Guosen Securities(SZ:002736) Zhi Tong Cai Jing·2025-07-30 05:53Core Viewpoint - The tungsten industry is expected to see a demand of 71,000 tons in 2024, with a year-on-year growth rate of 3.5%, driven by various sectors including hard alloys and special steels [1][4]. Tungsten Prices - The tungsten industry chain extends from exploration and mining to deep processing, with significant price increases observed in various tungsten products as of July 23, 2023. For instance, 65% black tungsten concentrate is priced at 185,000 RMB per ton, up 29.4% from the beginning of the year [2]. Tungsten Supply - The first batch of mining indicators for 2023-2025 shows a decrease in quotas, with 2025's quota down 6.45% to 5.8 million tons. China's tungsten resources are abundant, holding the world's largest tungsten reserves and production [3]. Tungsten Demand - The demand for tungsten is bolstered by the growth in the electric vehicle and military sectors, particularly for high-end hard alloys. The APT operating rate is at a historical high of 74.95% as of June 2025, indicating strong demand resilience [4]. Supply-Demand Balance - A projected supply-demand gap of 2,919 tons in 2025 suggests that tungsten prices are likely to continue rising. Future demand growth is expected to come primarily from the photovoltaic tungsten wire sector [5]. Related Companies - Xiamen Tungsten (600549) is noted for its full industry chain layout and rapid growth in photovoltaic tungsten wire production. Zhongtung High-tech (000657) is recognized as a leader in hard alloys with significant raw material supply advantages [6].