公 公司深度报告 PCB 微钻领先者，钨矿资源注入可期 ——中钨高新(000657)深度报告 分析师： 张珂 SAC NO： S1150523120001 2026 年 3 月 3 日 有色金属-------钨 投资要点： 中国五矿旗下上市公司，业绩受益于钨价上涨 公司是中国五矿旗下的钨行业上市公司，业务覆盖钨产业链的多个环节。2024 年中国五矿旗下的优质钨矿资源开始注入公司，公司利润规模和盈利能力得 到明显提升。2025 年前三季度受益于钨价上涨，公司业绩表现继续向好。 钨行业：供给刚性强，需求有支撑 钨在高科技和国防领域具备重要的战略价值，我们看好钨行业未来景气度。 供给端，短期产量增长有限：我国拥有全球 80%以上钨矿供应和 50%以上钨 矿储量，而我国对钨矿开采严格管控，短期国内钨矿供应难有明显增长；海外 钨矿项目面临资金和成本压力，实际产能增量较小。需求端，多领域有望支撑 未来需求：工厂自动化和技术进步、主要经济体进入降息周期、我国建设雅下 水电工程、我国设备以旧换新政策等因素将支撑硬质合金的钨需求，光伏钨 丝渗透率提升将带动钨丝需求，全球军费增长趋势将带动钨特钢需求，数据 中心发展将带动电子领域 ...

证券研究报告 小金属 行业定期报告 hyzqdatemark 2026 年 03 月 01 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 陈婉妤 SAC：S1350524110006 chenwanyu@huayuanstock.com 项祈瑞 SAC：S1350524040002 xiangqirui@huayuanstock.com 板块表现： 供给收缩下游提价，产业链上下游联动推动钨价新高 投资评级： 看好（维持） ——小金属双周报（2026/2/16-2026/2/27） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 | | | 稀土：供给格局紧张下游补库，氧化镨钕突破新高。近两周，氧化镨钕上涨 4.71% 至 89 万元/吨，氧化镝上涨 9.83%至 162 万元/吨，氧化铽上涨 1.56%至 652.5 万元 / ...

今天（2026年2月27日）的A股，上演了一场"冰与火"的极端分化。 沪指低开高走，最终上涨0.39%，收报4162点；而创业板指却一路弱势震荡，收盘大跌 1.04%。 市场赚钱效应集中爆发在一个方向——金属板块。 小金属、稀土、有色金属板块掀起涨停潮，厦门钨业、中钨高新等超过十只股票涨停。 与此同时，半导体、PCB等科技板块则成为下跌重灾区。 这种撕裂 行情的背后，是现货市场一场更加疯狂的暴涨：被称为"工业牙齿"的钨，其粉末价格已经突破1800元每公斤，较去年初暴涨近470%；另一种关键原料仲钨 酸铵更是冲到了110万元每吨的历史天价。 一则来自海外的消息加剧了市场的躁动：美国特朗普政府正计划动用国防部开发的AI模型，为锗、镓、锑、钨这四种关键战略矿产制定全球参考价格。 一 场关于资源定价权的暗战，正在资本市场掀起巨浪。 2026年2月27日早盘，A股三大指数集体低开。 开盘后，走势迅速分道扬镳。 沪指在钢铁、有色等板块的支撑下，很快翻红并一路震荡上扬。 创业板指则低 开低走，全天大部分时间在水面以下弱势徘徊，盘中最大跌幅超过1.5%。 截至下午3点收盘，上证指数报4162.88点，上涨0.39%；深证成指 ...

Group 1 - The U.S. and Iran are on the brink of conflict, with heightened tensions following failed negotiations and threats from Iranian leadership regarding uranium enrichment activities [1] - If a military conflict occurs, it could disrupt oil supplies through the Strait of Hormuz, significantly impacting international oil prices and causing instability in the Middle East [1] - A potential quick conflict may have a limited impact on the A-share market, while a full-scale war could have deeper implications [1] Group 2 - The China Securities Regulatory Commission (CSRC) held a meeting with eight foreign investment institutions to discuss investment opportunities [2] - The focus is on the "14th Five-Year Plan," which aims to develop six future industries, reform the investment and financing system, and support differentiated development for foreign investments [3] - The overall strategy emphasizes prioritizing technology, future industries, IPO reforms, and attracting foreign capital [4] Group 3 - The small metals sector has seen explosive growth, with tungsten prices rising by 66% and ammonium paratungstate reaching a historical high of 1.1 million yuan per ton [5] - The U.S. plans to utilize AI models to set reference prices for key minerals, increasing market attention on strategic metals like germanium, gallium, antimony, and tungsten [5] - The surge in small metals prices has also positively impacted related chemical sectors, such as phosphorus chemicals and TDI [5] Group 4 - The demand for computing power in China has surged, with domestic large model token usage exceeding that of the U.S. for several weeks, highlighting rapid growth in AI inference demand [6] - European cloud service providers are entering a price increase cycle, with some services seeing price hikes of up to 38%, further driving the demand for domestic computing power [6] - The overall industry is entering a "full-chain inflation" cycle, with high certainty in performance for sectors benefiting from tight supply and demand [7] Group 5 - The commercial space industry is approaching a peak launch period, with multiple reusable rockets set to launch in March, supported by ongoing development of the Hainan commercial space launch site [7] - Over 20 provinces in China have outlined plans for the commercial space industry, with increasing capital inflow and record financing in the private rocket sector [7] - The space photovoltaic sector is also showing signs of recovery, closely linked to the expansion of related overseas companies [7]

2月27日，A股主要指数早盘集体下挫。截至午盘，沪指跌0.17%，深证成指跌0.68%，创业板指跌 1.46%。沪深北三市半日成交15966亿元，较上日缩量532亿元。全市场超2300只个股上涨。 盘面上，受涨价催化影响，钨、稀土等稀有金属板块集体爆发，章源钨业7天5板，中钨高新等多股创历 史新高。受中国AI模型调用量首超美国消息刺激，算力租赁板块盘中大幅拉升，云天励飞等多股大 涨。个股方面，兼具"电力+算力"双重热点的豫能控股（001896）开盘即直线拉升，1分钟内涨停，走出 7连板。 豫能控股连收7个涨停板 2月11日晚间，豫能控股就此次交易披露补充暨风险提示公告。公司提示，本次仅参股投资先天算力， 增资金额预计不超过14亿元，增资比例预计不超过49%，不会合并先天算力财务报表。 2月27日，豫能控股开盘后直线涨停，盘中短暂开板后迅速回封，截至午间休市，换手率8.07%，成交 金额16亿元。自2月11日公告布局算力业务以来，公司股价一路高歌猛进，连续7个交易日涨停，从6.85 元一路飙升至13.34元，实现股价近乎翻倍，成为电力与AI算力两大主线共振下的市场龙头。 | | | | | | | | | 00 ...

钨指数爆发再度爆发，章源钨业7天5板，翔鹭钨业涨停，中钨高新、厦门钨业跟涨。 | 还原 | લ્દ્રીને 涨幅 : | 名称 | 现价 | 涨跌 | 换手 | 量出 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 002842.SZ 翔蟹钨业 +10.01% | | 41.56 | +3.78 | 13.26% | 3.30 | 187.41% | | 2 | 002378.SZ 章源钨业 +10.00% | | 40.60 | +3.69 | 3.11% | 2.55 | 186.32% | | ო | 000657.SZ 中钨高新 +8.22% | | 65.15 | +4.95 | 3.37% | 3.40 | 135.11% | | ব | 600549.SH 厦门钨业 +7.75% | | 68.71 | +4.94 | 2.68% | 3.82 | 67.34% | 章源钨业上调2026年2月下半月长单采购报价。消息面上，章源钨业公布2026年2月下半月长单采购报价：55%黑钨精矿：73.00万元/标吨；55% ...

Core Viewpoint - The metal tungsten has experienced a significant price surge, with a year-on-year increase of over 220% in 2025 and a continued upward trend in early 2026, overshadowing gold's market position [1][3]. Supply Side Analysis - The tungsten market is facing a "triple barrier" on the supply side: quota restrictions, declining ore quality, and limited overseas production capacity [7][9]. - China controls over 80% of global tungsten supply, and the government has implemented strict quotas, reducing the total mining output by 6.5% in 2025 [7][10]. - The average grade of domestic tungsten ore has decreased from 0.42% in 2004 to 0.28% in 2024, increasing extraction costs and difficulties [7][9]. - New overseas tungsten mining projects are not expected to significantly impact supply until after 2027, with non-Chinese controlled new capacity projected to be less than 5,000 tons in 2026 [9][10]. Demand Side Analysis - The demand for tungsten is being driven by emerging technologies, particularly in the photovoltaic (solar) and artificial intelligence (AI) sectors [11][12]. - The demand for tungsten wire in photovoltaic applications is expected to double from 8,300 tons in 2024 to 16,000 tons in 2025, reflecting a 198% year-on-year growth [13]. - AI server production is increasing the demand for high-precision tungsten tools, which are essential for manufacturing advanced printed circuit boards (PCBs) [15][16]. Company Performance - Two leading companies in the tungsten industry, Xiamen Tungsten and China Tungsten High-Tech, are adopting different strategies to navigate the market [19][20]. - Xiamen Tungsten has diversified its operations, controlling 30% of national reserves and focusing on downstream profits, with nearly 40% of its revenue coming from energy new materials by 2024 [20]. - China Tungsten High-Tech is focused on vertical integration within the tungsten supply chain, achieving a 407.52% year-on-year increase in net profit for the first three quarters of 2025 [21][22]. Market Outlook - The tungsten price is expected to remain high and experience strong fluctuations in 2026, driven by a widening supply-demand gap [23]. - The demand for tungsten in photovoltaic applications is projected to reach an 80% penetration rate by 2027, indicating a robust growth trajectory [23][24]. - The ongoing geopolitical dynamics and resource scarcity are enhancing the strategic importance of tungsten as a critical material in the global market [25][26].

期货研究报告 资讯早班车-2026-02-26 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 2026-01-19 | 2025/12 | GDP:不变价:当季同比 | % | 4.5 | 4.8 | 5.4 | | 2026-01-31 | 2026/01 | 制造业 PMI | % | 49.3 | 49.0 | 49.1 | | 2026-01-31 | 2026/01 | 非制造业 PMI:商务活动 | % | 49.4 | 50.1 | 50.2 | | 2026-02-14 | 2026/01 | 社会融资规模:当月值 | 亿元 | 72208 | 8178 | 70546 | | 2026-02-13 | 2026/01 | M0:同比 | % | 2.7 | 10.6 | 17.2 | | 2026-02-13 | 2026/01 | M1:同比 | % | 4.9 | 6.2 | 0.4 | | 2026-02-13 | 2026/ ...

Market Overview - A-shares continued their strong performance, with the Shanghai Composite Index rising over 1% during the session and closing at 4147.23 points, up 0.72% [1] - The total trading volume in the Shanghai, Shenzhen, and North markets reached approximately 2.48 trillion yuan, an increase of over 260 billion yuan compared to the previous day [1] Resource Sector - The resource sector, particularly metals, showed strong performance, with over 3700 stocks in the A-share market gaining, and more than 100 stocks hitting the daily limit [1] - Notable stocks included Shenghong Technology, which surged over 10% with a total trading volume of 17.49 billion yuan, leading the A-share market in transaction value [1] Nonferrous Metals - The nonferrous metals sector exhibited remarkable strength, with cobalt, nickel, and rare earth concepts performing well. For instance, Hanrui Cobalt surged nearly 14% [2] - Several companies, including Huaxi Nonferrous and Yunnan Zinc Industry, reached their daily limit, indicating strong investor interest [2] - Prices for tungsten products have been on the rise, with black tungsten concentrate increasing by 53.26% year-to-date, and ammonium paratungstate up by 56.72% [2] Tungsten and Rare Earths - The tungsten supply side is facing continuous contraction, with environmental regulations and rising operational costs limiting capacity release. The demand surge, particularly in new energy and photovoltaic sectors, is driving tungsten prices higher [3] - Rare earth prices have also increased, with neodymium oxide averaging 882,000 yuan per ton, up 4.16 million yuan from before the Spring Festival [3] Commercial Aerospace - The commercial aerospace sector saw significant gains, with companies like Xinghuan Technology and Okoyi rising over 16%. Aerospace Development reached its daily limit [4] - The announcement of the recovery test for the reusable Zhuque-3 rocket in the second quarter of this year has generated positive sentiment in the market [4] - Analysts predict that 2026 will be a pivotal year for commercial aerospace, with advancements in reusable rocket technology and the acceleration of satellite constellation construction [5] Real Estate Sector - The real estate sector became active following the release of new policies in Shanghai aimed at optimizing housing regulations, which included adjustments to purchase limits and public fund policies [6] - A-share real estate stocks such as I Love My Home and Hualian Holdings reached their daily limit, while others like Zhujiang Shares and Teifa Services saw increases of over 5% [7] - The Hong Kong real estate market also performed well, with stocks like Beike-W and Country Garden showing significant gains [8] - Data from the National Bureau of Statistics indicates a narrowing decline in housing prices in major cities, suggesting a stabilizing market [8]

本报记者 曹琦 一方面，在供给端，国内对钨矿实施开采总量控制，2026年开采指标延续偏紧格局，叠加环保与安全生产监管强化，中小 矿山产能退出，行业有效供给持续收缩。春节前后矿山开工率偏低，市场流通货源减少，进一步加剧现货紧张。 与此同时，全球钨矿资源品位下降、开采成本上升，海外新增产能释放缓慢，难以缓解全球供需缺口，为钨价高位运行提 供了支撑。 另一方面，在需求端，随着高端制造、新能源汽车及军工领域需求稳步复苏，硬质合金、切削工具企业开工率提升，下游 备货积极性高涨。其中，光伏钨丝、军工、半导体三大新兴领域需求爆发式增长，成为拉动钨需求的核心引擎。 "有机构预计，2026年光伏钨丝渗透率预计突破80%，仅光伏领域新增钨需求就占全球总需求的5%以上；半导体领域中， 3nm及以下先进制程芯片对高纯钨的需求激增，进一步放大供需矛盾。"福建华策品牌定位咨询创始人詹军豪向记者表示。 行业加速转型 2026年开年以来，钨矿市场迎来强势上涨行情，核心品种价格接连刷新历史纪录，成为有色金属板块表现最突出的品种之 2月24日，有头部企业在官微公布2026年2月下半月长单采购报价：55%黑钨精矿报价73万元/标吨；55%白钨精矿 ...