钨价持续攀升 ，产业链迎增长机遇。 当地时间8月20日，美股主要股指涨跌不一，道指盘中一度下跌0.34%，随后回升，收盘微涨0.04%；纳指盘中大跌1.92%，跌破21000点，收盘下跌 0.67%；标普500盘中下跌1.05%，收盘跌0.24%。 美联储7月会议纪要公布 | 美股指数 它 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 44938.31 | 21172.86 | 6395.78 | | +16.04 +0.04% | -142.09 -0.67% | -15.59 -0.24% | | 中国金龙指数 | 纳指100期货 | 标普500期货 | | 7606.75 | 23318.25 | 6411.00 | | +24.86 +0.33% | -5.75 -0.02% | -2.25 -0.04% | 大型科技股普遍下跌，万得美国科技七巨头指数跌1.07%，苹果跌1.97%，亚马逊跌1.84%，特斯拉跌1.64%，谷歌跌1.14%。中概股涨跌不一，纳斯达克中 国金龙指数上涨0.33%，网易涨1.71%，阿里巴巴、拼多多、京东集团、百度集团 ...

Group 1: Tungsten Price Trends - Tungsten prices have been on the rise this year, with significant increases in the past week, showing daily price hikes of 3,000 to 10,000 yuan per ton [5] - As of August 20, the price of 65% tungsten concentrate reached 217,000 yuan per ton, up 3,000 yuan from August 19, marking a 51.75% increase since the beginning of the year [5] - The price of ammonium paratungstate (APT) at 88.5% purity is reported at 311,500 yuan per ton, reflecting a 47.98% increase year-to-date [5] Group 2: Supply and Demand Dynamics - The recent price surge is attributed to tightening supply and emerging demand, with the Ministry of Natural Resources reducing the tungsten mining quota for 2025 by 4,000 tons, a decrease of 6.45% [7] - Major tungsten-producing provinces, Jiangxi and Yunnan, have also seen reductions in mining output, contributing to a significant decrease in market circulation [7] - Demand for tungsten in hard alloys is growing due to its superior properties, with applications in various industries including aerospace and electronics [7] Group 3: Market Performance and Stock Analysis - Tungsten-related stocks in the A-share market have generally risen, with an average increase of 10.1% since August [9] - Notable performers include Luoyang Molybdenum (603993) and Zhongtung High-tech (000657), with cumulative increases of 22.48% and 18.99%, respectively [9] - Some tungsten concept stocks are currently undervalued, with a median rolling P/E ratio of 30.24, and companies like Shengtun Mining (600711) having a P/E ratio below 20 [10] Group 4: Company Performance - Shengtun Mining has the lowest valuation with a rolling P/E ratio of 12.41, holding 32,200 tons of tungsten metal in its own mine [11] - Among the eight companies that have disclosed performance data, three have turned losses into profits, while others like Luoyang Molybdenum and Xianglu Tungsten Industry have reported significant year-on-year profit growth [11] - Luoyang Molybdenum is expected to achieve a net profit of 8.2 to 9.1 billion yuan in the first half of the year, representing a year-on-year increase of 51.37% to 67.98% [11]

Core Viewpoint - The tungsten market is experiencing significant price increases due to tightening supply and rising demand, with major tungsten companies adjusting their prices accordingly [5][6][7]. Price Trends - Tungsten concentrate prices have surged, with a recent increase of 3,000 to 10,000 yuan per ton, reaching 217,000 yuan per ton as of August 20, marking a 51.75% increase since the beginning of the year [5][6]. - Ammonium paratungstate (APT) prices are reported at 311,500 yuan per ton, up 47.98% year-to-date, while tungsten powder prices have risen to 482.5 yuan per kilogram, reflecting a 53.91% increase [6]. Supply Dynamics - The Ministry of Natural Resources has set a control target for tungsten mining at 58,000 tons for 2025, a reduction of 4,000 tons (6.45%) compared to the previous year [6]. - Major tungsten-producing provinces, Jiangxi and Yunnan, have also seen reductions in mining volumes, contributing to a significant decrease in market circulation [6]. Demand Drivers - The demand for tungsten hard alloys is growing due to their superior properties, with applications in various industries including aerospace, defense, and electronics [7]. - The demand for tungsten in the renewable energy sector is expected to rise, with projections indicating a 22% year-on-year increase in consumption for lithium battery applications by 2025 [7]. Stock Performance - Tungsten-related stocks have generally risen, with an average increase of 10.1% since August, led by companies such as Luoyang Molybdenum and Zhongtung High-tech, which saw increases of 22.48% and 18.99%, respectively [8]. - The median rolling price-to-earnings ratio for tungsten stocks is 30.24, with some companies like Shengtun Mining and Luoyang Molybdenum having ratios below 20 [8]. Company Performance - Among the eight companies that have reported their half-year results, three-quarters have shown positive growth, with Xianglu Tungsten and Guangsheng Nonferrous turning losses into profits [8]. - Luoyang Molybdenum is expected to report a net profit of 8.2 to 9.1 billion yuan for the first half of the year, reflecting a year-on-year growth of 51.37% to 67.98% [8].

Group 1 - The price of tungsten products is reaching new highs due to a decrease in supply influenced by the first batch of tungsten concentrate quotas and environmental inspections in China [1] - The increase in tungsten production from foreign mines such as Sandong and Dolphin is below expectations, while the Bakuta tungsten mine has started production but lacks local smelting capacity, necessitating transportation back to China for smelting before export [1] - The overall balance sheet for tungsten is tight, with a more pronounced supply gap overseas compared to domestic markets, leading to an optimistic price outlook [1] Group 2 - Antimony prices in the domestic market have nearly bottomed out, with the Ministry of Commerce responding to export license applications for antimony, indicating compliance reviews will be conducted [1] - Downstream terminal demand is currently at a low point, but expectations for reduced production in photovoltaic glass have been realized, and the traditional peak season for flame retardants is approaching in September and October [1] - If export demand recovers effectively alongside the upcoming peak season for flame retardants, it is expected to significantly boost domestic antimony prices [1]

格隆汇8月12日｜据中钨在线，钨市涨声继续，钨精矿和主要钨制品价格迭创新高。月初市场经历短暂 微跌后迅速回归稳健，消费端虽未得到充分喘息，但原料端挺市态度坚决，整体钨价走势坚挺。行情的 主要驱动因素仍为供给端紧缺与持货商惜售，叠加国际价格传导与政策预期共振。截至发稿，仲钨酸铵 (APT)价格报29.1万元/吨，较年初涨37.9%；钨粉价格报438元/公斤，较年初涨38.6%；70钨铁价格报30 万元/吨，较年初涨39.5%；废钨棒材价格报327元/公斤，较年初涨48.6%。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com （责任编辑：宋政 HN002） ...

Core Viewpoint - The report from Guosheng Securities indicates that the long-term quotes from major tungsten manufacturers have significantly increased, suggesting a continued upward trend in tungsten prices due to ongoing supply-demand tightness [1][2]. Price Trends - As of August 5, the prices for black tungsten concentrate, APT, and tungsten carbide powder have risen by 12%, 13%, and 14% respectively compared to early July, with current prices at 194,500 CNY/ton, 285,000 CNY/ton, and 422,500 CNY/ton [2]. - The long-term quotes for major manufacturers in early August include: Xiamen Tungsten Industry at 279,500 CNY/ton for APT, Zhangyuan Tungsten at 192,500 CNY/ton for black tungsten concentrate and 283,000 CNY/ton for APT, and Jiangxi Tungsten Group at 194,000 CNY/ton for black tungsten concentrate [2]. Market Dynamics - The current strong performance of tungsten prices is driven by three factors: the manufacturing sector is at a cyclical low, inventory levels among industries and traders are low, and external tungsten prices have been rising since June, reflecting a recovery in exports [3]. - The price gap between domestic and international tungsten prices has reached historical highs, indicating strong demand for domestic products as external markets recover [3]. Supply Situation - The long-term quotes from major manufacturers are close to market price announcements, indicating that the tight supply situation persists [4]. - The Bakuta tungsten mine in Kazakhstan has resumed normal shipments since May, with an average monthly output of around 800 tons. However, the domestic tungsten price remains strong, suggesting that local demand and supply constraints have effectively mitigated any potential market disruption from this new supply [5]. Investment Recommendations - Companies positioned at both ends of the tungsten industry chain are expected to benefit from the rising tungsten prices. Recommended stocks include Zhongtung High-tech (000657.SZ) and Anyuan Coal Industry (600397.SH), with related stocks being Xiamen Tungsten Industry (600549.SH), Zhangyuan Tungsten (002378.SZ), and Xianglu Tungsten (002842.SZ) [6].

Investment Rating - The report maintains a "Buy" rating for the companies involved in the tungsten industry, specifically recommending Zhongtung High-tech and Anyuan Coal Industry [4]. Core Viewpoints - The tungsten price is expected to continue rising due to tight supply and demand dynamics, with significant price increases observed in various tungsten products as of early August [1][2]. - The report identifies three main reasons for the strong performance of tungsten prices: the manufacturing sector is at a cyclical bottom, low inventory levels prompting restocking, and a recovery in export demand since June [2][3]. - The long-term outlook for tungsten prices remains positive due to persistent supply constraints and the scarcity of resources, which is likely to elevate the price center [4]. Summary by Sections Market Prices - As of August 5, 2023, black tungsten concentrate prices reached 194,500 CNY/ton, up 12% from early July; APT prices were 285,000 CNY/ton, up 13%; and tungsten carbide powder prices were 422,500 CNY/ton, up 14% [1]. Long-term Quotes - Major companies have set long-term quotes close to market prices, indicating ongoing raw material shortages. For instance, Xiamen Tungsten's APT quote was 279,500 CNY/ton, while Zhangyuan Tungsten's black tungsten concentrate was quoted at 192,500 CNY/ton [2][3]. Supply and Demand Dynamics - The report notes that the domestic tungsten price remains strong despite the normal output from the Bakuta tungsten mine in Kazakhstan, which has a capacity of nearly 10,000 tons of tungsten concentrate per year. The market has absorbed this supply increase without significant price drops [3]. Investment Recommendations - The report suggests that short-term price elasticity will be driven by restocking and export recovery, while long-term supply issues will support higher tungsten prices. Recommended stocks include Zhongtung High-tech and Anyuan Coal Industry, with related stocks being Xiamen Tungsten, Zhangyuan Tungsten, and Xianglu Tungsten [4].

Industry Overview - The tungsten market prices have continued to rise, with domestic black tungsten concentrate, APT, and tungsten iron prices reported at 179,000 yuan, 260,000 yuan, and 265,000 yuan per ton respectively, marking increases of 25%, 23.5%, and 24.4% since the beginning of the year [1] - A new round of price adjustments by institutions and tungsten enterprises has enhanced market bullish sentiment, supporting the upward trend in tungsten prices [1] - The Ministry of Natural Resources issued a total mining quota of 58,000 tons for tungsten in April, which is a reduction of 4,000 tons and 5,000 tons compared to 2024 and 2023 respectively [1] - The quality of tungsten ore in China has declined, with tungsten ore and concentrate grades decreasing from 0.42% and 66.57% in 2004 to 0.28% and 56.08% in 2020, further limiting capacity release [1] - There has been no significant increase in domestic supply in recent years, and overseas supply from Bakuta and Sandong tungsten mines may be lower than expected, reinforcing tight supply logic [1] Company Insights - Zhongtung High-tech is a leading comprehensive supplier of hard alloy tools in China, forming a complete tungsten industry chain that includes tungsten mining, smelting, hard alloys, and deep processing [3] - Zhangyuan Tungsten Industry leverages its tungsten resource advantages and integrated industry chain layout, continuously enhancing its competitiveness in the high-end hard alloy products sector [4]

Company Overview - Xiyeg股份 reported significant growth in Q1 2025, with total non-ferrous metal production reaching 82,200 tons, including tin at 24,200 tons, copper at 24,400 tons, and zinc at 33,300 tons, alongside 30 tons of indium ingots [1] - The company achieved operating revenue of 9.729 billion yuan, a year-on-year increase of 15.82%, and a net profit attributable to shareholders of 499 million yuan, up 53.08% year-on-year [1] Tungsten Market Dynamics - The tungsten price remains high due to China's export control upgrades and reduced mining quotas, with current black tungsten concentrate (≥65%) prices exceeding 170,000 yuan per ton [2] - The rapid expansion of the global military industry is significantly driving tungsten demand, supported by China's military modernization and increased military aid from Western countries [2] - The tungsten industry is currently characterized by tight supply and demand, with potential for further price increases if demand recovers [2]

Group 1 - The tungsten index experienced a significant increase, rising nearly 6% during intraday trading and closing up by 4.06% [1] - Individual stocks such as Xianglu Tungsten Industry (002842) hit the daily limit, while Guangsheng Nonferrous (600259), Zhangyuan Tungsten (002378), and Xiamen Tungsten (600549) also saw gains [1] - The spokesperson from Xianglu Tungsten Industry indicated that the stock price surge was influenced by multiple factors, and while tungsten prices are currently high, the future trend is uncertain [1] Group 2 - The company primarily purchases tungsten ore as raw materials, processes them, and sells tungsten products, indicating that rising tungsten prices positively impact the company's performance [1]