责任编辑：张俊 SF065 责任编辑：张俊 SF065 Almonty Industries（多伦多证券交易所代码：AII）已在韩国桑东（Sangdong）矿山启动产能爬坡，并 签署了一项对美供应协议，旨在减少对由外国主导的钨供应链的依赖。 Almonty Industries（多伦多证券交易所代码：AII）已在韩国桑东（Sangdong）矿山启动产能爬坡，并 签署了一项对美供应协议，旨在减少对由外国主导的钨供应链的依赖。 ...

佳鑫国际资源(03858)早盘涨超6%，高见45.8港元创上市新高。截至发稿，涨6.17%，报45.8港元，成交 额1425.66万港元。 在《钨价年内狂飙220%创历史新高，最具弹性标的佳鑫国际（03858）或有10倍空间？》中指出，佳鑫 国际是扎根于哈萨克斯坦的钨矿公司，专注于开发巴库塔钨矿项目。凭借全球顶级资源禀赋、央企协同 赋能、产能快速释放，以及未来成本优势凸显的等多个亮点，佳鑫国际已成为了资本市场中的"香饽 饽"。若以长期视角来看，佳鑫国际当前的股价仅是对钨矿短期价格预期的反馈，并未充分反映其作为 钨矿涨价大周期下最具弹性投资标的的长期内在价值，而产量、价格、成本这三个数据是勾勒佳鑫国际 长期价值的核心变量，只需做简单测算，便能锚定佳鑫国际的长期真实价值。 消息面上，中钨在线数据显示，截至12月18日，钨精矿、仲钨酸铵、钨粉价格继续上调，其中钨粉 （≥99.7%）报价已经达到101万元/吨，较年初涨219.6%；采集的国产钨粉（≥99.7%）价格，则升至 104.5万元/吨，并且上涨速率较11月提升非常明显。业内人士指出，钨价近期的加速上涨则可能与临近 年末的供给收缩与长单价格上调有关。 ...

据中钨在线12月19日最新监测数据，钨产业链核心产品价格全线飙升，创阶段性新高，其中65%黑钨精 矿价格报43万元/标吨，周环比涨15.3%，较年初涨202.1%;国内APT(仲钨酸铵)价格报65万元/吨，周环 比涨17.1%，较年初涨208.1%;且钨粉价格突破千元大关，报1030元/公斤，周环比涨13.2%，较年初涨 226%。 钨价"狂飙"引领金属牛市，佳鑫国际(03858)凭"弹性之王"本色领涨! 据中钨在线消息，本周钨价延续强势，价格持续飙升，主要钨原材料价格周涨幅在12%-18%左右，年内 累计涨幅突破200%，钨已成为2025年涨价幅度最为"凶猛"的金属品种。 而在这一波汹涌的钨价上涨浪潮中，被市场誉为"钨矿涨价周期弹性之王"的佳鑫国际，无疑成为了最耀 眼的"明星"。在2025年8月28日正式登陆港交所之后，佳鑫国际股价在12月18日强势刷新历史高点，报 收44.38港元/股，相较于10.92港元/股的发行价，累计涨幅已突破306%，充分彰显了市场对其价值的高 度认可。 但若对此轮钨矿涨价的逻辑以及佳鑫国际的基本面有深刻认识，便能知晓佳鑫国际股价或刚行至"山 腰"。展望未来，随着钨矿价格的持续坚 ...

Wind数据显示，主流国产65%黑钨精矿最新价格已经站上41万元/吨，为41.66万元/吨，较年初上涨超过 190%。 中金公司认为，1）短期看，钨价有望继续偏强运行，并持续创下新高。供给侧，国内因品位下降、规 范化要求趋严等影响，产量收缩压力加大。海外方面，哈萨克斯坦巴库塔钨矿逐步投产，但这一增量主 要被中国进口缓解国内供给压力，难以对海外供给形成明显冲击。同时，海外其他主要增量项目的投产 进度存在不确定性，叠加地缘冲突持续不断和海外通胀压力抬升，全球钨供给增量需要更高的激励价 格。2）长期看，钨价中枢由供需关系主导，预计全球钨供需关系仍将维持紧缺，进而驱动钨价中枢持 续上行。按钨金属量算，预计2023—2028年全球原钨生产量有望从7.95万吨增至8.99万吨；全球原钨需 求从9.62万吨增至11万吨。 华源证券认为，供给收缩叠加长单价格上调，钨价创历史新高。供给端，钨精矿开采指标缩减，矿山普 遍放缓生产节奏，行业流通继续收紧为主。需求端，国内需求基本保持稳定，刚需采购为主，PCB刀具 需求景气。近期，国内钨主流企业上调12月上半月长单价格，提振市场看涨情绪。 （文章来源：证券时报网） ...

消息面上，据华源证券，近两周，黑钨精矿价格上涨9.76%至37.10万元/吨，仲钨酸铵价格上涨12.12% 至55.50万元/吨。供给端，钨精矿开采指标缩减，矿山普遍放缓生产节奏，行业流通继续收紧为主。需 求端，国内需求基本保持稳定，刚需采购为主，PCB刀具需求景气。近期，国内钨主流企业上调12月上 半月长单价格，提振市场看涨情绪。中邮证券认为，短期看钨价供需矛盾难解，12月预计钨全产业链将 延续上涨行情。 中金此前指，据佳鑫国际资源公告，公司开发运营的哈萨克斯坦巴库塔钨矿已于2025年4月正式进入商 业化生产，公司计划于2H25、2026、2027年分别生产3638、10900、13665吨钨精矿（65%WO3口 径），该行测算哈萨克斯坦巴库塔钨矿占到2025-2027年全球原钨供给的比重有望达4%、7%、8%。 智通财经APP获悉，佳鑫国际资源(03858)涨超8%，截至发稿，涨8.29%，报41.8港元，成交额2870.73万 港元。 ...

Group 1 - The core viewpoint is that tungsten prices have significantly increased due to extreme supply tightness and surging demand from various sectors, including new energy fields like photovoltaics and solid-state batteries [1] - As of November 17, the average price of tungsten powder reached 747,500 yuan per ton, marking a cumulative increase of 100% for the year [1] - The price of 65% black tungsten concentrate rose to 320,000 yuan per standard ton, reflecting a year-to-date increase of 123.8% [1] - The price of 65% white tungsten concentrate reached 319,000 yuan per standard ton, also showing a year-to-date increase of 124.7% [1] - Ammonium paratungstate (APT) price was reported at 478,000 yuan per ton, with a year-to-date increase of 126.5% [1] Group 2 - The supply side is experiencing extreme tightness, with domestic tungsten mining quotas for 2025 reduced to 58,000 tons, a year-on-year decrease of 6.45% [1] - Key production areas like Jiangxi and Hunan have further reduced their quotas, and some low-capacity mines have not received mining indicators, leading to a continuous contraction in supply [1] - Short-term demand is driven by traditional inventory replenishment and peak installation in the photovoltaic sector, maintaining a low inventory situation [1] - In the medium to long term, tightening mining quotas, normalized environmental policies, and growth in emerging sector demand are expected to persist, with a projected global supply-demand gap of 4,679 tons [1] - The price center is anticipated to continue rising due to these factors [1]

Core Viewpoint - The company confirmed its registration in Hainan but clarified that its wholly-owned subsidiary, Shizhu Garden Company, is located in Hunan, indicating no mining operations in Hainan [1] Group 1 - The company has a registered location in Hainan [1] - The wholly-owned subsidiary, Shizhu Garden Company, operates in Hunan [1]

Core Insights - The article discusses the strategic importance of tungsten in military applications, highlighting that 80% of the world's tungsten is produced in China, which raises concerns for the U.S. regarding supply chain vulnerabilities [1][6]. Group 1: U.S. Strategic Moves - The U.S. is actively seeking alternative sources of tungsten outside of China, with a focus on Central Asia, particularly Kazakhstan, where a significant mining cooperation agreement has been signed [2][4]. - Cove Capital, a U.S. company, has acquired a 70% stake in a major tungsten mine in Kazakhstan, indicating a competitive move against Chinese interests [4]. - The U.S. aims to establish a new critical mineral supply chain, with Kazakhstan's tungsten mine being a key component in this strategy [6][9]. Group 2: Kazakhstan's Position - Kazakhstan is caught between major powers, balancing its economic ties with China, which accounts for 40% of its trade, and the emerging relationship with the U.S. [4][8]. - The country is under pressure to navigate its alliances carefully, especially in light of geopolitical tensions exemplified by the situation in Ukraine [4][8]. Group 3: Challenges and Considerations - The development costs of the Kazakhstan tungsten mine are estimated to be two to three times higher than those in China, raising questions about the economic viability for U.S. companies [11]. - Local environmental concerns are emerging, with protests anticipated against the mining operations, which could complicate the development process [11]. - The timeline for the mine to start producing tungsten is projected to take several years, creating uncertainty regarding U.S. policy continuity and investment [11][13]. Group 4: Future Implications - The article suggests that the competition for critical minerals like tungsten will intensify, with potential legislative moves in the U.S. to militarize critical mineral resources [13]. - China's advanced tungsten recycling technology and industry advantages are expected to mitigate short-term supply shortages, but the geopolitical landscape remains volatile [13].

Group 1 - Tungsten is experiencing a significant price increase, with prices doubling compared to the beginning of the year, including black tungsten concentrate rising from 143,000 CNY/ton to 278,000 CNY/ton, a 101.4% increase [1] - The supply side is tightening due to reduced mining quotas and slower production rates, while domestic demand remains stable, primarily driven by essential purchases [1] - The industry outlook is positive for tungsten prices due to rigid supply constraints and sustained growth in downstream demand, with major companies reporting substantial profit increases [2] Group 2 - Jiaxin International Resources focuses on the Bakuta tungsten mine project in Kazakhstan, which is currently in production and expected to benefit from rising tungsten prices, leading to significant profit growth [3] - Luoyang Molybdenum Company projects a tungsten metal output of 6,500 to 7,500 tons for the year 2025 [3]

Group 1 - Tungsten is experiencing a significant price increase, with prices doubling compared to the beginning of the year, including black tungsten concentrate rising by 101.4% to 143,000 CNY/ton [1] - The supply side is tightening due to reduced mining quotas and slower production rates, while domestic demand remains stable, primarily driven by essential purchases [1] - Major companies are managing cost pressures through diversified strategies, effectively transmitting costs without being passively affected [1] Group 2 - The Ministry of Commerce's announcement regarding the export conditions for tungsten, antimony, and silver indicates a positive signal for antimony exports, with expectations for a rebound in prices [2] - The rapid price increase of tungsten in the third quarter has enhanced the pricing power of downstream industries, leading to significant earnings growth for integrated companies [2] Group 3 - Jiaxin International Resources focuses on the Bakuta tungsten mine project in Kazakhstan, with expectations for profit growth due to rising tungsten prices [3] - Luoyang Molybdenum's production guidance for 2025 indicates an expected tungsten metal output of 6,500 to 7,500 tons [3]