Price Increase - Tungsten prices have been continuously rising, with ammonium paratungstate (APT) price reaching 1 million yuan per ton, marking a significant increase [1][2] - As of February 9, 2023, the price of 65% black tungsten concentrate was reported at 685,000 yuan per ton, up 48.9% since the beginning of the year [1][2] - The price of tungsten powder increased by 54.6% to 1,670 yuan per kilogram, while tungsten carbide powder rose by 55.8% to 1,620 yuan per kilogram [1][2] Demand Growth - The explosive growth in demand, particularly in the renewable energy and photovoltaic sectors, is driving tungsten powder prices upward [2] - By 2025, the market penetration rate of tungsten wire in silicon wafer cutting is expected to exceed 60%, indicating a phase of large-scale application [2] - The industrialization of heterojunction (HJT) battery technology is projected to add approximately 6,400 tons of new tungsten demand by 2026 [2] Supply Constraints - Global tungsten production is estimated at 82,800 tons in 2024, with only a slight increase to 85,500 tons by 2026, indicating a compound annual growth rate of less than 2% [3] - Factors such as resource constraints, extended development cycles, and insufficient capital investment are reinforcing supply-side rigidity [3] - The domestic tungsten market faces challenges including reduced mining quotas and unstable import volumes, exacerbating supply-demand imbalances [3] Company Performance - A-share listed companies have reported strong performance forecasts for 2025, largely due to rising tungsten-related product prices [4][5][6] - Xiamen Tungsten's 2025 revenue is projected to reach 46.469 billion yuan, a 31.37% increase year-on-year, with net profit expected to rise by 35.08% [4] - Xianglu Tungsten anticipates a net profit increase of 239.66% to 301.11% for 2025, driven by improved market conditions and increased sales orders [5] - Zhangyuan Tungsten expects a net profit growth of 51% to 86% for 2025, benefiting from tight raw material supply and increased market demand [6]

Core Viewpoint - The tungsten market is experiencing significant price increases, with major tungsten products seeing over 200% price growth since 2025, driven by resource scarcity and rising demand [1][2]. Group 1: Price Trends - As of February 6, 2025, the price of 65% black tungsten concentrate reached 675,000 yuan per standard ton, up 46.7% since the beginning of the year [1] - The price of 65% white tungsten concentrate is 674,000 yuan per standard ton, reflecting a 46.8% increase [1] - Ammonium paratungstate (APT) is priced at 990,000 yuan per ton, marking a 47.8% rise [1] Group 2: Profit Margins - The simulated gross profit for tungsten concentrate in January 2026 is 334,900 yuan per ton, with a month-on-month increase of 40.77%, indicating a continuous expansion of profit margins [1] - Several tungsten companies have issued positive performance forecasts for 2025, attributing growth to rising raw material prices [1] Group 3: Company Performance - Zhangyuan Tungsten Industry reported that tight supply and increased demand for tungsten raw materials have led to significant price hikes, resulting in synchronized growth in production and sales [1] - Xiamen Tungsten's main business segments, including tungsten, molybdenum, and rare earths, have benefited from rising prices of key raw materials, leading to increased revenue and profits [1][2] Group 4: Industry Outlook - According to Xiangcai Securities, China's tungsten industry holds a leading position globally in terms of reserves and production, with a high concentration in the tungsten concentrate sector [2] - The global demand for tungsten is expected to grow, particularly in high-value sectors such as precision tools, photovoltaic tungsten wires, and military aerospace [2] - The combination of limited supply and structural demand adjustments is likely to elevate tungsten price levels in the long term [2]

Price Trends - The price of tungsten has been continuously rising, with 65% black tungsten concentrate priced at 675,000 RMB per standard ton, reflecting a 46.7% increase since the beginning of 2026 [1] - The price of 65% white tungsten concentrate is reported at 674,000 RMB per standard ton, up 46.8% year-to-date. Ammonium paratungstate (APT) is priced at 990,000 RMB per ton, a 47.8% increase, while tungsten powder is at 1,650 RMB per kilogram, up 52.8% [2] Supply and Demand Dynamics - Global tungsten production is projected to be approximately 82,800 tons in 2024, with only a slight increase to 85,500 tons by 2026, indicating a compound annual growth rate of less than 2%. This tightens supply due to resource constraints and insufficient capital investment [3] - The domestic tungsten market is facing supply disruptions from reduced mining quotas, declining output from tungsten mines, and unstable import volumes, leading to a pronounced supply-demand imbalance [3] Market Outlook - Baichuan Yingfu anticipates that the tungsten concentrate market will continue to operate strongly, supported by tight spot resources [4] - Demand growth, particularly in the renewable energy and photovoltaic sectors, is driving tungsten powder prices upward, with tungsten's strategic value increasing as its market penetration in silicon wafer cutting exceeds 60% by 2025 [4] Company Performance - Xiamen Tungsten's 2025 performance report indicates a revenue of 46.469 billion RMB, a year-on-year increase of 31.37%, and a net profit of 2.311 billion RMB, up 35.08% [5] - Xianglu Tungsten expects a net profit of 125 million to 180 million RMB for 2025, representing a growth of 239.66% to 301.11%, driven by rising tungsten prices and improved market conditions [6] - Zhangyuan Tungsten forecasts a net profit of 260 million to 320 million RMB for 2025, a year-on-year increase of 51% to 86%, benefiting from tight supply and increased demand [6]

Group 1 - The price of tungsten has experienced unprecedented increases since 2025, with black tungsten concentrate and ammonium paratungstate (APT) prices rising over 200%, leading the small metal sector [3] - As of February 6, 2026, the price of 65% black tungsten concentrate reached 675,000 yuan/ton, marking a 46.7% increase since the beginning of the year [4] - Companies in the tungsten industry, such as Xiamen Tungsten, Zhangyuan Tungsten, and Xianglu Tungsten, have reported positive earnings forecasts for 2025, primarily driven by the surge in raw material prices [9] Group 2 - The tungsten market remains tight with strong demand, and companies are optimistic about the price stability despite the current volatility in the precious metals market [6][8] - Analysts indicate that the supply constraints and optimistic expectations for strategic metals are providing a solid foundation for the market [4] - The overall market sentiment is cautiously optimistic, with expectations for post-holiday replenishment driving short-term improvements in transaction volumes [10]

Group 1 - The core stock of Jaxin International Resources (03858) has seen a significant increase, rising over 9% and currently trading at 79.5 HKD with a transaction volume of 115 million HKD [1] - On February 4, the average price of tungsten powder reported by Changjiang was 1,545,000 RMB per ton, marking a substantial increase of 25,000 RMB from the previous trading day, reaching a recent price high [1] - Jianghai Securities published a report indicating that multiple factors such as tightening resource endowments, extended development cycles, and insufficient capital investment are reinforcing the rigid constraints on tungsten supply, establishing a solid foundation for a long-term price increase [1] Group 2 - Jaxin International Resources is a tungsten mining development company headquartered in Kazakhstan, with its core asset being the Bakuta tungsten project [1] - First Shanghai believes that the company is at a critical value release inflection point, possessing world-class core assets that lay the foundation for long-term growth [1] - The company is considered a rare pure tungsten mining target in the market, with its current stock price offering a high margin of safety and attractiveness [1]

智通财经APP获悉，佳鑫国际资源(03858)逆市涨超9%，截至发稿，涨6.57%，报79.5港元，成交额1.15 亿港元。 公开资料显示，佳鑫国际资源是一家总部位于哈萨克斯坦的钨矿开发企业，核心资产为巴库塔钨矿项 目。第一上海认为，公司正处在一个关键的价值释放拐点，且坐拥世界级核心资产，资源禀赋奠定长期 增长基石。公司是市场上稀缺的纯钨矿标的，当前股价具备极高的安全边际和吸引力。 消息面上，2月4日，长江综合钨粉均价报1,545,000元/吨，较上一交易日大幅上涨25,000元，再创近期 价格新高。江海证券发布研报称，在资源禀赋趋紧、开发周期拉长、资本投入不足等多重因素叠加下， 钨的供应端刚性约束正不断强化，为中长期价格中枢上移奠定了坚实基础。 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Views - The tungsten price has reached a new high, driven by supply-side constraints and strong demand from high-end manufacturing sectors such as photovoltaic and electric vehicles [4][6][7] - The global tungsten supply is under significant pressure, with production expected to grow only marginally from 82,800 tons in 2024 to 85,500 tons in 2026, reflecting a compound annual growth rate of less than 2% [6] - The demand for tungsten is expected to continue to rise, particularly in the photovoltaic sector, where tungsten wire is increasingly replacing traditional materials, and in the electric vehicle sector, where tungsten is used in high-performance alloys [7] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown strong performance with a relative return of 95.34% compared to the CSI 300 index [2] Supply Dynamics - The supply of tungsten is facing continuous contraction due to stricter environmental regulations and rising operational costs, leading to reduced production capacity [6] - The average grade of tungsten ore has declined from 0.42% in 2004 to 0.28% in 2024, increasing mining and processing costs [6] Demand Drivers - The explosive growth in demand from the photovoltaic and electric vehicle sectors is a key driver for rising tungsten prices, with significant increases in tungsten consumption expected in these areas [7] - The market penetration of tungsten wire in silicon wafer cutting is projected to exceed 60% by 2025, indicating a shift towards more efficient materials [7] Investment Recommendations - The report suggests a continued positive outlook for the tungsten sector, highlighting companies such as Xiamen Tungsten, China Tungsten High-tech, Zhangyuan Tungsten, and Xianglu Tungsten as key investment opportunities [8]

2025年以来钨价&钴粉价格持续上涨，拉动硬质合金相关产品价格： 25Q1以来贵金属价格开启上涨通道，25年底以来加速上涨，其中碳化钨粉价格从底部300-400元/KG区间上涨至 1400-1500元/KG区间，钴粉价格从底部150-200元/KG区间上涨至500-600元/KG区间。 原材料成本约占硬质合金成本的40-50%，而主要原材料为碳化钨粉、 钨价持续上涨，看好产业链下游刀具&钻头等核心品种 硬质合金价格上涨，刀具&硬质合金制品等核心品种高端产能供不应求： 随着硬质合金价格上涨，数控刀片、硬质合金制品（例如矿用合金齿）、凿岩工具等硬质合金核心品种价格大幅 上涨，且高端产能供不应求。 同时下游企业凭借自身对原材料价格的敏锐判断，大量囤积低价库存，有望迎来收入&盈利能力的戴维斯双击。 投资建议：刀具板块核心推荐【新锐股份】【欧科亿】【华锐精密】；PCB钻针板块核心推荐【鼎泰高科】【中 钨高新】 风险提示：制造业复苏进程不及预期，制造业出口不及预期。 钨价持续上涨，看好产业链下游刀具&钻头等核心品种 2025年以来钨价&钴粉价格持续上涨，拉动硬质合金相关产品价格： 25Q1以来贵金属价格开启上涨通道，25 ...

短期看，节前部分矿山开工率有望季节性下滑，叠加当前低库存支撑，矿端供应紧张格局将持续强化， 钨精矿价格仍有望保持强势，并在刚需支撑下向下游传导。考虑到近期板块估值快速提升至偏高位置， 板块股价较为充分反映在钨价上涨带动下的乐观预期，该行将行业评级从"买入"调整为"增持"。 湘财证券主要观点如下： 本月钨行业市场表现强势，估值大幅提升 据Wind数据，本月1钨行业累计大幅上涨60.78%，大幅跑赢基准(沪深300)58.11 pct。行业估值(市盈率 TTM)自月初37.25x上升至57.61x，当前处于93.57%2历史分位。 本月国内钨产业链价格受资源端推动强势上行，不断创历史新高，国际钨价同步上行 智通财经APP获悉，湘财证券发布研报称，中长期看钨供给端约束越来越强;而在全球钨竞争格局中， 我国钨行业在全球储量及产量占据龙头位置，国内钨精矿行业集中度高，且随着小矿山逐渐减少，资源 进一步向大型企业集中，随着国内钨产业升级在全球钨供给中份额持续提升;需求端，全球钨需求有望 呈现持续增长态势，其中不乏AIPCB精密刀具、光伏钨丝及军工航天领域等高附加值亮点领域，供给受 限叠加需求结构性调整下，钨价格中枢有望长 ...

Investment Rating - The industry rating is upgraded to "Overweight" from "Buy" due to rapid valuation increases and optimistic expectations reflected in stock prices [5]. Core Insights - The tungsten industry has shown strong market performance with a significant valuation increase, outperforming the benchmark index [2]. - Domestic tungsten prices have reached historical highs, driven by tight supply at the mining level and rising prices for long-term contracts [3]. - The supply chain remains constrained by tight raw material availability, leading to limited demand release and reduced transaction volumes [6]. Price Statistics - In January 2026, the average price of 65% black tungsten concentrate increased by 26.69% month-on-month to 510,600 CNY/ton, and by 254.75% year-on-year, with the increase from December 2025 expanding by 72.05 percentage points [5]. - The average price of 65% white tungsten concentrate rose by 26.76% month-on-month to 508,700 CNY/ton, with a year-on-year increase of 256.66% [5]. - The average price of ammonium paratungstate (APT) increased by 26.2% month-on-month to 751,400 CNY/ton, with a year-on-year increase of 254.53% [5]. Supply and Demand Dynamics - The supply of tungsten concentrate has slightly decreased, with weekly production dropping from 1,880 tons to 1,870 tons [6]. - The production of APT is estimated to increase by 5.88% in January 2026, but the overall supply remains constrained due to tight raw material availability [6]. - Demand is primarily driven by essential needs, with limited room for growth as rising raw material prices suppress downstream replenishment [6]. Profitability Analysis - Mining profits are expanding due to resource scarcity and price increases, with simulated gross profit for tungsten concentrate reaching 334,900 CNY/ton, a month-on-month increase of 40.77% [6]. - The midstream refining sector is also seeing steady profit growth, while downstream processing and alloy sectors are experiencing profit pressure due to lagging price transmission [6]. Investment Recommendations - The long-term outlook for the tungsten industry is positive, with supply constraints expected to strengthen due to declining ore grades and increased mining costs [6]. - Short-term expectations indicate that tight supply conditions will likely persist, supporting strong tungsten concentrate prices [6]. - Continued focus is recommended on companies with rich tungsten resources and integrated industrial layouts, particularly those investing in deep processing and emerging product areas [7].