Core Viewpoint - The tungsten sector is experiencing significant price increases due to supply constraints and stable domestic demand, with several companies in the industry showing strong performance [1] Group 1: Price Increases - Zhangyuan Tungsten Industry announced long-term procurement prices for February 2026, with 55% black tungsten concentrate priced at 670,000 yuan per standard ton, up 28.1% month-on-month [1] - The price for 55% white tungsten concentrate reached 669,000 yuan per standard ton, reflecting a month-on-month increase of 28.2% [1] - Ammonium paratungstate (standard zero grade) long-term procurement price was set at 970,000 yuan per ton, up 27.6% month-on-month [1] Group 2: Market Dynamics - Huayuan Securities reported a 25.19% increase in black tungsten concentrate prices to 671,000 yuan per ton and a 24.68% increase in ammonium paratungstate prices to 985,000 yuan per ton over the past two weeks [1] - Supply-side factors include stricter safety and environmental controls leading to decreased production and shipments from some mines, resulting in a noticeable short-term supply tightness in tungsten [1] - On the demand side, domestic demand remains stable, primarily driven by essential purchases, with a positive outlook for PCB tool demand [1] Group 3: Company Recommendations - Companies to watch include Zhongtung High-tech, Xiamen Tungsten Industry, Xianglu Tungsten Industry, and Zhangyuan Tungsten Industry due to their strong market positions and recent price adjustments [1]

每经AI快讯，2月11日，有色·钨概念反复活跃，翔鹭钨业涨停，章源钨业、中钨高新、厦门钨业跟涨。 （文章来源：每日经济新闻） ...

2026年以来，钨价延续了2025年强势上涨态势。据中钨在线2月6日最新报价，主要钨制品涨幅较年初均 超40%，再创历史新高。 钨被称为"工业牙齿"，广泛应用于机械制造、化工、新能源、高端装备等领域，且难以替代。多份机构 研报表示，由于上游供应持续偏紧与下游需求逐步爆发的双重共振格局短期难改，钨价中枢有望持续抬 升。 2026年以来涨幅超40% 2025年至今，钨价经历了前所未有的上涨行情。黑钨精矿、APT（仲钨酸铵）等主要钨制品价格涨幅均 超200%，领涨小金属板块。 2月11日，小金属、稀有金属板块震荡走强，章源钨业、翔鹭钨业盘中创新高，中钨高新、厦门钨业、 东方钽业、中国铀业、锡业股份跟涨。 消息面上，有分析称在全球供应链重构与新兴产业加速崛起的双重驱动下，稀有金属作为支撑能源转 型、高端制造及国家安全的关键战略资源，正迎来新一轮景气周期。 "工业牙齿"价格再创新高！今年以来上涨超40% 2025年7月起，多种化工品、工业制品、原料价格掀起上涨浪潮，引发市场的广泛关注。价格跳动的曲 线背后，藏着市场最关切的三重追问：此轮涨价由何驱动？这波涨势能持续多久？产业链上下游企业的 业绩能否借此迎来修复契机，又将 ...

Group 1 - The core point of the article is that Zhangyuan Tungsten Industry (002378.SZ) experienced a stock price increase of 4.58%, reaching a historical high of 26.280 yuan, with a total market capitalization of 31.573 billion yuan [1]

Core Viewpoint - The company focuses on the efficient utilization and development of tungsten resources, emphasizing the research, production, and sales of high-performance, high-precision, and high-value-added hard alloys [2] Group 1: Company Strategy - The company integrates mining resources to build a vertically integrated industrial chain and promotes digital transformation in production workshops to create smart, efficient, and high-quality manufacturing facilities [2] - The company is committed to establishing an ESG sustainable development system, promoting green, high-quality, and sustainable growth [2] Group 2: Upstream, Midstream, and Downstream Operations - In the upstream sector, the company increases exploration efforts for mining rights, advances deep mining development, and enhances intelligent construction to improve resource reserves and extraction efficiency [2] - In the midstream sector, the company optimizes production processes, builds automated production workshops, and focuses on developing specialty powder products to meet diverse market demands [2] - In the downstream sector, Ganzhou Aoketai will maintain its positioning as an expert in machining difficult materials, deepen its focus on the high-value-added hard alloy market, and advance a high-end brand strategy across five core business segments [2]

崇义章源钨业股份有限公司 关于控股股东部分股份质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 证券代码：002378 证券简称：章源钨业 公告编号：2026-008 一、股东股份质押基本情况 崇义章源钨业股份有限公司（以下简称"公司"或"本公司"）于 2026 年 2 月 10 日接到控股股东崇义章源投资控股有限公司（以下简称"章源控股"）函告， 获悉章源控股所持本公司的部分股份被质押，具体事项如下： （一）股东股份质押基本情况 | | 是否为控 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股股东或 | 本次质押数 | 占其所 | 占公司 | 是否 | 是否为 | 质押 | 质押 | | 质押 | | 名称 | 第一大股 | 量（股） | 持股份 | 总股本 | 为限 | 补充 | 起始日 | 到期日 | 质权人 | 用途 | | | 东及其一 | | 比例 | 比例 | 售股 | 质押 | | | | ...

Price Increase - Tungsten prices have been continuously rising, with ammonium paratungstate (APT) price reaching 1 million yuan per ton, marking a significant increase [1][2] - As of February 9, 2023, the price of 65% black tungsten concentrate was reported at 685,000 yuan per ton, up 48.9% since the beginning of the year [1][2] - The price of tungsten powder increased by 54.6% to 1,670 yuan per kilogram, while tungsten carbide powder rose by 55.8% to 1,620 yuan per kilogram [1][2] Demand Growth - The explosive growth in demand, particularly in the renewable energy and photovoltaic sectors, is driving tungsten powder prices upward [2] - By 2025, the market penetration rate of tungsten wire in silicon wafer cutting is expected to exceed 60%, indicating a phase of large-scale application [2] - The industrialization of heterojunction (HJT) battery technology is projected to add approximately 6,400 tons of new tungsten demand by 2026 [2] Supply Constraints - Global tungsten production is estimated at 82,800 tons in 2024, with only a slight increase to 85,500 tons by 2026, indicating a compound annual growth rate of less than 2% [3] - Factors such as resource constraints, extended development cycles, and insufficient capital investment are reinforcing supply-side rigidity [3] - The domestic tungsten market faces challenges including reduced mining quotas and unstable import volumes, exacerbating supply-demand imbalances [3] Company Performance - A-share listed companies have reported strong performance forecasts for 2025, largely due to rising tungsten-related product prices [4][5][6] - Xiamen Tungsten's 2025 revenue is projected to reach 46.469 billion yuan, a 31.37% increase year-on-year, with net profit expected to rise by 35.08% [4] - Xianglu Tungsten anticipates a net profit increase of 239.66% to 301.11% for 2025, driven by improved market conditions and increased sales orders [5] - Zhangyuan Tungsten expects a net profit growth of 51% to 86% for 2025, benefiting from tight raw material supply and increased market demand [6]

Core Viewpoint - The tungsten market is experiencing significant price increases, with major tungsten products seeing over 200% price growth since 2025, driven by resource scarcity and rising demand [1][2]. Group 1: Price Trends - As of February 6, 2025, the price of 65% black tungsten concentrate reached 675,000 yuan per standard ton, up 46.7% since the beginning of the year [1] - The price of 65% white tungsten concentrate is 674,000 yuan per standard ton, reflecting a 46.8% increase [1] - Ammonium paratungstate (APT) is priced at 990,000 yuan per ton, marking a 47.8% rise [1] Group 2: Profit Margins - The simulated gross profit for tungsten concentrate in January 2026 is 334,900 yuan per ton, with a month-on-month increase of 40.77%, indicating a continuous expansion of profit margins [1] - Several tungsten companies have issued positive performance forecasts for 2025, attributing growth to rising raw material prices [1] Group 3: Company Performance - Zhangyuan Tungsten Industry reported that tight supply and increased demand for tungsten raw materials have led to significant price hikes, resulting in synchronized growth in production and sales [1] - Xiamen Tungsten's main business segments, including tungsten, molybdenum, and rare earths, have benefited from rising prices of key raw materials, leading to increased revenue and profits [1][2] Group 4: Industry Outlook - According to Xiangcai Securities, China's tungsten industry holds a leading position globally in terms of reserves and production, with a high concentration in the tungsten concentrate sector [2] - The global demand for tungsten is expected to grow, particularly in high-value sectors such as precision tools, photovoltaic tungsten wires, and military aerospace [2] - The combination of limited supply and structural demand adjustments is likely to elevate tungsten price levels in the long term [2]

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index up by 0.11%, the Shenzhen Component Index up by 0.65%, and the ChiNext Index also up by 0.65% as of midday [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.38 trillion yuan, a decrease of 63.3 billion yuan compared to the previous trading day, with over 3,800 stocks rising [2] Sector Performance - Active sectors included lithium batteries, energy metals, humanoid robots, and fintech, while traditional sectors like liquor, retail, and AI application stocks weakened [1] - The Chinese medicine and chemical sectors showed notable gains, with the Chinese medicine sector rising by 2.52% [2][7] - The small metals sector rebounded, with stocks like Xianglu Tungsten and Zhangyuan Tungsten hitting the daily limit [7] Notable Stocks - Mingdiao Co. experienced significant trading activity, achieving a "limit-up" with nearly 700 million yuan in transactions and marking its fifth consecutive trading day of gains [3] - Jiangfeng Electronics saw a slight increase of 0.09% after announcing plans to acquire control of Kaide Quartz [9] Economic Indicators - The industrial development plan for traditional Chinese medicine aims for a collaborative development system by 2030, which may positively impact the sector [7]

Core Viewpoint - The rare metals sector shows positive momentum, with significant inflows into ETFs and optimistic forecasts for future demand driven by high-tech industries and geopolitical factors [1][2]. Group 1: Market Performance - As of February 6, 2026, the CSI Rare Metals Theme Index (930632) increased by 0.67%, with notable gains from stocks such as Zhangyuan Tungsten Industry (+7.10%) and Northern Rare Earth (+4.07%) [1]. - The Rare Metals ETF (561800) also saw a rise of 0.56% [1]. - The top ten weighted stocks in the CSI Rare Metals Theme Index account for 59.71% of the index, with companies like Luoyang Molybdenum and Northern Rare Earth leading the list [1]. Group 2: Fund Inflows - As of February 5, 2026, the Rare Metals ETF experienced a net inflow of 4.832 million yuan, with a total of 21.017 million yuan net inflow over the past ten trading days [1]. - Six out of the last ten trading days recorded net inflows, indicating strong investor interest [1]. Group 3: Future Outlook - The fund manager of the Huafu Rare Metals ETF remains optimistic about the sector, citing three main reasons: 1. Rare metals are crucial for high-tech industries and are increasingly controlled by nations amid rising geopolitical tensions [1]. 2. The downstream demand for rare metals remains robust, particularly in sectors like new energy vehicles and wind power [1]. 3. Recent price increases across various rare metal segments and positive earnings forecasts from key companies support a strong fundamental outlook [1]. Group 4: Investment Tool - The Rare Metals ETF (561800) tracks the CS Rare Metals Index, which has a high lithium content of 30%-40%, making it an excellent investment tool for market participants looking to gain exposure to the rare metals industry [2].