长江有色金属网数据显示，11月17日，长江综合钨粉均价报747500元/吨，较前一交易日上涨2500元， 年内累计涨幅已实现翻倍。另据中钨在线数据，11月17日，65%黑钨精矿价格报32万元/标吨，较上一 日上涨2000元/吨，年初至今上涨123.8%。65%白钨精矿价格报31.9万元/标吨，较上一日上涨2000元/ 吨，较年初涨124.7%。仲钨酸铵（APT）价格报47.8万元/吨，较上一日上涨3000元/吨，较年初涨 126.5%。 分析认为，供给端的极致紧张是钨粉价格上涨的核心基石。2025年国内首批钨矿开采总量控制指标降至 5.8万吨，同比降幅达6.45%，江西、湖南等主产区配额进一步下调，部分低产能矿区甚至未获开采指 标，源头供给持续收缩。需求端的多元爆发为价格上行注入强劲动力，光伏及固态电池等新型领域需求 快速爆发，传统领域同步回暖。 免责声明：以上内容为本网站转自其他媒体，相关信息仅为传递更多信息之目的，不代表本网观点，亦 不代表本网站赞同其观点或证实其内容的真实性。如稿件版权单位或个人不想在本网发布，可与本网联 系，本网视情况可立即将其撤除。 素材源：吕怡蕾 编辑：康书源 审核：王怡然 短期来 ...

每经AI快讯，有投资者在投资者互动平台提问：公司在海南有矿吗？有没有地？ （记者 曾健辉） 中钨高新（000657.SZ）11月17日在投资者互动平台表示，公司注册地在海南，公司旗下全资子公司 （矿山企业）柿竹园公司位于湖南。 ...

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]

Core Viewpoint - The tungsten sector's third-quarter reports have exceeded market expectations, leading to a significant increase in the stock price of Jiaxin International Resources [1] Company Summary - Jiaxin International Resources (03858) saw its stock price rise over 7%, currently trading at 39.22 HKD with a transaction volume of 53.51 million HKD [1] - The company is focused on developing the Bakuta tungsten mine project in Kazakhstan [1] Industry Summary - Xiamen Tungsten's third-quarter net profit attributable to shareholders reached 810 million CNY, a year-on-year increase of 109.85% [1] - China Tungsten High-Tech's third-quarter net profit excluding non-recurring items was 297 million CNY, up 725.45% year-on-year [1] - Recent price increases in the tungsten market include a 3.73% rise in black tungsten concentrate prices to 278,000 CNY/ton and a 3.70% increase in ammonium paratungstate prices to 406,000 CNY/ton [1] - The supply side is experiencing a reduction in tungsten concentrate mining quotas, leading to a slowdown in production and tightening circulation in the industry [1] - Domestic demand remains stable, primarily driven by essential procurement [1] - In late October, major companies announced long-term contract prices, with 55% black tungsten concentrate prices around 273,000 CNY/standard ton, supporting high price fluctuations [1]

Core Viewpoint - The competition for tungsten mines in Kazakhstan has escalated into a strategic national-level contest between the United States and China, highlighting the importance of tungsten as a critical resource in global power dynamics [1][24]. Group 1: U.S. Involvement - The U.S. government, led by the Secretary of Commerce, is actively facilitating American companies' bids for the tungsten mines, indicating the strategic importance of this endeavor [3][5]. - American companies are proposing to operate independently and process the tungsten locally in Kazakhstan before exporting it back to the U.S., aiming to establish a supply chain that does not rely on China [5][7]. - U.S. financial institutions are backing these initiatives, emphasizing the national security implications of securing critical mineral resources [5][21]. Group 2: China's Response - In response to U.S. actions, Chinese companies are also entering the bidding process with competitive offers, aiming to maintain their dominant position in tungsten resources [8][10]. - China has a well-established tungsten industry, with significant advantages in resource reserves, processing technology, and supply chain integration, making it crucial for China to protect its strategic resource control [10][12]. Group 3: Kazakhstan's Role - Kazakhstan is positioned as a key player in this competition, seeking to balance its relationships with both the U.S. and China while maximizing its benefits from the situation [15][17]. - The Kazakh government is likely to pursue a joint venture model, allowing both U.S. and Chinese companies to participate while retaining control over the resources [17][19]. - The historical context of the tungsten deposits, which were discovered during the Soviet era but remained undeveloped, has now changed due to the shifting global resource landscape [15][19]. Group 4: Global Implications - The competition for tungsten is indicative of a broader trend where critical resources are increasingly viewed as strategic assets, influencing global supply chains and geopolitical relations [21][24]. - The outcome of this bidding war could set a precedent for future competitions over other critical minerals, such as lithium and rare earth elements, as nations seek to secure their resource independence [21][26]. - The evolving dynamics suggest that resource control will be determined not just by market forces but by national interests and strategic partnerships [26].

Summary of Tungsten Industry Conference Call Industry Overview - The tungsten industry is experiencing significant price fluctuations influenced by supply-demand dynamics and procurement strategies. Concentrated purchasing has led to short-term price declines, while mine production halts and restarts directly affect market supply [1][2][3]. Key Points Price Trends - Tungsten concentrate prices have been rising since 2021 due to supply-demand imbalances, with demand exceeding supply. Notably, prices surged from May to September 2025, driven by concentrated purchasing activities [2][4]. - In the first half of 2025, mine profit margins reached 42.73%, while smelting companies saw profit margins increase to 2.18%. Overall, the price increases have had a minimal impact on profit margins across the industry [1][4]. Supply and Demand Dynamics - The supply of tungsten concentrate is expected to remain tight until 2026, with limited new production capacity and anticipated demand growth. This ongoing supply-demand conflict is likely to drive prices higher [1][5]. - Despite an increase in imports, the growth rate may slow down, and domestic new capacity is lagging, contributing to sustained supply tightness [1][6]. Regulatory Impact - The delay in the issuance of the second batch of tungsten mining quotas has had some impact on the industry, but the overall effect is limited due to China's quota management system, which controls illegal mining and ensures resource utilization [1][7]. Export Restrictions - In 2025, China implemented export restrictions on tungsten products such as APT, tungsten carbide, and tungsten oxide, leading to a significant decrease in export volumes compared to 2024. For instance, APT exports dropped from 489 tons in 2024 to 222 tons in 2025 [10][11]. Challenges in the U.S. Market - The U.S. faces challenges in rebuilding a complete tungsten supply chain, relying heavily on imports for smelting. The country has limited operational mines and smelting facilities, making it difficult to establish a self-sufficient industry [13][22]. Future Projections - By the end of 2027, it is projected that the total new tungsten concentrate supply will increase by at least 40,000 tons, with monthly increments of 1,800 to 2,000 tons. However, several projects face risks of delays [16][17]. Applications and Market Space - Tungsten's applications in nuclear fusion and military sectors are being explored, but the demand in these areas is not expected to lead to significant market growth in the near term. The military's demand for tungsten is relatively small, with some applications potentially being replaced by other metals [18][20][21]. Additional Insights - The historical context of tungsten quotas shows that the Chinese government has adjusted production limits to balance supply and demand, with recent reductions in quotas reflecting the need to manage resources effectively [8][9]. - The U.S. government is exploring the development of tungsten resources in Kazakhstan, with investments aimed at critical mineral projects, although these new mining areas are smaller in scale compared to existing operations [22][23].

Core Insights - The tungsten concentrate industry is crucial for strategic sectors like aerospace and defense, with a focus on high-density, high-melting-point, and high-hardness properties [1][5][11] - China, as the largest tungsten producer, faces rapid resource consumption and has implemented policies for total control and export regulation to transition from resource output to high value-added production [1][5][6] - The industry is characterized by a concentration of resources, with significant production capacity in provinces like Jiangxi and Henan, and a market dominated by state-owned enterprises [1][12][16] Industry Overview - Tungsten concentrate is extracted from tungsten ore through various processes, requiring a minimum tungsten trioxide (WO₃) content of 65% [2][3] - The global tungsten resource distribution is highly concentrated, with China holding 52% of the total reserves, while the domestic reserve-to-production ratio is only 36 years [10][11] Policy Analysis - China has established a policy framework focusing on resource protection and sustainable utilization, including total mining volume management and export controls [5][6][14] - Recent policies have refined the management of mining quotas and introduced stricter regulations on exports of tungsten-related products [6][14] Industry Chain - The tungsten concentrate industry chain includes exploration, mining, and processing, with a high concentration of mining enterprises and increasing prices due to supply constraints [8][12] - The downstream applications are diverse, with significant growth in demand for tungsten wire in the photovoltaic sector, while traditional sectors face cost pressures [8][12] Current Industry Status - The tungsten industry in China is experiencing a transformation, with a focus on high-end applications and a shift towards sustainable practices [13][15] - In 2024, the total tungsten concentrate production is projected to be 12.7 million tons, reflecting the impact of total control policies [14][15] Competitive Landscape - The industry is characterized by a "resource core, state-owned leadership, and collaborative ecosystem" model, with major players like Jiangxi Tungsten Industry Group and Xiamen Tungsten leading the market [16][17] - The market concentration is high, with the top five companies controlling 61% of the production capacity [16] Future Trends - The tungsten concentrate industry is expected to evolve towards resource consolidation, technological advancement, and global expansion [17][19] - Key trends include a shift from scale advantages to ecological dominance, with a focus on high-end applications and green transformation [17][18][19]

Core Viewpoint - Jaxin International Resources (03858) has seen a significant stock price increase, rising nearly 250% from its IPO price of HKD 10.92 to a peak of HKD 38.16, driven by rising tungsten prices and strong market performance [1] Company Summary - Jaxin International Resources is a tungsten mining company based in Kazakhstan, with its core asset being the Bakuta tungsten mine, which is the largest open-pit tungsten mine globally [1] - The company has commenced production at its core asset and is expected to increase output in the future, benefiting from the rising tungsten prices [1] Industry Summary - Since March 2025, tungsten prices in China have been on a continuous upward trend, with a significant spike in August, reaching historical peaks in early September, resulting in a doubling of major tungsten product prices within the year [1] - The increase in tungsten prices is anticipated to lead to substantial profit growth for companies like Jaxin International Resources [1]