节后多数金属价格继续回暖，后续仍看好关键 金属全面行情 [Table_Title2] 有色-能源金属行业周报 [Table_Summary] 报告摘要： ►印尼供应扰动提升市场供给偏紧预期，对镍矿价格或 有支撑 截止到 2 月 27 日，LME 镍现货结算价报收 17685 美元/ 吨，较 2 月 20 日上涨 3.09%，LME 镍总库存为 287976 吨， 较 2 月 20 日增加 0.09%；沪镍报收 14.15 万元/吨，较 2 月 13 日价格上涨 1.05%，沪镍库存为 60,791 吨，较 2 月 13 日增加 0.03%；截止到 2 月 27 日，硫酸镍报收 33 万元/吨，较 2 月 13 日价格上涨 0.30%。根据 SMM，政策端，市场正密切关注印 尼 ESDM 于 2026 年 2 月 10 日发布 2026 年镍矿 RKAB 配 额，司长 Tri Winarno 确认本年度获批产量仅为 2.6 亿至 2.7 亿 吨。这一紧缩趋势在重点项目中尤为显著：据 Eramet 官方消 息，WBN 收到的最初配额仅为 1200 万湿吨，较去年的 4200 万湿吨大幅缩减。整体市场将维持供需紧平 ...

章源钨业公告称，2月27日接到控股股东章源控股函告，2月25日其1690万股解除质押，占其所持股份 2.48%，占总股本1.41%；2月26日790万股被质押，占其所持股份1.16%，占总股本0.66%，用于自身生 产经营。截至公告披露日，章源控股累计质押股份3.61亿股，占其所持股份53.02%，占总股本30.08%。 未来半年、一年到期质押股份对应融资余额分别为4.86亿元、6.36亿元，不存在平仓或被强制过户风 险。 ...

钨指数爆发再度爆发，章源钨业7天5板，翔鹭钨业涨停，中钨高新、厦门钨业跟涨。 | 还原 | લ્દ્રીને 涨幅 : | 名称 | 现价 | 涨跌 | 换手 | 量出 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 002842.SZ 翔蟹钨业 +10.01% | | 41.56 | +3.78 | 13.26% | 3.30 | 187.41% | | 2 | 002378.SZ 章源钨业 +10.00% | | 40.60 | +3.69 | 3.11% | 2.55 | 186.32% | | ო | 000657.SZ 中钨高新 +8.22% | | 65.15 | +4.95 | 3.37% | 3.40 | 135.11% | | ব | 600549.SH 厦门钨业 +7.75% | | 68.71 | +4.94 | 2.68% | 3.82 | 67.34% | 章源钨业上调2026年2月下半月长单采购报价。消息面上，章源钨业公布2026年2月下半月长单采购报价：55%黑钨精矿：73.00万元/标吨；55% ...

龙虎榜机构热股 今天机构龙虎榜上榜43只个股，净买入29只，净卖出13只。当日机构买入最多的个股前三位是：通源石油（3.85亿）、建设机械（2.91亿）、中钨高新 （1.98亿）。 | 上榜热股 | 实时涨跌幅 ◆ | 买/卖家数 ◆ | | --- | --- | --- | | 通源石油 | | 5/3 | | 300164.SZ | +14.51% | | | 3日 | | | | 建设机械 | | 3/0 | | 600984.SS | +8.56% | | | 3日 | | | | 中钨高新 | +10.00% | 3/3 | | 000457 S7 | | | 中钨高新 龙虎榜显示，今日3家机构净买入1.98亿。 公司主要产品包括钨精矿、仲钨酸铵、硬质合金和钨、钼、钽、铌等有色金属及其深加工产品和装备的研制、开发、生产、销售及贸易业务等；公司旗下子 公司金洲公司是PCB微钻领域龙头，具备极小径钻头精磨等核心技术。 龙虎榜知名游资 一、磷化工 川金诺 个股龙虎榜 公司为国内领先的湿法磷化工企业，同时致力于磷酸铁和磷酸铁锂的生产和研发 清水源 个股龙虎榜 五氯化磷是六氟磷酸锂的上游，全资子公司清源水处 ...

南方财经2月24日电，章源钨业公布2026年2月下半月长单采购报价：55%黑钨精矿：73.00万元/标吨； 55%白钨精矿：72.90万元/标吨；仲钨酸铵（国标零级）：107.00万元/吨。注：以上单价含13%增值 税。上述价格较2月上半月长单采购报价均有所上调。章源钨业2026年2月上半月长单采购报价：55%黑 钨精矿：67.00万元/标吨；55%白钨精矿：66.90万元/标吨；仲钨酸铵(国标零级)：97.00万元/吨。注： 以上单价含13%增值税。 ...

Summary of Key Points from Conference Call Records Industry Overview Tungsten Industry - As of February 13, tungsten concentrate prices reached 697,000 CNY per standard ton, with a weekly increase of 3.3% and a rise of 237,000 CNY (51%) compared to the end of 2025 [1] - The tungsten price has shown a strong upward trend since 2026, supported by long-term quotes from major tungsten companies, indicating a pattern of initial increase followed by stabilization [1] - International tungsten prices are rising due to supply chain shortages, with China being the source of 80% of global tungsten resources. Export controls and crackdowns on illegal mining in China have made overseas raw material procurement more difficult [1] - The current tungsten market faces significant supply-side challenges, with no clear signs of price peaks, providing solid support for the overall market [1] Lithium Industry - The average price of battery-grade lithium carbonate increased from 135,500 CNY per ton at the beginning of the week to 142,500 CNY per ton by Thursday, a weekly increase of 7,000 CNY per ton [4] - Industrial-grade lithium carbonate prices rose from 132,000 CNY per ton to 139,000 CNY per ton, also up by 7,000 CNY per ton [4] - The futures market showed strong performance, with main contract prices rising from a range of 135,000-141,000 CNY per ton to 146,000-152,400 CNY per ton [4] - Market transactions are primarily driven by sporadic pricing settlements and essential purchases, with overall inquiry and transaction volumes declining [5] - A weak supply-demand balance is expected to persist before and after the Spring Festival, with prices likely to stabilize [6] Antimony Industry - Increased market activity was noted before the Spring Festival, with antimony prices continuing to rise due to speculative demand [10] - A fire at Hunan Zhenqiang Antimony Industry has led to production halts, affecting over 2,000 tons of antimony ingot output [11] - Overall market demand remains relatively weak, but expectations for improved demand post-holiday are rising due to new export policies and improved trade conditions [11][12] - Antimony prices are anticipated to recover due to limited supply and expected export recovery [12] Tin Industry - The tin market is experiencing a weak overall trend, influenced by macroeconomic sentiment and changes in the AI industry narrative [13] - Supply-side constraints are evident as many smelting companies plan maintenance shutdowns, leading to tighter raw material supplies [14] - Demand from downstream solder companies has diminished, with most enterprises halting production and showing low purchasing intent [14] - The market is expected to remain quiet due to the Spring Festival, with tin prices lacking clear direction [15] Cobalt Industry - Cobalt prices showed a slight rebound, but market changes remain limited due to tight upstream raw material supplies [17] - Trade and downstream inquiries have largely ceased, leading to a quiet market atmosphere [18] - As the Spring Festival approaches, many smelting plants are reducing operations, tightening available market supply [19] - Post-holiday, prices may rise again due to supply constraints and cost support from raw materials [22] Nickel Industry - Indonesia's nickel mining quota reduction policy for 2026 has cut the overall quota from 379 million tons in 2025 to 260-270 million tons, a reduction of nearly 30% [22] - Supply disruptions are exacerbated by seasonal weather impacts in the Philippines and Indonesia, leading to a tight supply situation [22] - Downstream companies are optimistic about post-holiday market conditions, with some early stockpiling observed [23] Companies to Watch - Tungsten: Xiamen Tungsten, Zhongtung High-tech, Xianglu Tungsten [2] - Lithium: Shengxin Lithium Energy, Tianhua New Energy, Zhongkuang Resources, Salt Lake Co. [9] - Antimony: Huaxi Nonferrous, Beijiete, Hunan Gold, Huayu Mining [13] - Tin: Huaxi Nonferrous, Xiyang Silver Tin [16] - Cobalt: Huayou Cobalt, Liqin Resources, Tengyuan Cobalt [24]

Core Viewpoint - Dongwu Securities report highlights that Zhongtung High-tech is a global leader in tungsten products, with its drilling needle business poised to benefit from new opportunities in AI computing power construction [1] Group 1: Company Overview - Zhongtung High-tech is the only core platform for tungsten industry under China Minmetals Corporation, establishing an integrated closed loop of "resources - smelting - deep processing - tool application" through continuous capital operations [1] - The company has a dominant position in the global tungsten market and is expected to benefit from rising tungsten prices due to its rich mineral resource reserves [1] Group 2: Business Prospects - The company holds a leading technological advantage in the high aspect ratio PCB drilling needle sector, which is anticipated to gradually translate into performance growth [1] - Projected net profits attributable to the parent company for 2025, 2026, and 2027 are estimated to be 1.34 billion, 1.90 billion, and 2.35 billion yuan respectively [1] Group 3: Valuation - The current stock price corresponds to dynamic price-to-earnings ratios of 94, 66, and 54 times for the years 2025, 2026, and 2027 respectively [1] - The report initiates coverage with a "buy" rating for the company [1]

Core Viewpoint - Xianglu Tungsten Industry (002842.SZ) has experienced a significant stock price increase of 48.86% over five consecutive trading days, raising concerns about potential risks associated with its operations and market conditions [1] Group 1: Economic and Industry Risks - The company's performance may be impacted by macroeconomic fluctuations affecting its primary customers, which could lead to decreased demand for tungsten products and challenges in accounts receivable collection [1] - The tungsten industry is subject to strict government policies aimed at controlling resource extraction and promoting high-quality development, which may affect the company's operations if regulations tighten [1] Group 2: Supply Chain and Pricing Risks - The company relies on externally sourced tungsten concentrate for production, and while it adjusts product prices based on tungsten concentrate price changes, significant price fluctuations could impact gross margins and overall performance [2] - The company does not depend on a single supplier for tungsten concentrate, but short-term procurement contracts may pose risks if there is a sudden surge in demand or restrictions on mining quotas [2] Group 3: Export and Regulatory Risks - As a leading tungsten producer and consumer, the company is subject to strict export regulations, and any changes in qualification standards for direct export could adversely affect its export business and financial performance [3] - The company's export activities are also exposed to exchange rate fluctuations, which may impact its overall financial results [4]

Core Viewpoint - The stock price of Xianglu Tungsten Industry (002842.SZ) has increased significantly by 48.86% over five consecutive trading days, raising concerns about potential risks the company may face [1] Group 1: Economic and Industry Risks - The company is exposed to macroeconomic fluctuations that could impact its operating performance, particularly if major customers' economies experience significant cyclical volatility, affecting market demand for tungsten products and accounts receivable recovery [1] - The tungsten industry is subject to regulatory adjustments, as the government aims to control the mining and consumption of this strategic resource, which could impact the company's operations if policies tighten or performance indicators fall short of expectations [1] Group 2: Supply Chain and Material Risks - The company relies on external procurement of tungsten concentrate, and while it adjusts product prices based on tungsten concentrate price fluctuations, any drastic changes in raw material prices that are not matched by product price adjustments could affect gross margins and operating performance [2] - The company does not depend on a single or few suppliers for tungsten concentrate, but the short-term nature of procurement contracts (generally not exceeding one year) poses a risk if there is a sudden surge in demand or if the government restricts mining quotas [2] Group 3: Competitive and Export Risks - As a leading tungsten producer and consumer, the company faces strict management from the government regarding all aspects of the tungsten industry, including export qualifications. Any significant changes in the standards for export qualifications could adversely affect the company's export business and overall performance [3] - The company’s export activities are also subject to exchange rate fluctuations, which could impact its financial results [4]

Group 1 - The core viewpoint of the article is that Zhangyuan Tungsten Industry (002378) has disclosed that its current operational situation and internal and external business environment are normal, with no significant changes expected [1] - The company, its controlling shareholders, and actual controllers have no undisclosed significant matters related to the company, nor are there any major matters in the planning stage [1] - During the period of abnormal stock trading fluctuations, the company's controlling shareholders and actual controllers did not engage in buying or selling the company's stock [1]