钨金属价格持续上行 华锐精密连发涨价函

Core Viewpoint - The recent rise in tungsten prices is attributed to a combination of rigid supply contraction, explosive demand from emerging sectors, and the strategic resource nature of tungsten [1] Supply Side - China has implemented strict total control over tungsten mining, with mining quotas tightening since 2025 and small mines exiting the market, leading to effective supply contraction [1] - Current tungsten product social inventory is at a five-year low, and the supply-demand gap is expected to continue widening [1] Demand Side - Traditional demand for hard alloys is steadily recovering, while new sectors such as photovoltaic tungsten wire, nuclear fusion device construction, and military equipment upgrades are experiencing explosive growth [1] - The penetration rate of photovoltaic tungsten wire has rapidly increased, becoming a core demand increment [1] Price Outlook - Tungsten prices are likely to remain high and exhibit strong fluctuations, with the price center expected to rise further by 2026 [1] Company Strategy - Hunan Huari Precision has established a comprehensive raw material price tracking system to manage costs amid rising tungsten prices [2] - The company employs strategies such as signing framework agreements with suppliers and prepaying for materials to lock in prices and quantities, while also implementing a proactive inventory strategy [2] Product Development - Huari Precision is focusing on research in basic materials and expanding into non-tungsten new materials such as metal ceramics and superhard materials, enriching its product line [2] - The company's multiple price increases in response to raw material cost pressures reflect its mature cost control and market negotiation capabilities [2] Market Position - The company's strategy aligns with China's manufacturing transformation and high-end manufacturing development trends, reducing reliance on a single tungsten supply chain and enhancing resilience to price fluctuations [2]