts predict that the price of black tungsten concentrate will fluctuate between 460,000 and 520,000 yuan/ton in 2026, with potential to exceed 500,000 yuan/ton if China tightens exports further [21]. Investment Opportunities - Investment opportunities in the tungsten industry should focus on three key areas: upstream resource leaders like Xiamen Tungsten and Zhangyuan Tungsten, high-end manufacturing leaders like Zhongtung High-tech, and niche players in high-value segments such as tungsten-based new materials and military-grade tungsten alloys [22][23].

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 601899 | 紫金矿业 | 2.20 | 1.89 | 82244.29 | | 002240 | 盛新锂能 | 9.99 | 8.02 | 67428.20 | | 000657 | 中钨高新 | 10.00 | 7.32 | 54251.25 | | 002460 | 赣锋锂业 | 3.50 | 5.58 | 45654.84 | | 002466 | 天齐锂业 | 3.26 | 4.30 | 39373.46 | | 600988 | 赤峰黄金 | 9.81 | 8.64 | 29614.09 | | 600547 | 山东黄金 | 8.20 | 2.36 | 28793.23 | | 601600 | 中国铝业 | 0.83 | 2.03 | 28752.27 | | 600531 | 豫光金铅 | 6.86 | 14.71 | 27614.38 | | 000688 | 国城矿业 | 10.01 | 3.42 | 27462.26 | ...

Group 1 - PCB concept index rose by 2.79%, ranking 8th among concept sectors, with 156 stocks increasing, including Dazhu CNC which hit a 20% limit up [1] - Notable gainers in the PCB sector included Zhongtung High-tech (+10.00%), Guanghe Technology (+10.00%), and Xingsen Technology (+8.30%) [3][4] - The sector saw a net inflow of 4.688 billion yuan, with 104 stocks receiving net inflows, and 18 stocks exceeding 100 million yuan in net inflow, led by Zhongtung High-tech with 543 million yuan [2][3] Group 2 - The top three stocks by net inflow ratio were Aoshikang (21.95%), Guanghe Technology (16.81%), and Kuike Intelligent (15.96%) [3][5] - The PCB sector's trading volume was highlighted by significant turnover rates, with Zhongtung High-tech at 7.32% and Xingsen Technology at 13.76% [4][5] - Stocks with notable declines included Ruihua Tai (-5.79%), Kaihua Materials (-4.30%), and Aisen Co. (-3.85%) [1][11]

资金流向方面，今日该股主力资金净流入5.43亿元，其中，特大单净流入5.24亿元，大单资金净流入 1895.56万元。近5日主力资金净流入2202.00万元。 融资融券数据显示，该股最新（1月20日）两融余额为19.82亿元，其中，融资余额为19.69亿元，融券余 额为1310.42万元。近5日融资余额合计增加4582.46万元，增幅为2.38%，融券余额合计增加891.38万 元，增幅212.72%。（数据宝） 中钨高新1月21日交易公开信息 | 买/卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 深股通专用 | 45600.74 | 13060.31 | | 买二 | 机构专用 | 29891.65 | 7996.86 | | 买三 | 机构专用 | 7804.95 | 2224.38 | | 买四 | 机构专用 | 6667.40 | 2545.87 | | 买五 | 中泰证券股份有限公司湖北分公司 | 6023.53 | 25.66 | | 卖一 | 深股通专用 | 45600.74 | 13060.31 | | ...

从资金流向上来看，当日小金属板块主力资金净流入19.22亿元，游资资金净流出5.73亿元，散户资金净 流出13.49亿元。小金属板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 000657 | 中钨高新 | 41.68 | 10.00% | | 105.68万 | 42.90 乙 | | 301026 | 浩通科技 | 34.38 | 9.70% | | 17.93万 | · 5.93亿 | | 002738 | 中矿资源 | 92.00 | 9.45% | | 35.15万 | 31.55 Z | | 600549 | 厦门钨业 | 59.00 | 9.14% | 1 | 70.96万 | 40.31亿 | | 002842 | 翔鹭钨业 | 22.60 | 7.93% | | 60.20万 | 13.17亿 | | 000960 | 锡业股份 | 40.97 | 7.48% | | 67.28万 | 26.43亿 | | 002378 | 直源钨业 ...

中钨高新今日涨10.0%，龙虎榜数据显示，上榜营业部席位全天成交148705.65万元，占当日总成交金额 比例为34.66%。其中，买入金额为103185.17万元，卖出金额为45520.47万元，合计净买入57664.7万 元。具体来看，深股通专用、中泰证券股份有限公司湖北分公司分别买入45600.74万元、6023.53万元； 深股通专用、国新证券股份有限公司赣州兴国路证券营业部分别卖出13060.31万元、10298.07万元。此 外，机构买入48290.07万元，卖出17785.97万元，合计净买入30504.1万元。 ...

Group 1 - The rise in risk aversion has driven precious metals higher, with spot gold surpassing $4870 per ounce, showing a daily increase of over 2.3%. UBS strategist Joni Teves expects gold prices to have upward momentum in the first half of the year, potentially reaching $5000 per ounce if concerns about the Federal Reserve's independence persist [1] - Silver is benefiting from the rise in gold prices and a narrowing supply-demand gap, with expectations to challenge $100 per ounce this year [1] - The copper market is tightening due to demand from energy transition, leading to an expected increase in price levels [1] Group 2 - As of November, the U.S. unemployment rate has dropped to 4.4%, indicating a temporarily stable labor market, with market expectations that the Federal Reserve will halt interest rate cuts from January to April [1] - In the medium to long term, risks related to U.S. federal government debt remain, and the dollar's status is facing challenges, suggesting continued opportunities for gold in the context of a global monetary system restructuring [1] Group 3 - The CSI Nonferrous Metals Industry Index (399395) has risen by 1.76%, with component stocks such as silver and tungsten companies showing significant gains, including a 10.01% increase for silver companies and 9.92% for tungsten companies [1] - The CSI Nonferrous Metals Industry Index tracks 50 prominent securities in the nonferrous metals sector, reflecting the overall performance of listed companies in this industry on the Shanghai and Shenzhen stock exchanges [2] - The top ten weighted stocks in the CSI Nonferrous Metals Industry Index account for 51.65% of the index, including companies like Zijin Mining and China Molybdenum [2]