Group 1 - The tungsten index has experienced a significant surge, with companies like Zhangyuan Tungsten and Xianglu Tungsten seeing substantial stock price increases, including Zhangyuan Tungsten achieving five consecutive trading limits in seven days [1] - Zhangyuan Tungsten has raised its long-term procurement prices for February 2026, with 55% black tungsten concentrate priced at 730,000 yuan per standard ton, and 55% white tungsten concentrate at 729,000 yuan per standard ton, reflecting an increase from the previous month [2] - The price of tungsten powder has skyrocketed nearly fivefold over the past year, reaching 1,800 yuan per kilogram, with a month-on-month increase of approximately 41.7% [3] Group 2 - The global tungsten supply and demand imbalance has intensified since 2025, driven by policy controls and surging demand, leading to record-high prices for tungsten powder, cobalt powder, and tungsten carbide powder [3] - Companies such as Zhongtung High-tech, Xiamen Tungsten, Zhangyuan Tungsten, and Jiaxin International Resources are identified as relevant players benefiting from the rising prices in the tungsten market [3]