AI算力“新贵金属”，比稀土还珍稀！3元王者剑指百元？

Group 1 - The core metal driving the global AI industry is tungsten, which is rarer than rare earth metals, with proven reserves of only 4.4 million tons compared to 120 million tons of rare earths, making tungsten's scarcity 25 times greater [1] - Tungsten prices have surged significantly this year, with domestic black tungsten concentrate prices reaching 211,000-212,000 yuan per ton, a 40% increase since the beginning of the year, outperforming gold's 33% increase [1][3] Group 2 - The demand for tungsten is driven by dual factors: the need for AI computing power and military applications, as tungsten is essential in manufacturing missiles, tanks, submarines, and satellites [3] - In the semiconductor industry, tungsten is used in advanced processes (3nm and below) for making transistors and in solid-state battery electrode materials, enhancing battery life by 10% [3] Group 3 - Companies with core advantages in tungsten resources are expected to see significant opportunities due to geopolitical tensions and rising price expectations [4] - Xiamen Tungsten Industry is the third-largest player, holding the largest tungsten smelting capacity globally, with an annual production capacity of 45,000 tons of ammonium paratungstate (APT), accounting for 36% of the domestic market [4] - Zhangyuan Tungsten Industry ranks among the top three in China with tungsten resource reserves of 94,600 tons and operates six mining rights and ten exploration rights [5] - The most promising company possesses Asia's largest tungsten mine with a resource value exceeding 38 billion yuan, currently undervalued at a market cap of around 6 billion yuan, and has significant foreign investment interest [5]