格隆汇11月24日｜据中钨在线，周一，钨价延续稳中有升态势。从供给面来看，资源供应持续偏紧，使 得卖方议价能力相对较强。从需求面来看，下游企业多按刚需采购为主，成本压力下市场补库行为普遍 谨慎。从宏观面来看，地缘政治因素干扰尤在，不过短期内风向未出现明显变化。 当前钨市场僵持观 望氛围浓厚，供需双弱博弈胶着，成交活跃度受限。65%黑钨精矿价格报33.2万元/标吨，较年初涨 132.2%。65%白钨精矿价格报33.1万元/标吨，较年初涨133.1%。仲钨酸铵（APT）价格报48.6万元/吨， 较年初涨130.3%。 ...

特朗普最近在白宫接待了五位中亚国家的领导人，并举行了一个美国－中亚C5+1框架下的会议。此次 会议特别之处在于，虽然这个框架已经成立了10年，但这是首次五国领导人齐聚华盛顿，并且特朗普亲 自主持了这场重要的会晤，甚至安排了包括美国内阁高官在内的多人共进晚餐。这场盛大的聚会明显不 简单，从会议讨论的内容也能看出端倪。 会议的主要议题涉及能源、关键矿产和交通物流等领域。每个议题都与资源与通道紧密相关，尤其是谈 到关键矿产时，可以看到美国最为关注的东西——稀土矿藏。美国对稀土资源的需求，几乎是迫切可见 的。比如，美国的F-35战斗机所需要的耐高温磁体，必须依赖中国的钇、镝、铽等稀土元素；洲际导弹 的精确制导系统也离不开稀土材料；甚至火炮上的激光测距仪，也同样需要中国稀土的核心部件。 为了打破这一局面，过去半年中，美国企业在中亚的活动明显增多。美国商务部长亲自出面，帮助本国 企业与哈萨克斯坦的主权财富基金对接。美国的目标是抢下哈萨克斯坦的一处全球最大未开发钨矿的开 采权，而钨作为关键矿产，用于制造穿甲弹和高温部件等军事物资，美国五角大楼视其为战略性资源， 极为看重。为了推动交易，美国国际开发金融公司甚至表示愿意为这笔 ...

编者按： 时代之笔擘画新章，金融活水润泽实体。在金融"五篇大文章"铺就的壮阔画卷中，证券业正以创新之墨 挥毫作答。这是服务国家战略的使命担当，更是深化金融供给侧改革的生动实践。证券业以"国之大 者"为经，以"民之关切"做纬，让金融血脉与实体经济同频共振，奏响中国式现代化的资本强音。证券 时报联合中国证券业协会，推出"做好'五篇大文章' 证券业作答进行时"系列专栏， 本篇为系列报道之 五十六，敬请垂注。 在实体经济与资本市场深度融合的浪潮下，五矿证券依托中国五矿特色产业链优势，以"科技金融+绿色金 融"双引擎重塑产业投行新范式。 通过构建围绕产业的全链条服务矩阵，五矿证券将"五篇大文章"工作成效纳入投行、资管等业务条线的绩效考 核体系，以市场化手段服务国家战略需求。五矿证券正于战新产业赛道上，蹚出一条产融协同的差异化发展新 路。 钨矿并购透视硬科技布局 钨作为战略性金属资源，是新材料领域的关键基础材料，产业链完整性直接影响高端制造、新能源等领域的创 新供给能力。2024年11月，中钨高新并购柿竹园51亿元并购项目顺利过会。作为该项目的独家财务顾问，五矿 证券助力中钨高新一举从原本的钨产业链下游业务，拓展至上游矿 ...

Group 1 - The core viewpoint of the article highlights the significant increase in tungsten prices since October, with various tungsten products experiencing substantial price hikes, indicating a strong market demand and supply constraints [1] - As of October 28, the price of black tungsten concentrate reached 288,000 yuan per ton, up 3,000 yuan from the previous trading day, while APT (Ammonium Paratungstate) prices rose to 425,000 yuan per ton, an increase of 7,000 yuan [1] - Tungsten powder prices also saw an increase, reaching 635 yuan per gram, up 5 yuan from the previous day, with prices having doubled compared to the beginning of the year [1] Group 2 - Huaxi Securities projects that tungsten prices will continue to remain high, with historical peaks expected, despite potential new supply from overseas that may take time to impact the market [1] - The current tight supply situation for tungsten is expected to provide support for prices, with future attention needed on the annual tungsten concentrate quota issuance [1] - Jiaxin International Resources, based in Kazakhstan, focuses on developing the Bakuta tungsten mine project, positioning itself to benefit from the rising tungsten prices [1]

Core Viewpoint - The stock of Jiexin International Resources (03858) has risen over 6%, driven by a significant increase in tungsten prices since October, with prices doubling compared to the beginning of the year [1] Company Summary - Jiexin International Resources is focused on developing the Bakuta tungsten mine project in Kazakhstan [1] Industry Summary - Tungsten products have seen a rapid price increase, with black tungsten concentrate quoted at 288,000 yuan/ton, up 3,000 yuan/ton from the previous trading day, and APT quoted at 425,000 yuan/ton, up 7,000 yuan/ton [1] - Tungsten powder prices have also increased to 635 yuan/gram, up 5 yuan/gram [1] - According to Huaxi Securities, tungsten prices have been consistently high since early 2025, reaching historical highs, with tight supply conditions expected to support prices in the future [1] - Although there is potential new supply overseas, it will take time to impact the market, and the current tight supply situation is expected to persist [1]

Core Viewpoint - The article discusses the recent trends in China's tungsten export market, highlighting a decline in export volume while showing an increase in export value, indicating potential shifts in market dynamics and pricing strategies [1]. Group 1: Export Data - In September 2025, China's tungsten export volume was 0.11 million tons, representing a year-on-year decrease of 16.9% [1]. - The export value for the same period was 0.58 million USD, which reflects a year-on-year increase of 4.3% [1]. Group 2: Companies Mentioned - The article lists several companies involved in the tungsten industry, including Zhongtung High-tech (000657), Zhangyuan Tungsten Industry (002378), Xianglu Tungsten Industry (002842), Xiamen Tungsten Industry (600549), and Xiamen Tungsten New Energy (688778) [1]. Group 3: Industry Research - The article references a report by Zhiyan Consulting titled "2025-2031 China Tungsten Mining Industry Market Panorama Research and Industry Demand Assessment Report," which provides insights into the tungsten market and its future trends [1].

Group 1: Market Overview - The Q3 2025 performance of public REITs shows significant differentiation, with utility sectors performing best, while warehousing, logistics, and transportation sectors are underperforming [2][3] - The market experienced a rebound in October, with leading assets showing significant gains and a widening interest margin, with valuations recovering to above the 60th percentile [3][10] - The latest dividend yield for property REITs has risen to 4.06%, with a spread of 2.27% over the 10Y government bond yield, indicating improved performance in utility and consumer sectors [3][10] Group 2: Sector Performance - Utility, affordable rental housing, and consumer sectors have shown positive year-on-year growth in revenue, EBITDA, and distributable amounts, with the utility sector's EBITDA growing over 10% [2][3][13] - The industrial park sector has seen the most significant decline, with over 80% of individual securities experiencing performance drops, and EBITDA and distributable amounts declining by over 10% [2][3][13] - The transportation sector has limited high-performing securities, with only Anhui Expressway and Hebei Expressway showing comprehensive growth [2][3][13] Group 3: Company-Specific Insights - Ding Tai Gao Ke reported a revenue of 1.457 billion yuan for Q1-Q3 2025, a year-on-year increase of 29.13%, with Q3 revenue reaching 553 million yuan, up 32.94% year-on-year [12] - The company has improved its gross margin to 40.62% for Q1-Q3 2025, benefiting from product structure optimization and price increases [15] - The PCB industry is experiencing strong demand, with the company planning to accelerate capacity expansion to meet the growing needs [15][19]

Group 1 - The core point of the article highlights the intensifying strategic competition over critical minerals between the US and China, particularly in the context of recent agreements and export controls [1][3][6] - Australia and the US signed an $8.5 billion agreement to invest in core mineral projects, with both countries committing $1 billion each over the next six months [1] - The US is focusing on securing tungsten resources from Kazakhstan, with significant reserves that could position the country as a major player in the global tungsten market [1][3] Group 2 - China's recent announcement of export controls on 25 rare metal products, including ammonium paratungstate, is seen as a strategic move to maintain its dominance in critical mineral supply chains [3][6] - The US's reliance on China for rare earth processing and technology is highlighted, with China controlling over 85% of global rare earth refining capacity [3][5] - The disparity in tungsten production is significant, with China producing 80% of the world's tungsten concentrate, raising concerns about US supply chain vulnerabilities [5][6] Group 3 - The article discusses the implications of US domestic political dynamics on its mineral strategy, noting that future changes in administration could impact ongoing agreements like the AUKUS pact [8] - The US's approach of using government support to secure mineral rights contrasts with its previous criticisms of China's state intervention in the market [5][8] - The long-term nature of developing a resilient supply chain for critical minerals is emphasized, suggesting that quick fixes are unrealistic given the complexities of the industry [5][8]

Market Overview - A-shares experienced a strong rally, with the Shanghai Composite Index surpassing 4000 points, closing at 4016.33, marking a 10-year high, while the Shenzhen Component Index rose by 1.95% and the ChiNext Index increased by 2.93% [1] - The total trading volume across the Shanghai, Shenzhen, and Beijing exchanges reached 22,909 billion yuan, an increase of approximately 1,250 billion yuan from the previous day, with over 2,600 stocks rising [1] North Exchange Performance - The North Exchange 50 Index surged by 8.41% in the afternoon session, with significant gains in stocks such as Jin Hua New Materials and Li Tong Technology, which hit the 30% daily limit [2] - The chairman of the North Exchange announced plans to optimize the index system and introduce the North Exchange 50 ETF, enhancing trading convenience [2] - Analysts suggest that the recent decline in the North Exchange has created new valuation opportunities, particularly for newly listed stocks [2] Solar and Energy Storage Sector - The solar and energy storage sectors showed remarkable performance, with leading stocks like LONGi Green Energy and Tongwei Co. hitting the daily limit [3] - Sunshine Power's stock price reached a record high of 194.97 yuan, with a market capitalization exceeding 400 billion yuan, closing at 191.49 yuan [3] - The sector is benefiting from favorable government policies aimed at promoting clean energy development and enhancing energy system resilience [4] Performance of Tungsten and Nonferrous Metals - The nonferrous metals sector, particularly tungsten and aluminum stocks, saw significant gains, with companies like Zhongtung High-tech and Chang Aluminum hitting the daily limit [5] - Tungsten prices have been rising due to increased demand and supply constraints, with black tungsten ore prices reported at 288,000 yuan per ton, up 3,000 yuan from the previous day [6] - The strategic value of tungsten is increasing, driven by demand from industries such as excavators and automotive, with potential supply shortages expected to persist [6]

Core Viewpoint - The recent actions of the U.S. in the rare earth sector highlight its internal and external challenges, as it attempts to establish a supply chain independent of China while facing significant obstacles [1][3]. Group 1: U.S. Rare Earth Strategy - The Trump administration announced a multi-billion dollar rare earth supply agreement with Australia, claiming that U.S. reserves would become abundant [1]. - The U.S. is actively seeking to acquire a large tungsten mine in Kazakhstan, aiming to provide financial support to American companies to outbid Chinese firms [1][3]. - The U.S. strategy appears to be a response to China's dominance in the rare earth market, but the feasibility of breaking this monopoly is questionable [3][7]. Group 2: Challenges in Supply Chain Development - China's advantage in the rare earth industry is not solely due to resource availability but also its advanced extraction technologies [5]. - The U.S. is focusing on partnerships with countries like Australia and Kazakhstan, which primarily offer raw materials but lack the capability to refine these into usable rare earth products [7]. - The reliance on China for refining processes exposes the U.S.'s current limitations in establishing an independent supply chain [7]. Group 3: Political and Operational Uncertainties - The complex political landscape in the U.S. adds uncertainty to the prospects of rare earth collaborations, particularly given the strategic importance of these materials to national security [7]. - The potential for political opposition within the U.S. could hinder the progress of rare earth partnerships, as seen in previous initiatives like the AUKUS framework [7]. - The motivations behind the U.S. actions may be more about political optics than genuine capability, as the administration seeks to project strength without a clear plan for success [8].