证券研究报告 | 2025年07月24日 金融工程日报 沪指低开高走站上 3600 点，海南概念领涨、多板块轮番拉升 核心观点 金融工程日报 市场表现：今日(20250724) 市场全线上涨，规模指数中中证 500 指数表现 较好，板块指数中科创 100 指数表现较好，风格指数中中证 500 价值指数表 现较好。消费者服务、有色金属、综合金融、钢铁、非银行业表现较好，银 行、通信、石油石化、电力公用事业、家电行业表现较差。海南自贸港、稀 有金属精选、海航系、稀土、钨矿等概念表现较好，光模块(CPO)、黄金精 选、银行精选、央企银行、光芯片等概念表现较差。 市场情绪：今日收盘时有 78 只股票涨停，有 2 只股票跌停。昨日涨停股票 今日高开高走，收盘收益为 2.77%，昨日跌停股票今日收盘收益为 0.98%。 今日封板率 73%，较前日提升 24%，连板率 31%，较前日提升 4%。 市场资金流向：截至 20250723 两融余额为 19358 亿元，其中融资余额 19223 亿元，融券余额 135 亿元。两融余额占流通市值比重为 2.3%，两融交易占市 场成交额比重为 10.1%。 折溢价：20250723 ...

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]

Core Insights - China has discovered the world's largest tungsten mine, significantly enhancing its sustainable development prospects and attracting global attention [1][13] - Tungsten is a critical industrial resource due to its unique properties, including high hardness and melting point, making it indispensable in various sectors such as aerospace and defense [1][3][5] Group 1: Resource Significance - Countries rich in tungsten resources hold substantial influence, especially in high-tech fields, due to tungsten's strategic importance in manufacturing key components like rocket engines and munitions [3][5] - The global scarcity of tungsten resources, with only 0.001% of the earth's crust containing tungsten, has led to intense competition among nations for this vital resource [7][9] Group 2: China's Position - China is the largest tungsten reserve holder, with its reserves accounting for 57% of the global total, far exceeding Russia, the second-largest holder [14] - The discovery of significant tungsten deposits in regions like Dahutang and Zhuxi has solidified China's leadership in the global tungsten industry, with estimated values exceeding 100 billion RMB [11][14] Group 3: Industry Challenges and Developments - Despite its abundant tungsten resources, China faces challenges in deep processing technologies, leading to a high export ratio of raw materials and limited profitability for domestic companies [16][17] - In response to resource pressures, China has implemented measures to regulate tungsten mining and exports, aiming for sustainable development and increasing the export of high-value products like tungsten alloys [17][19]

证券研究报告 有色金属 | 小金属 非金融|公司点评报告 hyzqdatemark 2025 年 05 月 05 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 陈轩 chenxuan01@huayuanstock.com | 基本数据 | 2025 | 年 | 04 | 月 30 | | | 日 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | 9.55 | | | 一 年 内 最 低 | | | | | 高 | / | | 最 | | 12.99/7.30 | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | | 2 ...

2 0 2 5年4月2 1日，自然资源部下达2 0 2 5年度第一批钨矿开采总量控制指标，2 0 2 5年第一批钨矿（三氧化钨含量6 5%）开采总 量控制指标为5 . 8万吨。 ▍ 2 0 2 5年第一批钨矿开采指标同比下降6 . 5%，延续下滑趋势。 2 0 2 5年国内第一批钨矿（三氧化钨含量6 5%）开采总量控制指标为5 . 8万吨，相比2 0 2 4年公布的第一批指标降低4 0 0 0吨，同比 下滑6 . 5%，降幅同比增加4 . 9 p c ts。其中，黑龙江、浙江、安徽、湖北未分配指标，江西、广东、广西、云南、甘肃和新疆分 配指标有不同程度下调。 ▍ 国内钨精矿产量下降，全球新增项目有限。 根据中国钨业协会数据，2 0 2 4年全国钨精矿产量为1 2 . 7万吨，同比下降0 . 7 8%。在钨矿开采总量控制指标的约束下，我国钨资 源开发逐渐合理有序，相对于开采总指标的超产幅度已经从2 0 1 5年的5 4 . 9%快速下降到2 0 2 4的11 . 4%。受开采指标约束、环保 监管要求、矿山品位下降等因素影响，我们预计未来钨矿供给或将继续收紧。考虑到全球钨矿新增项目有限，且多数项目处于 未开发或可 ...

仅供机构投资者使用 证券研究报告 / 行业深度研究报告 关键金属之钨投产项目追踪 —— 巴库塔钨矿预计将 于2025Q2商业生产，对全球钨供应增量贡献可观 华西证券有色金属团队： 首席分析师：晏溶 执业证号：S1120519100004 分析师：熊颖 执业证号：S1120524120001 158431 摘要/Abstract 巴库塔钨矿资源禀赋较好，开采条件有利 根据弗若斯特沙利文的资料，截至2024年12月31日，巴库塔钨矿是一个全球最大型三氧化钨(WO3 )矿产资源量露天钨矿，也是全球第四大WO3矿产资源量 钨矿（包括露天钨矿及地下钨矿），在单一钨矿中拥有世界上最大的设计钨矿产能。截至2024年12月31日，根据《JORC规则》，佳鑫国际的巴库塔钨矿的 估计矿产资源量约为10950万吨含0.211%WO3的矿石（相当于23.15万吨WO3），包括9760万吨控制资源量(0.210% WO3 )及1190万吨推断资源量 (0.228% WO3 )，截至2024年12月31日，根据《JORC规则》指引，佳鑫国际的巴库塔钨矿拥有的可信矿石储量为7030万吨矿石，平均品位为0.206% WO3，相当于14.45 ...

观点聚焦 我们认为，全球钨供需或将长期维持紧缺，钨价中枢有望迎来系统性上行。在钨价中枢抬升、中国钨业上市公司加速钨矿资源注入及开发、下游产能高端化 三大趋势下，中国钨业龙头的配置价值有望逐步凸显。 资源开发放缓；钨供给增量超预期；下游需求不足；钨价大幅波动。 T正文ext 1.供给：钨资源稀缺性强，供给有望维持偏紧格局 钨是一种战略性较强的资源，具有多种优秀且独特的性质，应用广泛并且难以替代。 据中钨在线，钨的熔点约3410摄氏度，在所有金属元素中位列第一； 钨的密度为19.35g/cm3，在非贵金属中位列第一；钨的莫氏硬度高达7.5，在金属中名列前茅。此外，钨还具有较强耐磨性、较强耐腐蚀性、高导电性、高导 热性等优势。凭借自身优良的性能，钨及其制品广泛应用于机械制造、矿山采掘、航空航天、汽车工业、新能源、国防等领域，且难以被其他金属材料替代 理由 供给侧，全球钨供给稀缺性强，集中度高，2023年中国钨的储量和产量占比均列全球第一，对全球钨供应具有较大影响力。 由于前期钨矿资源的较快消 耗，中国钨矿储采比明显低于全球平均水平，整体面临矿山老化、品位下降的压力，加之钨精矿开采总量控制及供改、环保政策趋严，使得国 ...