【智通财经11月26日早间新闻精选】1、在11月25日外交部例行记者会上，有记者提问称，根据中方发 布的消息，24日晚中美元首通了电话，中方如何评价这次通话的成果？对此，发言人毛宁表示，据了 解，此次通话是美方发起的，通话的氛围是积极的、友好的、建设性的。两国元首就共同关心的问题进 行沟通，对中美关系稳定发展十分重要。2、科技部部长阴和俊在接受采访中表示，要强化高质量科技 供给，引领现代化产业体系建设。部署实施一批国家重大科技任务，全链条推进重点领域关键核心技术 攻关取得决定性突破。3、阿里巴巴财报电话会上透露，将"积极"投资于人工智能能力的提升，不排除 在已承诺的三年3800亿元人民币投资之外进行额外投资。未来三年内不太可能出现人工智能泡沫，人工 智能资源整体将处于供不应求的状态。4、国家航天局印发《国家航天局推进商业航天高质量安全发展 行动计划（2025—2027年）》。行动计划指出，设立国家商业航天发展基金，鼓励地方政府、金融机 构、社会资本联合成立投资平台，引导资本坚持做长期投资、战略投资、价值投资。5、新加坡国家人 工智能计划（AISG）正在进行一次重大战略调整，在其最新的东南亚语言大模型项目中，放 ...

消息面上，据中钨在线，11月25日，随着市场供需双方博弈加剧，钨价总体高位震荡运行。65%黑钨精 矿价格报33.4万元/标吨，较年初涨133.6%；65%白钨精矿价格报33.3万元/标吨，较年初涨134.5%。国 元证券认为，从供给端来看，近年全球储量逐步增加，我国实施开采总量控制，未来我国钨供给持续趋 紧；从需求端来看，下游需求多点开花，有望持续引领钨需求的增长。未来钨行业的供需格局的改善或 支撑钨价保持高位运行。招商证券此前指，公司核心资产为巴库塔钨矿，目前已投产，未来仍有增产预 期，受益钨价上行，公司利润有望高速增长。 智通财经APP获悉，佳鑫国际资源(03858)涨超8%，截至发稿，涨7.87%，报33.16港元，成交额2458.78 万港元。 ...

格隆汇11月24日｜据中钨在线，周一，钨价延续稳中有升态势。从供给面来看，资源供应持续偏紧，使 得卖方议价能力相对较强。从需求面来看，下游企业多按刚需采购为主，成本压力下市场补库行为普遍 谨慎。从宏观面来看，地缘政治因素干扰尤在，不过短期内风向未出现明显变化。 当前钨市场僵持观 望氛围浓厚，供需双弱博弈胶着，成交活跃度受限。65%黑钨精矿价格报33.2万元/标吨，较年初涨 132.2%。65%白钨精矿价格报33.1万元/标吨，较年初涨133.1%。仲钨酸铵（APT）价格报48.6万元/吨， 较年初涨130.3%。 ...

上证报指出，今年以来，主要钨制品价格涨幅较大，与年初价格相比，全产业链产品价格均创下历史新 高。据中钨在线最新数据显示，主要钨制品价格年内已实现全线涨超120%，最高涨幅超140%。 据上证报报道，11月20日，章源钨业官微公布11月下半月长单采购报价:55%黑钨精矿32.80万元/标 吨;55%白钨精矿32.70万元/标吨;仲钨酸铵(国标零级)47.80万元/吨。相关产品价格相较11月上半月均再 次出现上涨，涨幅在6%左右。 今年以来，随着光伏、汽车等产业的显著增长，钨的需求量随之大幅提升。与此同时，供给端的收紧进 一步加剧了市场供需的紧张态势。数据显示，从供给端看，2025年上半年，年度第一批钨矿开采总量控 制指标为58,000吨，较2024年第一批指标减少4,000吨，同比下降 6.45%。需求方面，新能源领域钨需求 近年来显著增长，其中光伏钨丝的需求增长尤为亮眼。业内人士认为，随着供给端收紧、下游需求刚性 支撑及国际局势等多重因素交织，未来一段时间内价格或将保持高位运行。 公司方面，据上证报表示， 中钨高新：主营钨精矿、硬质合金和刀具等产品，拟收购远景钨业注入优质矿山资产，子公司金洲精工 是全球PCB ...

Group 1 - The core viewpoint of the article highlights the significant increase in tungsten prices since October, with various tungsten products experiencing substantial price hikes, indicating a strong market demand and supply constraints [1] - As of October 28, the price of black tungsten concentrate reached 288,000 yuan per ton, up 3,000 yuan from the previous trading day, while APT (Ammonium Paratungstate) prices rose to 425,000 yuan per ton, an increase of 7,000 yuan [1] - Tungsten powder prices also saw an increase, reaching 635 yuan per gram, up 5 yuan from the previous day, with prices having doubled compared to the beginning of the year [1] Group 2 - Huaxi Securities projects that tungsten prices will continue to remain high, with historical peaks expected, despite potential new supply from overseas that may take time to impact the market [1] - The current tight supply situation for tungsten is expected to provide support for prices, with future attention needed on the annual tungsten concentrate quota issuance [1] - Jiaxin International Resources, based in Kazakhstan, focuses on developing the Bakuta tungsten mine project, positioning itself to benefit from the rising tungsten prices [1]

Core Viewpoint - The stock of Jiexin International Resources (03858) has risen over 6%, driven by a significant increase in tungsten prices since October, with prices doubling compared to the beginning of the year [1] Company Summary - Jiexin International Resources is focused on developing the Bakuta tungsten mine project in Kazakhstan [1] Industry Summary - Tungsten products have seen a rapid price increase, with black tungsten concentrate quoted at 288,000 yuan/ton, up 3,000 yuan/ton from the previous trading day, and APT quoted at 425,000 yuan/ton, up 7,000 yuan/ton [1] - Tungsten powder prices have also increased to 635 yuan/gram, up 5 yuan/gram [1] - According to Huaxi Securities, tungsten prices have been consistently high since early 2025, reaching historical highs, with tight supply conditions expected to support prices in the future [1] - Although there is potential new supply overseas, it will take time to impact the market, and the current tight supply situation is expected to persist [1]

Group 1 - Tungsten is experiencing a significant price increase, with prices doubling compared to the beginning of the year, including black tungsten concentrate rising from 143,000 CNY/ton to 278,000 CNY/ton, a 101.4% increase [1] - The supply side is tightening due to reduced mining quotas and slower production rates, while domestic demand remains stable, primarily driven by essential purchases [1] - The industry outlook is positive for tungsten prices due to rigid supply constraints and sustained growth in downstream demand, with major companies reporting substantial profit increases [2] Group 2 - Jiaxin International Resources focuses on the Bakuta tungsten mine project in Kazakhstan, which is currently in production and expected to benefit from rising tungsten prices, leading to significant profit growth [3] - Luoyang Molybdenum Company projects a tungsten metal output of 6,500 to 7,500 tons for the year 2025 [3]

Group 1 - Tungsten is experiencing a significant price increase, with prices doubling compared to the beginning of the year, including black tungsten concentrate rising by 101.4% to 143,000 CNY/ton [1] - The supply side is tightening due to reduced mining quotas and slower production rates, while domestic demand remains stable, primarily driven by essential purchases [1] - Major companies are managing cost pressures through diversified strategies, effectively transmitting costs without being passively affected [1] Group 2 - The Ministry of Commerce's announcement regarding the export conditions for tungsten, antimony, and silver indicates a positive signal for antimony exports, with expectations for a rebound in prices [2] - The rapid price increase of tungsten in the third quarter has enhanced the pricing power of downstream industries, leading to significant earnings growth for integrated companies [2] Group 3 - Jiaxin International Resources focuses on the Bakuta tungsten mine project in Kazakhstan, with expectations for profit growth due to rising tungsten prices [3] - Luoyang Molybdenum's production guidance for 2025 indicates an expected tungsten metal output of 6,500 to 7,500 tons [3]

Core Viewpoint - The report from CITIC Construction Investment indicates positive signals for antimony exports, with a potential recovery in exports and prices possibly bottoming out. Tungsten prices have surged again, surpassing previous highs, leading to significant performance growth for integrated companies in the industry [1]. Group 1: Antimony Exports - The Ministry of Commerce has announced the declaration conditions and procedures for state-owned trading enterprises for tungsten, antimony, and silver exports for the 2026-2027 period [1]. - There are signs of recovery in antimony exports, which is expected to boost industry confidence [1]. - Antimony exports are anticipated to rebound, with prices potentially reaching a bottom and starting to recover [1]. Group 2: Tungsten Prices - Tungsten prices have rapidly increased again, breaking previous highs [1]. - The third quarter has seen a significant rise in tungsten concentrate prices, enhancing the pricing power of downstream hard alloy and tool manufacturers [1]. - Integrated companies within the tungsten industry are experiencing substantial growth in performance due to the price increases [1].

Core Viewpoint - Tungsten is expected to experience a "highlight moment" in 2025, with significant price increases and strong performance from related companies, as third-quarter net profit growth excluding non-recurring items has more than doubled year-on-year [1] Industry Summary - Tungsten is identified as a key strategic metal, with a robust outlook for long-term price support driven by rigid supply constraints and sustained growth in downstream demand [1] - Leading companies in the tungsten sector are actively managing risks through diversified strategies, rather than passively absorbing cost pressures [1] - The third-quarter performance of tungsten-related enterprises shows a year-on-year net profit growth rate exceeding 100% [1]