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 | ...

截至1月21日收盘，PCB概念上涨2.79%，位居概念板块涨幅第8，板块内，156股上涨，大族数控20%涨 停，广合科技、宏和科技、中钨高新等涨停，芯碁微装、科翔股份、英诺激光等涨幅居前，分别上涨 16.26%、12.48%、10.19%。跌幅居前的有瑞华泰、凯华材料、艾森股份等，分别下跌5.79%、4.30%、 3.85%。 PCB概念资金流入榜 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 000657 | 中钨高 新 | 10.00 | 7.32 | 54251.25 | 12.65 | | 002463 | 沪电股 份 | 4.03 | 4.04 | 43503.72 | 7.62 | | 002436 | 兴森科 技 | 8.30 | 13.76 | 36953.27 | 7.07 | | 600176 | 中国巨 石 | 7.07 | 2.54 | 28671.03 | 14.12 | | 002938 | ...

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]

Core Insights - The main focus of the news is on the significant inflow of capital into specific stocks, indicating strong investor interest and potential growth in these companies. Group 1: Stock Performance and Capital Inflow - Aerospace Electronic (航天电子) saw a capital inflow of 1.374 billion yuan with a price increase of 7.15% [1][2] - New Yisheng (新易盛) experienced a capital inflow of 1.359 billion yuan and a price rise of 3.86% [1][2] - China Great Wall (中国长城) had a capital inflow of 1.229 billion yuan, with a notable increase of 10% in its stock price [1][2] - Zhongke Shuguang (中科曙光) attracted 1.195 billion yuan in capital, reflecting a 5.16% increase [1][2] - SMIC (中芯国际) received 1.042 billion yuan with a stock price increase of 3.98% [1][2] - CATL (宁德时代) had a capital inflow of 930 million yuan, with a modest increase of 0.72% [1][2] - Haiguang Information (海光信息) saw a significant capital inflow of 904 million yuan and a price increase of 12.4% [1][3] - Huatian Technology (华天科技) attracted 856 million yuan with a stock price increase of 10.01% [1][3] - Tongfu Microelectronics (通富微电) had a capital inflow of 788 million yuan and a price increase of 10% [1][3] - Changdian Technology (长电科技) received 647 million yuan with a 5.19% increase in stock price [1][3] - Shengxin Lithium Energy (盛新锂能) saw a capital inflow of 608 million yuan and a price increase of 9.99% [1][3] Group 2: Additional Stocks and Their Performance - Unigroup Guowei (紫光国微) had a capital inflow of 563 million yuan with a price increase of 5.31% [3] - Hikvision (海康威视) attracted 495 million yuan with a stock price increase of 5.27% [3] - Loongson Technology (龙芯中科) saw a significant capital inflow of 462 million yuan and a remarkable price increase of 20% [3] - Intercontinental Oil and Gas (洲际油气) had a capital inflow of 441 million yuan with a price increase of 9.97% [3] - Lanke Technology (澜起科技) received 434 million yuan with a stock price increase of 7.71% [3] - Ganfeng Lithium (赣锋锂业) attracted 397 million yuan with a modest price increase of 2.59% [3] - Zhongtung High-tech (中钨高新) saw a capital inflow of 397 million yuan and a price increase of 9.45% [3] - Magpow (麦格米特) had a capital inflow of 379 million yuan with a price increase of 10% [3] - ZTE Corporation (中兴通讯) attracted 377 million yuan with a stock price increase of 2.15% [3]

稀有金属概念走高，截至发稿，中钨高新涨停，中矿资源、厦门钨业、宝武镁业等跟涨。 ...

| 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 300903 | 科翔股份 | 1 | 17.21 | 106亿 | 32.40 | | 688630 | 芯碁微装 | 4 | 15.68 | 255亿 | 44.13 | | 301526 | 国际复材 | 1 | 13.36 | 317 乙 | 20.00 | | 601212 | 白银有色 | 1 | 10.01 | 635 7 | 46.50 | | 000657 | 中钨高新 | 1 | 10.00 | 950亿 | 50.42 | | 001389 | 广合科技 | 1 | 10.00 | 407亿 | 17.00 | | 002913 | 奥士康 | 1 | 9.99 | 139亿 | 2.50 | | 603283 | 基膳股份 | 1 | 8.99 | 155亿 | 31.83 | | 300964 | 本川智能 | 1 | 8.59 | 48.55 Z | 12.97 | | 002745 | 木林森 | | 7.37 | 158亿 ...