Core Viewpoint - The tungsten market is experiencing a steady upward trend in prices, driven by tight supply conditions and cautious demand from downstream enterprises [1] Supply Side - Resource supply remains tight, enhancing the bargaining power of sellers [1] Demand Side - Downstream enterprises are primarily purchasing based on immediate needs, with cautious inventory replenishment due to cost pressures [1] Macro Environment - Geopolitical factors continue to disrupt the market, although no significant changes in direction are observed in the short term [1] Price Data - The price of 65% black tungsten concentrate is reported at 332,000 yuan per standard ton, an increase of 132.2% since the beginning of the year [1] - The price of 65% white tungsten concentrate is reported at 331,000 yuan per standard ton, an increase of 133.1% since the beginning of the year [1] - The price of ammonium paratungstate (APT) is reported at 486,000 yuan per ton, an increase of 130.3% since the beginning of the year [1]

Industry Overview - The prices of major tungsten products have significantly increased this year, with an overall rise exceeding 120% compared to the beginning of the year, and some products seeing increases over 140% [1] - The demand for tungsten has surged due to the growth in industries such as photovoltaics and automotive, while supply constraints have intensified market tensions [1] - The first batch of tungsten mining quotas for the first half of 2025 is set at 58,000 tons, a decrease of 4,000 tons or 6.45% compared to the first batch in 2024 [1] - The demand for tungsten in the renewable energy sector, particularly for photovoltaic tungsten wire, has shown remarkable growth [1] - Industry experts believe that due to tightening supply, rigid downstream demand, and various international factors, tungsten prices are likely to remain high in the near future [1] Company Insights - Zhongtung High-tech focuses on tungsten concentrate, hard alloys, and tools, and plans to acquire Yuanjing Tungsten Industry to inject high-quality mining assets [2] - The subsidiary Jinzhou Precision is a major supplier in the global PCB micro-drill market, benefiting from the development of the PCB industry [2] - Zhangyuan Tungsten Industry is engaged in the mining and selection of tungsten concentrate and the production and sales of ammonium paratungstate, tungsten oxide, tungsten powder, tungsten carbide powder, and hard alloys, while continuously promoting the integration of mining resources [2]

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]

Core Viewpoint - The tungsten market is experiencing a significant price surge, with prices nearly doubling since the beginning of the year, driven by resource constraints and expanding demand [2][5]. Group 1: Tungsten Price Trends - As of October 28, 2025, the price of black tungsten concentrate (≥65%) reached 288,000 CNY/ton, up 3,000 CNY from the previous trading day, while APT (ammonium paratungstate ≥88.5%) was priced at 425,000 CNY/ton, an increase of 7,000 CNY [5]. - Year-to-date, the price of black tungsten concentrate has increased by approximately 98.76%, from an average of 144,900 CNY/ton at the beginning of the year, while APT has risen by about 99.62% from 212,800 CNY/ton [5]. Group 2: Company Performance and Stock Market Reaction - Following the surge in tungsten prices, the stock price of China Tungsten High-Tech Materials Co., Ltd. (中钨高新) has seen significant increases, with a closing price of 24.76 CNY on October 29, 2025, marking a 10% rise and a total market capitalization of 56.418 billion CNY [2][7]. - The company reported a 13.39% year-on-year increase in revenue for the first three quarters of 2025, totaling 12.755 billion CNY, and an 18.26% increase in net profit, amounting to 846 million CNY [6]. Group 3: Acquisition and Resource Strategy - On October 26, 2025, China Tungsten High-Tech announced plans to acquire a 99.9733% stake in Hunan Yuanjing Tungsten Industry Co., Ltd. for 821 million CNY, which represents a 170.27% premium over the net asset value of approximately 304 million CNY [3][8]. - The acquisition is expected to enhance the company's resource self-sufficiency by approximately 25%, further solidifying its position in the tungsten market amid rising prices and limited supply [11][12]. Group 4: Market Dynamics and Future Outlook - Analysts indicate that the recent price increases are influenced by reduced mining quotas and strong demand in sectors such as new energy, military, and semiconductors, with limited market inventory contributing to rapid price increases [5][6]. - The company is expected to continue benefiting from its comprehensive resource strategy, with ongoing efforts to integrate additional mining assets and enhance operational efficiencies [12].

Core Viewpoint - The A-share small metal sector has shown strong performance, particularly in tungsten, with significant price increases driven by supply constraints and rising demand [2][4]. Group 1: Market Performance - The tungsten sector has seen a collective rise, with notable stocks such as Zhongtung High-tech reaching a trading limit, and Xiamen Tungsten hitting a historical high [2]. - As of October 28, the price of 65% black tungsten concentrate reached 288,000 yuan/ton, marking a 101.4% increase since the beginning of the year [2][4]. Group 2: Price Trends - The price of ammonium paratungstate (APT) has reached a record high, with domestic prices at 425,000 yuan/ton, also reflecting a 101.4% increase year-to-date [4]. - European APT prices range from 610 to 685 USD/ton, equivalent to 384,000 to 431,000 yuan/ton [4]. Group 3: Supply and Demand Dynamics - The supply of tungsten is expected to be controlled through mining regulations until 2025, impacting overall availability [4]. - Demand for tungsten is projected to grow, with a reported consumption of 35,900 tons in the first half of 2025, a 2.1% increase year-on-year [4]. Group 4: Company Performance - Seven A-share listed companies involved in tungsten production have reported significant growth in both performance and stock prices this year [4]. - Notable companies include Luoyang Molybdenum, which has seen a 159.85% increase in stock price, and Xiamen Tungsten, with an 87.26% increase [6].