Investment Rating - The report does not explicitly provide an investment rating for the tungsten industry Core Insights - Tungsten is an irreplaceable material in various sectors such as industrial, military, and aerospace due to its unique physical and chemical properties [1][3] - The demand for tungsten materials and products is continuously growing, particularly in hard alloys, cutting tools, and photovoltaic tungsten wire applications [1] - China holds a significant position in the global tungsten market, with a resource reserve of 2.3 million tons, accounting for 52.27% of the world's total [11] - The government has implemented policies to support the development and utilization of tungsten resources, ensuring favorable conditions for industry growth [6][7] Industry Overview - Tungsten is classified as a strategic mineral in China, with its mining regulated to prevent over-exploitation [3][11] - The main applications of tungsten include mechanical processing, aerospace, defense, electronics, and transportation [3] - The report highlights the importance of tungsten in high-temperature and high-density applications, particularly in hard alloys and tungsten-based products [4] Market Demand and Supply - The production of tungsten concentrate in China is projected to reach 133,100 tons in 2025, reflecting a growth trend [15] - The APT (Ammonium Paratungstate) production is expected to increase to 132,000 tons in 2025, indicating a robust demand for tungsten compounds [16] - The tungsten material production is forecasted to grow significantly, reaching 20,600 tons in 2025, driven by advancements in technology and industrial applications [18] Key Enterprises - Xiamen Tungsten Co., Ltd. is a leading player in the tungsten industry, with a comprehensive production chain and a market share exceeding 70% in tungsten wire [26] - Zhongtung High-tech Materials Co., Ltd. specializes in hard alloys and has a significant market presence in cutting tools [32] - Luoyang Molybdenum Co., Ltd. is a major global producer of tungsten and other metals, with a revenue of 213.03 billion yuan in 2024 [36] Policy Environment - The Chinese government has prioritized tungsten as a strategic resource in its "14th Five-Year Plan," promoting industry consolidation and technological innovation [49] - Environmental regulations are expected to tighten, pushing the tungsten industry towards sustainable practices and resource recycling [51] - The report emphasizes the need for companies to adopt low-carbon technologies and improve resource utilization efficiency [51] Future Outlook - The demand for tungsten products is anticipated to grow due to the rapid development of high-tech industries such as new energy vehicles and aerospace [53] - The report suggests that traditional applications in mechanical manufacturing will remain stable, with hard alloys continuing to play a crucial role in various sectors [53]

摘要 行业近况 据亚洲金属网，1-5月钨精矿价格从12.2万元/吨持续上行至15.7万元/吨；6-7月，因下游需求负反馈，钨价回调至12.9万元/吨并 企稳；7月起钨价再次震荡上行。截至11月11日，中国钨精矿价格达14.15万元/吨，年初以来累计上涨16%，接近2011年15.9万 元/吨的历史高位。 供给侧，中国钨精矿产量持续收紧，钨精矿库存去化至历史低位。 当前钨供给呈现以下边际变化： 一是中国供给增速明显放缓。 据 钨钼云商，受品位变化、环保要求等影响，1-10月中国钨精矿生产量8.7万吨，累计同比-9.6%，其中10月中国钨精矿产量9435吨，同/ 环比-2.1%/-2.5%。 二是中国钨精矿进口明显增加。 据海关总署，2024年前三季度中国钨精矿进口量8136吨，累计同比+95%，其中9 月中国钨精矿进口同/环比+96%/+27%。 三是中国钨精矿库存去化至历史低位。 据亚洲金属网，截至9月底中国钨精矿生产商库存仅 为100吨，处于历史2%分位数。 四是海外仅哈萨克斯坦有望形成明显供给增量， 我们预计2025-2027年或达到全球钨供给的 4.4%/5.4%/6.6%。 需求侧，静待稳增长发力带动 ...