上证报指出，今年以来，主要钨制品价格涨幅较大，与年初价格相比，全产业链产品价格均创下历史新 高。据中钨在线最新数据显示，主要钨制品价格年内已实现全线涨超120%，最高涨幅超140%。 据上证报报道，11月20日，章源钨业官微公布11月下半月长单采购报价:55%黑钨精矿32.80万元/标 吨;55%白钨精矿32.70万元/标吨;仲钨酸铵(国标零级)47.80万元/吨。相关产品价格相较11月上半月均再 次出现上涨，涨幅在6%左右。 今年以来，随着光伏、汽车等产业的显著增长，钨的需求量随之大幅提升。与此同时，供给端的收紧进 一步加剧了市场供需的紧张态势。数据显示，从供给端看，2025年上半年，年度第一批钨矿开采总量控 制指标为58,000吨，较2024年第一批指标减少4,000吨，同比下降 6.45%。需求方面，新能源领域钨需求 近年来显著增长，其中光伏钨丝的需求增长尤为亮眼。业内人士认为，随着供给端收紧、下游需求刚性 支撑及国际局势等多重因素交织，未来一段时间内价格或将保持高位运行。 公司方面，据上证报表示， 中钨高新：主营钨精矿、硬质合金和刀具等产品，拟收购远景钨业注入优质矿山资产，子公司金洲精工 是全球PCB ...

格隆汇11月20日丨章源钨业(002378.SZ)在投资者互动平台表示，公司产品主要出口至亚洲、欧洲、美 洲。 ...

Core Viewpoint - Xiamen Tungsten's Q3 2025 performance shows significant growth, with expectations for strong annual results driven by rising tungsten and rare earth prices, as well as increased sales [1] Summary by Relevant Sections Performance Highlights - The profit growth is primarily attributed to the upward trend in tungsten and rare earth prices, along with improved sales volumes [1] - The company's optimization of product offerings and price linkage has significantly enhanced its profitability [1] Business Segments - The tungsten and molybdenum business has seen profit growth in Q1-Q3 2025, supported by a tightening supply-demand balance that keeps tungsten prices high [1] - The penetration of photovoltaic tungsten wire in downstream applications continues to rise, and upgrades in cutting tool business are driving sales growth [1] - Key projects across three major business segments are progressing smoothly [1] Industry Positioning - The company has established a comprehensive industrial chain that includes upstream tungsten mining, midstream tungsten and molybdenum smelting, and downstream applications such as hard alloys, tungsten and molybdenum wire products, and cutting tools [1] - Comparable companies selected for analysis include Zhongtung High-tech, Zhangyuan Tungsten, and Oke Yi, with an average PE ratio of 52.84 for these peers [1] - Xiamen Tungsten's PE ratio is lower compared to the industry average, indicating investment value [1] - The company is rated as "Accumulate" [1]

Core Points - Zhangyuan Tungsten's stock price dropped by 6.82% with a trading volume of 8.11 billion yuan and a turnover rate of 5.37% [2] - The stock was flagged by the Shenzhen Stock Exchange for a daily price deviation of -7.22%, with institutional investors net selling 13.11 million yuan [2] - The stock experienced a net outflow of 1.67 billion yuan in major funds, with significant outflows from large orders [2] Trading Activity - The latest margin trading balance for Zhangyuan Tungsten is 561 million yuan, with a financing balance of 556 million yuan and a securities lending balance of 555.13 thousand yuan [3] - Over the past five days, the financing balance increased by 21.83 million yuan, representing a growth of 4.09% [3] - The top five trading departments showed a total transaction amount of 197 million yuan, with net selling of 94.97 million yuan [2][4] Institutional Participation - The largest buying department was the Shenzhen Stock Connect, with a buying amount of 20.63 million yuan and a selling amount of 33.90 million yuan, resulting in a net selling of 13.27 million yuan [3] - One institutional specialized seat was involved, with a buying amount of 0.95 million yuan and a selling amount of 14.06 million yuan, leading to a net selling of 13.11 million yuan [3][4]

Core Insights - On November 7, Zhangyuan Tungsten conducted 28 transactions on the block trading platform, with a total trading volume of 8.29 million shares and a total transaction value of 101 million yuan [2][3] - The average transaction price was 12.15 yuan, representing an 8.92% discount compared to the closing price of the day [2][3] - Institutional proprietary seats were involved in 21 of the transactions, with a total transaction value of 76.63 million yuan, indicating a net purchase of the same amount [2][3] Trading Data Summary - The closing price of Zhangyuan Tungsten on the same day was 13.34 yuan, reflecting an increase of 0.98% with a turnover rate of 3.62% and a total transaction amount of 575 million yuan [2][3] - The net inflow of main funds for the day was 25.46 million yuan, and the stock has seen a cumulative increase of 3.49% over the past five days, with a total net inflow of 75.62 million yuan [2][3] - The latest margin financing balance for the stock is 555 million yuan, with a decrease of 8.66 million yuan over the past five days, representing a decline of 1.53% [3] Company Background - Zhangyuan Tungsten Industry Co., Ltd. was established on February 28, 2000, with a registered capital of 1.201 billion yuan [3]

Group 1 - The company, Zhongtung High-tech, is actively monitoring the expansion of tungsten applications in emerging fields and aims to seize opportunities [2] - The company will fulfill its information disclosure obligations as required if any relevant information arises [2]

Core Viewpoint - The company, Zhongtung High-tech, is actively monitoring the application of tungsten in emerging fields and aims to seize related opportunities [2] Group 1 - The company responded to investor inquiries on November 5, indicating its proactive approach towards the utilization of tungsten [2]

Core Viewpoint - The company, Zhongtung High-tech (000657.SZ), is actively focusing on the applications of tungsten in emerging fields and aims to seize related opportunities [1] Group 1 - The company is engaging with investors through an interactive platform to communicate its strategic focus [1] - The emphasis on tungsten's applications indicates a proactive approach to innovation and market trends [1]

Core Viewpoint - Tungsten is expected to experience a "highlight moment" in 2025, with significant price increases and strong performance from related companies, as third-quarter net profit growth excluding non-recurring items has more than doubled year-on-year [1] Industry Summary - Tungsten is identified as a key strategic metal, with a robust outlook for long-term price support driven by rigid supply constraints and sustained growth in downstream demand [1] - Leading companies in the tungsten sector are actively managing risks through diversified strategies, rather than passively absorbing cost pressures [1] - The third-quarter performance of tungsten-related enterprises shows a year-on-year net profit growth rate exceeding 100% [1]

Group 1 - The core viewpoint of the article highlights Xianglu Tungsten's significant growth in revenue and net profit for the third quarter and the first three quarters of the year [1] Group 2 - In the third quarter, the company's revenue reached 685 million yuan, representing a year-on-year increase of 70.64% [1] - The net profit for the third quarter was 33.39 million yuan, showing a year-on-year growth of 251.22% [1] - For the first three quarters, the total revenue amounted to 1.616 billion yuan, with a year-on-year increase of 24.00% [1] - The net profit for the first three quarters was 51.77 million yuan, reflecting a year-on-year growth of 259.65% [1]