钨产品价格持续快速上涨，供需错配下价格中枢将持续上移

Group 1 - The core viewpoint is that tungsten prices have significantly increased due to extreme supply tightness and surging demand from various sectors, including new energy fields like photovoltaics and solid-state batteries [1] - As of November 17, the average price of tungsten powder reached 747,500 yuan per ton, marking a cumulative increase of 100% for the year [1] - The price of 65% black tungsten concentrate rose to 320,000 yuan per standard ton, reflecting a year-to-date increase of 123.8% [1] - The price of 65% white tungsten concentrate reached 319,000 yuan per standard ton, also showing a year-to-date increase of 124.7% [1] - Ammonium paratungstate (APT) price was reported at 478,000 yuan per ton, with a year-to-date increase of 126.5% [1] Group 2 - The supply side is experiencing extreme tightness, with domestic tungsten mining quotas for 2025 reduced to 58,000 tons, a year-on-year decrease of 6.45% [1] - Key production areas like Jiangxi and Hunan have further reduced their quotas, and some low-capacity mines have not received mining indicators, leading to a continuous contraction in supply [1] - Short-term demand is driven by traditional inventory replenishment and peak installation in the photovoltaic sector, maintaining a low inventory situation [1] - In the medium to long term, tightening mining quotas, normalized environmental policies, and growth in emerging sector demand are expected to persist, with a projected global supply-demand gap of 4,679 tons [1] - The price center is anticipated to continue rising due to these factors [1]