钨价翻倍，中钨高新高溢价落子谋行业话语权，资源自给率有望持续提升？

Core Viewpoint - The tungsten market is experiencing a significant price surge, with prices nearly doubling since the beginning of the year, driven by resource constraints and expanding demand [2][5]. Group 1: Tungsten Price Trends - As of October 28, 2025, the price of black tungsten concentrate (≥65%) reached 288,000 CNY/ton, up 3,000 CNY from the previous trading day, while APT (ammonium paratungstate ≥88.5%) was priced at 425,000 CNY/ton, an increase of 7,000 CNY [5]. - Year-to-date, the price of black tungsten concentrate has increased by approximately 98.76%, from an average of 144,900 CNY/ton at the beginning of the year, while APT has risen by about 99.62% from 212,800 CNY/ton [5]. Group 2: Company Performance and Stock Market Reaction - Following the surge in tungsten prices, the stock price of China Tungsten High-Tech Materials Co., Ltd. (中钨高新) has seen significant increases, with a closing price of 24.76 CNY on October 29, 2025, marking a 10% rise and a total market capitalization of 56.418 billion CNY [2][7]. - The company reported a 13.39% year-on-year increase in revenue for the first three quarters of 2025, totaling 12.755 billion CNY, and an 18.26% increase in net profit, amounting to 846 million CNY [6]. Group 3: Acquisition and Resource Strategy - On October 26, 2025, China Tungsten High-Tech announced plans to acquire a 99.9733% stake in Hunan Yuanjing Tungsten Industry Co., Ltd. for 821 million CNY, which represents a 170.27% premium over the net asset value of approximately 304 million CNY [3][8]. - The acquisition is expected to enhance the company's resource self-sufficiency by approximately 25%, further solidifying its position in the tungsten market amid rising prices and limited supply [11][12]. Group 4: Market Dynamics and Future Outlook - Analysts indicate that the recent price increases are influenced by reduced mining quotas and strong demand in sectors such as new energy, military, and semiconductors, with limited market inventory contributing to rapid price increases [5][6]. - The company is expected to continue benefiting from its comprehensive resource strategy, with ongoing efforts to integrate additional mining assets and enhance operational efficiencies [12].