Investment Rating - The industry rating is upgraded to "Overweight" from "Buy" due to rapid valuation increases and optimistic expectations reflected in stock prices [5]. Core Insights - The tungsten industry has shown strong market performance with a significant valuation increase, outperforming the benchmark index [2]. - Domestic tungsten prices have reached historical highs, driven by tight supply at the mining level and rising prices for long-term contracts [3]. - The supply chain remains constrained by tight raw material availability, leading to limited demand release and reduced transaction volumes [6]. Price Statistics - In January 2026, the average price of 65% black tungsten concentrate increased by 26.69% month-on-month to 510,600 CNY/ton, and by 254.75% year-on-year, with the increase from December 2025 expanding by 72.05 percentage points [5]. - The average price of 65% white tungsten concentrate rose by 26.76% month-on-month to 508,700 CNY/ton, with a year-on-year increase of 256.66% [5]. - The average price of ammonium paratungstate (APT) increased by 26.2% month-on-month to 751,400 CNY/ton, with a year-on-year increase of 254.53% [5]. Supply and Demand Dynamics - The supply of tungsten concentrate has slightly decreased, with weekly production dropping from 1,880 tons to 1,870 tons [6]. - The production of APT is estimated to increase by 5.88% in January 2026, but the overall supply remains constrained due to tight raw material availability [6]. - Demand is primarily driven by essential needs, with limited room for growth as rising raw material prices suppress downstream replenishment [6]. Profitability Analysis - Mining profits are expanding due to resource scarcity and price increases, with simulated gross profit for tungsten concentrate reaching 334,900 CNY/ton, a month-on-month increase of 40.77% [6]. - The midstream refining sector is also seeing steady profit growth, while downstream processing and alloy sectors are experiencing profit pressure due to lagging price transmission [6]. Investment Recommendations - The long-term outlook for the tungsten industry is positive, with supply constraints expected to strengthen due to declining ore grades and increased mining costs [6]. - Short-term expectations indicate that tight supply conditions will likely persist, supporting strong tungsten concentrate prices [6]. - Continued focus is recommended on companies with rich tungsten resources and integrated industrial layouts, particularly those investing in deep processing and emerging product areas [7].

Core Viewpoint - Zhangyuan Tungsten Industry has announced a price adjustment for welding machine clamp blades due to the continuous rise in tungsten raw material prices, which has significantly increased production costs [1] Group 1: Price Adjustment Announcement - The company will implement new prices for welding machine clamp blades starting from January 29, 2026 [1] - All products will be executed at the new prices from the date of adjustment [1]

Core Viewpoint - Zhangyuan Tungsten Industry (002378) expects a net profit attributable to shareholders of the listed company to be between 260 million and 320 million yuan in 2025, representing a year-on-year growth of 51% to 86% [1] Summary by Category - **Company Performance** - The company anticipates a significant increase in net profit for 2025, projecting a range of 260 million to 320 million yuan [1] - This forecast indicates a growth rate of 51% to 86% compared to the previous year [1]

（编辑 丛可心） 证券日报网讯 1月28日，中钨高新在互动平台回答投资者提问时表示，目前公司海外业务收入整体占比 约为20%-30%。公司严格遵守相关法律法规和政策要求，确保相关产品出口符合国家规定。公司2025年 度具体出口情况请后续参考公司在官方渠道披露的定期报告。 ...

Group 1 - The company, Zhangyuan Tungsten, forecasts a net profit attributable to shareholders of 260 million to 320 million yuan for 2025, representing a year-on-year increase of 51% to 86% [1] - The basic earnings per share are expected to be between 0.22 yuan and 0.27 yuan [1] - The significant change in performance is attributed to a tight supply of tungsten raw materials, increased market demand, and a substantial rise in tungsten prices [1] Group 2 - The company has leveraged its advantages in the tungsten industry chain to enhance product performance, optimize capacity layout, and stabilize supply capabilities, resulting in synchronized growth in both production and sales [1] - Both operating revenue and net profit attributable to shareholders are expected to see substantial growth in 2025 [1] - The company emphasizes a commitment to steady operations and continuous promotion of high-quality development [1]

（来源：财闻） 仲钨酸铵（APT）价格报81万元/吨，较年初涨20.9%。 具备战略金属属性的钨，与金银铜等大宗商品一样，受到避险及配置资金的关注，金融属性对价格的影响也在凸显。 据中钨在线公众号消息，腊八时节，钨市依旧一派火热景象，自钨原料到钨材、钨合金，再到钨废料的全产业链价格 屡创新高。截至发稿，以人民币吨价计，钨精矿价格逼近55万关口，仲钨酸铵价格站上80万高位，钨粉价格突破130 万大关！ | | | 中钙在线钨精矿和主要钨制品报价表 | | | | | --- | --- | --- | --- | --- | --- | | | | 2026年01月26日 | | | | | 产品名称 | | 规格/含量 | 中钨在线报价 | 涨跌 | 单位 | | | 黑钨精矿 | ≥65% | 545,000.00 | 1 5,000 | 元/吨 | | | 黑钨精矿 | ≥55% | 541,000.00 | 1 5,000 | 元/吨 | | | 白钨精矿 | ≥65% | 544,000.00 | 1 5,000 | 71./吨 | | | 白钨精矿 | ≥55% | 540.000.00 | 1 5 ...

Group 1 - The tungsten market is experiencing tight supply as miners hold back inventory, supporting high prices for tungsten products [1][2] - As of January 20, 2026, the price for black tungsten concentrate (≥65%) is reported at 520,000 CNY per ton, reflecting a 13.0% increase since the beginning of the year [3] - The price for white tungsten concentrate (≥65%) is reported at 519,000 CNY per ton, with a 13.1% increase since the start of the year [4] Group 2 - The price for ammonium paratungstate (APT) in China is reported at 760,000 CNY per ton, up 13.4% year-to-date, while European APT prices range from 987 to 1050 USD per ton (approximately 60.8 to 64.7 million CNY), marking a 10.7% increase [4] - Tungsten powder prices are at 1,230 CNY per kilogram, showing a 13.9% increase since the beginning of the year [4] - The price for tungsten carbide powder is reported at 1,190 CNY per kilogram, with a 14.2% increase year-to-date [5] Group 3 - Tungsten iron prices are reported at 725,000 CNY per ton, reflecting an 11.5% increase since the start of the year [8] - The price for tungsten scrap materials, such as waste tungsten rods and drill bits, has also seen significant increases, with waste tungsten rods priced at 720 CNY per kilogram (up 20.0%) and waste tungsten drill bits at 695 CNY per kilogram (up 19.8%) [10][11] Group 4 - The macroeconomic environment in China is stable, with GDP projected to reach 14,018.79 billion CNY in 2025, growing by 5% [12] - The automotive industry is driving demand for tungsten products, particularly in hard alloy tools and wear parts, although the rise of electric vehicles may reduce tungsten usage in traditional cutting tools [12] - In 2025, China's automotive production and sales are expected to reach 34.53 million and 34.40 million units, respectively, with new energy vehicles accounting for 47.9% of total new car sales [12]

Group 1 - The core point of the news is that Zhangyuan Tungsten Industry's stock price increased by 5.36%, reaching 18.28 CNY per share, with a trading volume of 1.203 billion CNY and a turnover rate of 5.65%, resulting in a total market capitalization of 21.962 billion CNY [1] - Zhangyuan Tungsten Industry, established on February 28, 2000, and listed on March 31, 2010, is located in Chongyi County, Ganzhou City, Jiangxi Province. The company specializes in the tungsten industry chain, including products such as APT, tungsten oxide, tungsten powder, tungsten carbide powder, tungsten materials, hard alloys, and tools [1] - The main revenue composition of Zhangyuan Tungsten Industry includes tungsten carbide powder (34.10%), tungsten powder (31.47%), hard alloys (21.28%), and other products (8.49%), with ammonium paratungstate at 0.65% and tungsten oxide at 0.01% [1] Group 2 - From the perspective of major circulating shareholders, GF Fund's Guangfa CSI 1000 ETF (560010) entered the top ten circulating shareholders of Zhangyuan Tungsten Industry in the third quarter, holding 2.541 million shares, which accounts for 0.21% of the circulating shares. The estimated floating profit today is approximately 2.3631 million CNY [2] - Guangfa CSI 1000 ETF (560010) was established on July 28, 2022, with a latest scale of 35.303 billion CNY. Year-to-date returns are 8.71%, ranking 1444 out of 5525 in its category; the one-year return is 43.65%, ranking 1662 out of 4208; and since inception, the return is 19.85% [2]

1月14日，中钨在线数据数据显示，黑钨精矿价格突破50万元/吨大关。对此，厦门钨业证券部工作人员 回应称，黑钨精矿属于原材料，公司有采购，也有自产。原材料价格上涨，下游产品也会有相应的涨价 动作，有传导效应。对于黑钨精矿涨价的原因，上述证券部工作人员表示，一方面和供需紧平衡有关 系，另一方面和市场情绪以及未来预期有关。目前来看，整体预期还是向好。（中证金牛座） ...

Core Viewpoint - Tungsten prices continue to rise strongly into 2026, with black tungsten concentrate prices exceeding 500,000 yuan per ton, APT prices surpassing 730,000 yuan per ton, and tungsten powder prices approaching 1,200,000 yuan per ton [1][2]. Group 1: Price Trends - As of January 14, 2026, the prices for various tungsten products are as follows: - Black tungsten concentrate (≥65%) at 500,000 yuan/ton, up 12,000 yuan [2] - APT (≥88.5%) at 735,000 yuan/ton, up 10,000 yuan [2] - Tungsten powder (≥99.7%) at 1,190 yuan/kg, up 20 yuan [2] - The price of black tungsten concentrate was approximately 143,000 yuan/ton at the beginning of 2025, indicating an increase of over 250% to the current level [2][3]. Group 2: Supply and Demand Dynamics - The surge in tungsten prices is driven by strong demand from industries such as photovoltaics and automotive, coupled with tightening supply [3][4]. - The global tungsten supply-demand balance is expected to remain tight due to reduced supply and rigid demand, limiting the potential for price declines [4][5]. Group 3: Market Reactions and Adjustments - Major tungsten companies, including Zhangyuan Tungsten and Xianglu Tungsten, have raised their prices in January 2026, reflecting bullish market sentiment [4][5]. - For instance, Zhangyuan Tungsten's black tungsten concentrate price increased by 12,000 yuan to 460,000 yuan/standard ton [4]. - Customers are gradually accepting higher prices due to the essential nature of tungsten, despite initial skepticism [5]. Group 4: Future Outlook - Analysts predict that the tight supply situation will persist, with limited increases in global tungsten supply due to domestic quota restrictions and slow overseas mining developments [5]. - The demand for tungsten is expected to continue rising in sectors such as aerospace, electronics, and military applications, further supporting price increases [5].