钨粉价格狂飙突破100万元/吨，有个股年内涨幅达200%

Core Viewpoint - The tungsten products, referred to as "industrial teeth," have seen a significant price increase since December, with tungsten powder prices surpassing 1 million yuan per ton, reflecting a year-to-date increase of 219.6% [1][3]. Price Trends - As of December 18, tungsten concentrate, ammonium paratungstate (APT), and tungsten powder prices have continued to rise, with tungsten powder (≥99.7%) reaching 1.01 million yuan per ton [1]. - The price of domestic tungsten powder (≥99.7%) has increased to 1.045 million yuan per ton, with a notable acceleration in the rate of increase compared to November [1][3]. Supply and Demand Dynamics - The price surge is attributed to major companies raising long-term contract prices in early December and increased supply tightening due to more frequent maintenance at mines as the year-end approaches [3]. - The supply of tungsten raw materials remains tight, leading to cautious sentiment in the consumption sector, which restricts overall liquidity in the industry chain [3][9]. Market Performance - In the context of a broader market pullback, tungsten industry stocks, such as Zhongtung High-tech, have shown resilience, with Zhongtung High-tech's stock price increasing by approximately 200% year-to-date [7][13]. - Among 31 primary industry sectors, only six, including non-ferrous metals and defense, achieved positive returns in December, with the tungsten sector leading in growth [8][13]. Price Increases in Raw Materials - The price of black tungsten concentrate (65%) has risen from 143,000 yuan per ton at the beginning of the year to 422,000 yuan per ton by December 18, marking a 195.1% increase [8]. - Ammonium paratungstate prices have also increased from 210,000 yuan per ton to 630,000 yuan per ton, reflecting a similar increase to that of tungsten concentrate [9]. Future Supply and Demand Outlook - The global tungsten supply is projected to increase from 82,800 tons in 2025 to 89,900 tons by 2028, while demand is expected to rise from 102,100 tons to 110,000 tons during the same period, indicating a persistent supply-demand gap [11]. - The domestic tungsten mining industry is subject to strict production quotas, with a total mining limit of 58,000 tons set for the year, leading to further supply constraints as some mines exhaust their quotas [9][10]. Company Performance and Profitability - Despite the significant price increases, companies like Zhongtung High-tech and Xiamei Tungsten have shown average revenue growth of only 24% in the first three quarters of the year, with profit growth generally below 30% [15][16]. - Zhongtung High-tech's net profit for the first three quarters reached 846 million yuan, with full-year profit expectations ranging from 1.15 billion to 1.4 billion yuan, indicating limited growth potential despite the industry's improved outlook [17].