有色金属脉动跟踪：废钨产业效益显著，再生业务薄利待解

Investment Rating - The report rates the non-ferrous metals industry as "Positive" [4] Core Insights - The report highlights the significant economic benefits of the tungsten recycling industry, while also noting that the profitability of recycling operations remains low due to high procurement costs and market price fluctuations [1][2][22] Summary by Sections Section 1: Special Topic on Tungsten Recycling - Recycled tungsten accounts for approximately 35% of global tungsten raw material supply, impacting the supply-demand dynamics and helping to mitigate excessive consumption of tungsten mines [1][22] - The economic value of waste tungsten is primarily determined by its tungsten content, with higher content leading to better economic returns [15] - The recycling rate of tungsten is influenced by the product type and consumption structure, with cutting tools showing the highest recovery rates [17] - The overall recycling rate is dynamic and affected by economic factors, such as the price of tungsten raw materials [18] - There is a mismatch between the industrial benefits of recycled tungsten and the economic benefits for companies, leading to a general trend of low profitability in metal recycling [22] Section 2: Market Updates (November 3 - November 8, 2024) - Precious metals experienced price pressure following the U.S. elections, with gold prices declining by 1.79% and silver by 7.24% [3] - Industrial metals like copper and aluminum are expected to maintain high profitability, while lead and zinc prices are fluctuating [3] - Tungsten market prices have seen a slight increase, but the willingness of stockholders to offer discounts remains weak [3] Section 3: Macro Trends and Industry Dynamics - The report discusses macroeconomic trends and industry dynamics affecting the non-ferrous metals sector, including the impact of economic policies and market conditions on metal prices [3][30] Section 4: Metal Prices and Sector Performance - The report provides a detailed analysis of weekly price changes for various metals, indicating fluctuations in both precious and industrial metals [3][30]