记者丨董鹏 编辑丨巫燕玲 不涨停、不停涨，被称为"工业牙齿"的钨产品，12月以来再次加速上涨。 而以上基本面的强势表现，也映射到了二级市场走势中，近期在多数行业板块回调的背景下，以中钨高新为代表的钨行业个股逆市上涨。 中钨在线数据显示，截至12月18日，钨精矿、仲钨酸铵、钨粉价格继续上调，其中钨粉（≥99.7%）报价已经达到101万元/吨，较年初涨219.6%；Wind采集 的国产钨粉（≥99.7%）价格，则升至104.5万元/吨，并且上涨速率较11月提升非常明显。 综合多家市场机构反馈，上述产品价格的进一步拉涨，与此前主流企业上调12月上半月长单价格，以及临近年末矿山端检修增多带来的供应收紧有关。 "目前，钨原料供应偏紧因素仍主导市场，消费端弥漫谨慎情绪，导致产业链整体流动性受限，参与者观望江西和广东两地大型钨企的长单价格。"中钨在线 指出。 | 27.36 额 8.99亿 股本 22.79亿 市盈 77 39.5 房i 짧 | | --- | | 时间范围 2025/01/02 ~ 2025/12/19 235周期 周期:日 | | 区间涨幅 回撤 -26.87% 均价 17.77 成交量 1.5亿 | ...

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].

不涨停、不停涨，被称为"工业牙齿"的钨产品，12月以来再次加速上涨。 中钨在线数据显示，截至12月18日，钨精矿、仲钨酸铵、钨粉价格继续上调，其中钨粉（≥99.7%）报价已经达到101万元/吨，较年初涨219.6%；采集的国 产钨粉（≥99.7%）价格，则升至104.5万元/吨，并且上涨速率较11月提升非常明显。 综合多家市场机构反馈，上述产品价格的进一步拉涨，与此前主流企业上调12月上半月长单价格，以及临近年末矿山端检修增多带来的供应收紧有关。 "目前，钨原料供应偏紧因素仍主导市场，消费端弥漫谨慎情绪，导致产业链整体流动性受限，参与者观望江西和广东两地大型钨企的长单价格。"中钨在 线指出。 而以上基本面的强势表现，也映射到了二级市场走势中，近期在多数行业板块回调的背景下，以中钨高新（000657）为代表的钨行业个股逆市上涨。 截至12月17日，在申万划分的31个一级行业中，只有有色金属、国防军工等6个行业板块本月取得正收益，同期钨板块的涨幅又是位居所有细分行业首位。 钨粉暴涨超200% 12月18日上午，章源钨业（002378）官方公众号发布调价通知函，"因钨原材料价格持续上涨，致使公司生产成本大幅增长…… ...

Group 1 - The core viewpoint is that tungsten prices have significantly increased due to extreme supply tightness and surging demand from various sectors, including new energy fields like photovoltaics and solid-state batteries [1] - As of November 17, the average price of tungsten powder reached 747,500 yuan per ton, marking a cumulative increase of 100% for the year [1] - The price of 65% black tungsten concentrate rose to 320,000 yuan per standard ton, reflecting a year-to-date increase of 123.8% [1] - The price of 65% white tungsten concentrate reached 319,000 yuan per standard ton, also showing a year-to-date increase of 124.7% [1] - Ammonium paratungstate (APT) price was reported at 478,000 yuan per ton, with a year-to-date increase of 126.5% [1] Group 2 - The supply side is experiencing extreme tightness, with domestic tungsten mining quotas for 2025 reduced to 58,000 tons, a year-on-year decrease of 6.45% [1] - Key production areas like Jiangxi and Hunan have further reduced their quotas, and some low-capacity mines have not received mining indicators, leading to a continuous contraction in supply [1] - Short-term demand is driven by traditional inventory replenishment and peak installation in the photovoltaic sector, maintaining a low inventory situation [1] - In the medium to long term, tightening mining quotas, normalized environmental policies, and growth in emerging sector demand are expected to persist, with a projected global supply-demand gap of 4,679 tons [1] - The price center is anticipated to continue rising due to these factors [1]