“工业大米”摇身变为“战略黄金”？钨价史诗级飙涨，159690应声爆拉3%！

Core Viewpoint - Tungsten, referred to as "industrial teeth," has experienced a dramatic price surge of nearly 50% over the past month, indicating a fundamental shift in its market dynamics [1][3]. Demand Side - Tungsten has transitioned from traditional hard alloy applications to becoming a core material in the rapidly growing photovoltaic and new energy vehicle sectors. In the photovoltaic industry, tungsten wire is now the mainstream cutting technology for large-size silicon wafers, with a penetration rate exceeding 60%. In the new energy vehicle sector, tungsten is a key additive that enhances the performance of permanent magnet motors [3]. Supply Side - The supply of tungsten is characterized by historical rigid constraints, creating a solid price barrier. On the policy front, China has implemented strict management through reduced mining quotas and export controls. On the industrial side, global resources are concentrated, new production capacity is slow to develop, and the quality of domestic mines continues to decline. This long-term rigidity in supply provides strong support for prices [3]. Market Dynamics - The independent market trend for tungsten reveals a critical shift: many "industrial staples" are transforming into "strategic gold" in the era of new energy and high-end manufacturing. The recent surge in the mining ETF (159690) reflects the market's revaluation of this profound industrial logic, as the dual dynamics of rigid supply and explosive demand lead to a systematic reassessment of the value across related industry chains [3].