钨价"狂飙"，下游的硬质合金厂商掀起涨价潮。 2月26日，新锐股份（SH688257，股价59.93元，市值151.27亿元）通过官方微信公众号发布硬质合金产 品调价通知函。函件中，新锐股份表示，自2025年以来，硬质合金主要原材料价格不断攀升且供应紧 缺。受此影响，公司生产运营成本持续承压，当前产品销售价格已无法支撑原材料价格涨幅。 新锐股份调价函，图片来源：微信公众号截图 基于上述理由，新锐股份表示自2026年2月27日起，新接收的订单将执行调整后的价格。至于具体产品 的调价幅度及细则，将由业务人员与客户逐一沟通确认。 无独有偶，就在一天前，华锐精密（SH688059，股价123.25元，市值123.23亿元）也通过微信公众号官 宣开工复工暨产品调价公告，并表示现有价格已经无法承担原材料价格涨幅。值得注意的是，这已是华 锐精密近三个月来下发的第四份涨价通知，距离上一份仅过了一个月。 华锐精密调价函，图片来源：微信公众号截图 钨价一年上涨470% "自2025年以来，全球钨产业链供需失衡加剧，叠加政策管控、需求爆发等多重因素，钨粉、钴粉、碳 化钨粉价格开启持续上涨模式，屡创历史新高。"今年1月26日，华锐精 ...

每经记者｜黄海 每经编辑｜许绍航 文多 钨价"狂飙"，下游的硬质合金厂商掀起涨价潮。 2月26日，新锐股份（SH688257）通过官方微信公众号发布硬质合金产品调价通知函。 函件中，新锐股份表示，自2025年以来，硬质合金主要原材料价格不断攀升且供应紧缺。受此影响，公司生产运营成本持续承压，当前产品销售价格已无 法支撑原材料价格涨幅。 新锐股份调价函 图片来源：微信公众号截图 基于上述理由，新锐股份表示自2026年2月27日起，新接收的订单将执行调整后的价格。至于具体产品的调价幅度及细则，将由业务人员与客户逐一沟通 确认。 无独有偶，就在一天前，华锐精密（SH688059）也通过微信公众号官宣开工复工暨产品调价公告，并表示现有价格已经无法承担原材料价格涨幅。值得 注意的是，这已是华锐精密近三个月来下发的第四份涨价通知，距离上一份仅过了一个月。 华锐精密调价函 图片来源：微信公众号截图 钨价一年上涨470% "自2025年以来，全球钨产业链供需失衡加剧，叠加政策管控、需求爆发等多重因素，钨粉、钴粉、碳化钨粉价格开启持续上涨模式，屡创历史新高。"今 年1月26日，华锐精密在连续三次上调产品价格后发文解释涨价原因， ...

佳鑫国际资源（03858）早盘涨超8%，截至发稿，股价上涨7.35%，现报91.25港元，成交额1.19亿港 元。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 客户端 佳鑫国际资源（03858）早盘涨超8%，截至发稿，股价上涨7.35%，现报91.25港元，成交额1.19亿港 元。 据SMM金属矿产前瞻报道，节后归来，国内钨市告别节前平稳态势再度走强。章源钨业、翔鹭钨业等 头部企业继续上调长单报价，进一步夯实市场看涨预期，推动黑钨精矿均价于2月25日攀升至733500元/ 标吨的纪录高位，其均价年内涨幅达61.74%；仲钨酸铵（APT）同步走高，年内涨幅录得61.94%。与 此同时，据SMM调研，欧洲钨市场下游库存持续短缺，春节假期期间海外钨价强势拉涨，形成全球钨 价齐涨的联动格局。 据SMM金属矿产前瞻报道，节后归来，国内钨市告别节前平稳态势再度走强。章源钨业、翔鹭钨业等 头部企业继续上调长单报价，进一步夯实市场看涨预期，推动黑钨精矿均价于2月25日攀升至733500元/ 标吨的纪录高位，其均价年内涨幅达61.74%；仲钨酸铵（ ...

本报记者 曹琦 一方面，在供给端，国内对钨矿实施开采总量控制，2026年开采指标延续偏紧格局，叠加环保与安全生产监管强化，中小 矿山产能退出，行业有效供给持续收缩。春节前后矿山开工率偏低，市场流通货源减少，进一步加剧现货紧张。 与此同时，全球钨矿资源品位下降、开采成本上升，海外新增产能释放缓慢，难以缓解全球供需缺口，为钨价高位运行提 供了支撑。 另一方面，在需求端，随着高端制造、新能源汽车及军工领域需求稳步复苏，硬质合金、切削工具企业开工率提升，下游 备货积极性高涨。其中，光伏钨丝、军工、半导体三大新兴领域需求爆发式增长，成为拉动钨需求的核心引擎。 "有机构预计，2026年光伏钨丝渗透率预计突破80%，仅光伏领域新增钨需求就占全球总需求的5%以上；半导体领域中， 3nm及以下先进制程芯片对高纯钨的需求激增，进一步放大供需矛盾。"福建华策品牌定位咨询创始人詹军豪向记者表示。 行业加速转型 2026年开年以来，钨矿市场迎来强势上涨行情，核心品种价格接连刷新历史纪录，成为有色金属板块表现最突出的品种之 2月24日，有头部企业在官微公布2026年2月下半月长单采购报价：55%黑钨精矿报价73万元/标吨；55%白钨精矿 ...

Core Viewpoint - The tungsten market is expected to outperform other commodities like gold and lithium in 2025-2026, with tungsten prices having already increased by over 220% in 2025, surpassing gold's performance [1][2]. Supply and Demand Dynamics - As of February 25, 2025, the price of tungsten iron in Shanghai has exceeded 1.0225 million yuan per ton, a 3.7-fold increase compared to the same period last year [3]. - The price of black tungsten concentrate reached 705,000 yuan per ton in 2026, up 53.26% year-to-date, while ammonium paratungstate (APT) is priced at 1.05 million yuan per ton, up 56.72%, both hitting historical highs [5]. - China's tungsten reserves account for 52% of the global total, and its production represents 83%, making it the leading tungsten supplier globally [7]. - From 2025, China will tighten tungsten resource management, leading to a significant reduction in supply, with the first batch of tungsten concentrate mining quotas set at 58,000 tons, a 6.5% decrease from the previous year [7]. - Export controls on tungsten products will further tighten global supply, with a projected 27.5% decrease in tungsten exports in 2025 [7][8]. - The slow release of overseas tungsten production capacity will not compensate for the supply reduction from China, with new non-Chinese tungsten concentrate capacity expected to be less than 5,000 tons by 2026 [8]. Demand Growth - Tungsten's applications are expanding beyond traditional sectors into high-end fields such as renewable energy, military, and semiconductors [10]. - Key drivers of demand growth include photovoltaic tungsten wire and PCB drill bits, with strong demand from military and semiconductor sectors [11]. - Since September 2025, tungsten concentrate inventories have been depleting, leading to tight spot supply and increased demand for replenishment from downstream enterprises [12]. Industry Profitability - The rise in tungsten prices is improving profitability across the industry, with significant benefits for resource-rich and high-end processing companies [15]. - Companies with their own tungsten resources, such as Zhangyuan Tungsten, are experiencing substantial profit increases, with stock prices rising over 136% this year [17]. - High-end processing companies, like Zhongtung High-tech, are also benefiting from price increases and strong demand for high-end tungsten products, with stock prices up over 112% [20]. Long-term Outlook - The ongoing rise in tungsten prices is expected to become a long-term norm rather than a short-term market speculation [14]. - The strategic value of tungsten is increasing amid global competition for strategic mineral resources, with China holding a dominant position in the tungsten market [25]. - The valuation logic for tungsten has shifted, with its dual attributes of being a strategic resource and high-end manufacturing material likely to enhance its valuation further [23][24].

智通财经记者 | 田鹤琪 中钨在线统计显示，章源钨业黑钨精矿（WO3≥55%）报73万元/标吨，较上半月报价上涨8.96%；白钨精矿（WO3≥55%）较上半月报价上涨8.97%；仲钨酸 铵报（国标零级）107万元/吨，上涨10.31%。 步入2026年，这股上涨动能并未减弱。据中钨在线，春节后复工首日，钨市开工率尚未完全恢复，但市场报价普遍坚挺。 该机构数据显示，2月24日，黑钨精矿（规格≥65%）价格为70.5万元/吨，较年初上涨53.26%；仲钨酸铵(APT)价格为105万元/吨，较年初上涨56.72%；钨粉 价格为1740元/千克，较年初上涨61.11%。 | | | | 截至2026年2月24日钨制品价格涨跌幅 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 商品名称 | 黑钨精矿(65%) | 日钨精矿(65%) | 仲钨酸铵(APT) | 铝粉 | 碳化钨粉 | 70钨铁 | 备注 | | | 力元/标吨 | 万元 标吨 | 力元 吨 | 元/千克 | 元/千克 | 万元/吨 | | | 2026 2 24 | 70.50 ...

Group 1 - Tungsten prices have surged significantly since the beginning of the year, with black tungsten concentrate (≥65%) averaging 696,000 yuan/ton, reflecting a year-to-date increase of approximately 51.6% [3] - The rapid price increase is attributed to supply constraints in the mining sector and increased demand for inventory replenishment from downstream industries, exacerbated by strict crackdowns on illegal mining [2][8] - Major tungsten companies, including Xiamen Tungsten (600549.SH), Zhongtung High-tech (000657.SZ), and Xianglu Tungsten (002842.SZ), have issued multiple price increase notices this year [2][6] Group 2 - The tightening supply of tungsten has led to a situation where some downstream companies are struggling to cope with high prices, resulting in a "no rice to cook" scenario [7] - The crackdown on illegal mining has reduced the market supply of raw materials by approximately one-third to one-fourth, impacting the overall availability of tungsten [7][9] - The current supply-demand imbalance raises questions about whether the rapid price increase is a temporary phenomenon or indicative of a longer-term structural bull market [2][15] Group 3 - The transmission of price increases from the tungsten mining sector to downstream industries is generally smooth but may weaken over time, particularly affecting lower-end processing sectors [11][12] - High-end tungsten products, such as hard alloys and cutting tools, are experiencing increased demand, with lead times for orders extending from over a month to 2-3 months [14] - The cost of tungsten raw materials constitutes a small portion of the overall production costs for tools, which limits the impact of price increases on end-user pricing [14] Group 4 - The long-term outlook for tungsten prices remains strong due to ongoing supply constraints and increasing demand from traditional industries and emerging sectors [15][16] - Analysts suggest that while there may be short-term price adjustments, the overall trend is expected to maintain a high price level due to limited new mining capacity and stringent domestic regulations [15][16] - The market sentiment has become extreme due to the rapid price increases, indicating potential for a correction in the near future [17]

Core Viewpoint - The tungsten price has surged significantly since the beginning of the year, driven by supply constraints and increased demand from downstream industries, leading to a "jumping price mode" in the market [1][2]. Supply and Demand Dynamics - As of February 12, the average price of black tungsten concentrate (≥65%) reached 696,000 yuan per ton, reflecting a year-to-date increase of approximately 51.6% [2]. - The domestic supply of tungsten has decreased by about one-third to one-fourth due to intensified crackdowns on illegal mining activities, which has contributed to the current price surge [5][6]. - The actual annual supply of tungsten ore in China is estimated to be around 120,000 to 130,000 tons, with about 20% of this supply being unregulated and thus not circulating in the market [6][7]. Impact on Downstream Industries - The rapid price increase has led to a trust crisis in the spot market, with some downstream companies facing difficulties in fulfilling contracts due to soaring prices [4][9]. - Major tungsten companies, including Xiamen Tungsten (600549.SH) and Zhongtung High-tech (000657.SZ), have issued multiple price increase notifications this year, reflecting the upward pressure on prices [1][5]. - The cost of tungsten in the manufacturing of tools is relatively low, accounting for about 10%-15% of the total cost, which may limit the impact of price increases on end products [12]. Market Sentiment and Future Outlook - Industry experts express mixed sentiments about the sustainability of the current price levels, with some predicting potential adjustments in the near future due to extreme market emotions [14][15]. - The ongoing supply constraints, coupled with the increasing demand from traditional and emerging sectors, suggest that tungsten prices may remain elevated in the medium to long term [13][14]. - The tightening of mining quotas and the limited new production capacity are expected to keep the supply-demand imbalance unresolved in the short term [13][14].

Group 1 - The core viewpoint of the article highlights that Xianglu Tungsten Industry has experienced significant stock performance, achieving three consecutive trading limits within five days, indicating strong market interest and activity [1] - The stock reached a trading limit at 10:48 today, with a transaction volume of 2.166 billion yuan and a turnover rate of 21.39%, reflecting high investor engagement [1] - Recent increases in tungsten prices and notable price hikes in related products have contributed to the company's stock performance, alongside the gradual release of photovoltaic tungsten wire production capacity and technological breakthroughs in high-end hard alloy sectors [1] Group 2 - The article emphasizes that multiple factors, including rising tungsten prices and enhanced production capabilities, are driving the company's stock activity [1] - The company is positioned for growth in the high-end hard alloy market due to technological advancements, which opens up new opportunities for expansion [1]

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]