XTC(SH:600549) Xin Lang Cai Jing·2025-10-29 04:32Core Viewpoint - The A-share small metal sector has shown strong performance, particularly in tungsten, with significant price increases driven by supply constraints and rising demand [2][4]. Group 1: Market Performance - The tungsten sector has seen a collective rise, with notable stocks such as Zhongtung High-tech reaching a trading limit, and Xiamen Tungsten hitting a historical high [2]. - As of October 28, the price of 65% black tungsten concentrate reached 288,000 yuan/ton, marking a 101.4% increase since the beginning of the year [2][4]. Group 2: Price Trends - The price of ammonium paratungstate (APT) has reached a record high, with domestic prices at 425,000 yuan/ton, also reflecting a 101.4% increase year-to-date [4]. - European APT prices range from 610 to 685 USD/ton, equivalent to 384,000 to 431,000 yuan/ton [4]. Group 3: Supply and Demand Dynamics - The supply of tungsten is expected to be controlled through mining regulations until 2025, impacting overall availability [4]. - Demand for tungsten is projected to grow, with a reported consumption of 35,900 tons in the first half of 2025, a 2.1% increase year-on-year [4]. Group 4: Company Performance - Seven A-share listed companies involved in tungsten production have reported significant growth in both performance and stock prices this year [4]. - Notable companies include Luoyang Molybdenum, which has seen a 159.85% increase in stock price, and Xiamen Tungsten, with an 87.26% increase [6].