11月5日，金属钨板块尾盘拉升，中钨高新（000657.SZ）强势涨停，章源钨业（002378.SZ）、翔鹭钨 业（002842.SZ）、厦门钨业（600549.SZ）、锡业股份（000960.SZ）、洛阳钼业（603993.SH）等多股 跟涨。 消息面上，经过短暂回调，近期钨市场再度开启涨势，主要钨品价格已全线创下历史新高。据中钨在线 数据，当前钨粉价格突破70万元/吨后继续走强，最新报价已达71万元/吨；仲钨酸铵（APT）报价46.2 万元/吨，黑钨精矿（≥65%）、白钨精矿（≥65%）分别报31.2万元/吨、31.1万元/吨，较上个交易日每 吨均上涨2000元。 与年初价格相比，钨主要品种价格涨幅全线翻倍。黑钨精矿年初价格14.3万元/吨，今年以来累计上涨 118.18%；仲钨酸铵累计上涨118.96%；钨粉累计上涨124.68%。与2024年均价相比涨幅更为明显，黑钨 精矿、仲钨酸铵、钨粉分别上涨127.74%、127.81%、133.15%。 目前，黑钨精矿、白钨精矿、仲钨酸铵、钨粉价格均已创下历史新高。 公开资料显示，钨因具有熔点高、硬度高、密度高、导热性良好等特性，广泛应用于汽车、军工、航天 航 ...

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。10月下半月，各主流企业公布长单价格，其中55%黑钨精矿长单价格多在 27.3万元/标吨附近，支撑价格高位震荡。 面对成本压力，龙头企业并未被动承压，而是通过多元策略积极管理风险，有效传导成本。 展望未来，基于供给刚性约束与下游需求的持续增长，行业普遍看好钨价的长期支撑。 中信建投报告表示，商务部公告《2026-2027年度钨、锑、白银出口国营贸易企业申报条件及申报程 序》，锑出口积极信号出现，产业信心恢复，锑出口有望回升，价格或触底回升。上周钨价再次快速上 涨并突破前高，三季度钨精矿快速涨价阶段，下游的硬质合金、刀具顺价能力增强，调价跟随钨价上 涨，产业链一体化公司业绩大幅增长。 作为关键的战略性金属，钨在2025年迎来"高光时刻"：产品价格大幅上涨，相关企业业绩飘红，第三季 度扣非净利润同比增速均达一倍以上。 金属钨相关产业链港股： 与年初价格相比，钨制品价格全线实现翻倍，黑钨精矿年初价格14.3万元/吨，年初至今上涨101.4%， APT累计上涨101.42%，钨粉累计上涨100.95% ...

面对成本压力，龙头企业并未被动承压，而是通过多元策略积极管理风险，有效传导成本。 展望未来，基于供给刚性约束与下游需求的持续增长，行业普遍看好钨价的长期支撑。 中信建投报告表示，商务部公告《2026-2027年度钨、锑、白银出口国营贸易企业申报条件及申报程 序》，锑出口积极信号出现，产业信心恢复，锑出口有望回升，价格或触底回升。上周钨价再次快速上 涨并突破前高，三季度钨精矿快速涨价阶段，下游的硬质合金、刀具顺价能力增强，调价跟随钨价上 涨，产业链一体化公司业绩大幅增长。 金属钨相关产业链港股： 洛阳钼业（03993）：根据洛阳钼业2025年发布的产量指引，预计2025年全年钨金属产量为0.65万-0.75 万吨。 作为关键的战略性金属，钨在2025年迎来"高光时刻"：产品价格大幅上涨，相关企业业绩飘红，第三季 度扣非净利润同比增速均达一倍以上。 智通财经APP获悉，与年初价格相比，钨制品价格全线实现翻倍，黑钨精矿年初价格14.3万元/吨，年初 至今上涨101.4%，APT累计上涨101.42%，钨粉累计上涨100.95%。 华源证券指出，近两周，黑钨精矿价格上涨3.73%至27.80万元/吨，仲钨酸铵价格上涨 ...

本报（chinatimes.net.cn）记者 董红艳 北京报道 对于钨的后市表现，施佳向记者分析指出，钨价受供应波动影响，市场库存有限，价格上行较快，短期 内成交不足，上升趋势受到抑制；长期在资源紧张与需求扩张背景下，仍将高位运行。 对于钨价上涨对相关企业的影响，施佳向记者分析表示，上游矿山企业受政策、环保、成本等因素影 响，供应量有限但利润将得到保障；中游冶炼企业成本传导承压，经营风险上升，将在钨冶炼技术及废 钨回收领域加大投入；下游加工企业短期难以找到替代性产品，或将进一步提高长协比例，优化库存管 理降低经营风险。 近日，钨市场再度迎来行情，主要钨制品价格涨幅明显。而相比年初，钨价已接近翻倍。业内分析人士 向《华夏时报》记者表示，在资源紧张与需求扩张背景下，钨价仍将高位运行。 钨价强势之下，钨金属板块迎来爆发。其中，从10月27日起，中钨高新的股价便出现了明显的涨幅。10 月29日，中钨高新以涨停价24.76元报收，涨幅10.00%，总市值攀升至564.18亿元。10月30日，中钨高 新股价继续保持上扬。 在本次股市行情之前，中钨高新披露了一则关联收购公告。10月26日晚间，中钨高新公告称，拟以现金 支 ...

Core Viewpoint - The recent surge in the stock price of China Tungsten High-tech Co., Ltd. (中钨高新) is attributed to the rising prices in the tungsten industry and expectations of asset injections, leading to significant financial performance improvements [1][3][4]. Company Performance - China Tungsten High-tech's stock price increased by 51.72% over the last eight trading days, reaching 24.76 yuan, with a year-to-date increase of nearly 174% [2][3]. - The company reported a revenue of 12.755 billion yuan for the first three quarters, a year-on-year increase of 13.39%, and a net profit of 846 million yuan, up 18.26% year-on-year [3]. - The non-recurring net profit surged to 781 million yuan, reflecting a remarkable growth of 407.52% year-on-year [3]. Industry Trends - The price of black tungsten concentrate has risen by 101.4% since the beginning of the year, reaching 143,000 yuan per ton, while APT and tungsten powder prices have also increased by over 100% [1][3]. - The price of APT reached a historical high, contributing to the overall bullish trend in the tungsten industry [3]. Strategic Developments - China Tungsten High-tech plans to acquire 100% equity of Shizhu Garden from Minmetals Tungsten Industry and Woxi Mining for a total consideration of 5.195 billion yuan, expected to complete by the end of 2024 [3][4]. - The company also announced a cash acquisition of 99.9733% equity in Yuanjing Tungsten Industry for 821 million yuan, which is expected to enhance its upstream raw material supply [4][5]. Shareholder Activity - Guoxin Investment has significantly increased its stake in China Tungsten High-tech, acquiring nearly 70 million shares since the second quarter of 2023, with a current holding value exceeding 1.943 billion yuan [6][10][11]. - Guoxin Investment is recognized as a long-term investor, having entered the top ten shareholders of multiple A-share listed companies, including China Tungsten High-tech [12][14].

Core Viewpoint - The A-share small metal sector has shown strong performance, particularly in tungsten, with significant price increases driven by supply constraints and rising demand [2][4]. Group 1: Market Performance - The tungsten sector has seen a collective rise, with notable stocks such as Zhongtung High-tech reaching a trading limit, and Xiamen Tungsten hitting a historical high [2]. - As of October 28, the price of 65% black tungsten concentrate reached 288,000 yuan/ton, marking a 101.4% increase since the beginning of the year [2][4]. Group 2: Price Trends - The price of ammonium paratungstate (APT) has reached a record high, with domestic prices at 425,000 yuan/ton, also reflecting a 101.4% increase year-to-date [4]. - European APT prices range from 610 to 685 USD/ton, equivalent to 384,000 to 431,000 yuan/ton [4]. Group 3: Supply and Demand Dynamics - The supply of tungsten is expected to be controlled through mining regulations until 2025, impacting overall availability [4]. - Demand for tungsten is projected to grow, with a reported consumption of 35,900 tons in the first half of 2025, a 2.1% increase year-on-year [4]. Group 4: Company Performance - Seven A-share listed companies involved in tungsten production have reported significant growth in both performance and stock prices this year [4]. - Notable companies include Luoyang Molybdenum, which has seen a 159.85% increase in stock price, and Xiamen Tungsten, with an 87.26% increase [6].

Industry Overview - The non-ferrous sector showed significant gains on the 29th, with tungsten concept stocks performing notably well, including Zhongtung High-tech hitting the daily limit for two consecutive days, and Xiamen Tungsten and Zhangyuan Tungsten rising over 4% [1] - Jiangxi Copper, China Aluminum, and Huaxi Nonferrous also saw approximately 5% increases [1] Market Dynamics - The tungsten market has recently entered a rising trend, with prices for black tungsten concentrate (≥65%) quoted at 288,000 yuan/ton, an increase of 3,000 yuan per ton from the previous trading day [1] - APT (Ammonium Paratungstate ≥88.5%) is priced at 425,000 yuan/ton, up 7,000 yuan per ton, while tungsten powder (≥99.7%) is priced at 635 yuan/gram, an increase of 5 yuan per gram [1] Demand and Consumption - Tungsten is increasingly recognized as a strategic resource, with demand continuing to grow. According to Antaike data, China's tungsten consumption from January to June 2025 is projected to total 35,900 metric tons, a year-on-year increase of 2.1%, with primary tungsten consumption at 30,400 metric tons, up 2.5% year-on-year [1] - Key downstream industries such as excavators, metal cutting machine tools, automobiles, and photovoltaics have shown significant production increases, leading to higher tungsten consumption [1] Supply Constraints - Guosen Securities indicates that domestic tungsten prices are under pressure due to increased demand, safety production in mines, and environmental inspections, resulting in tight supply and demand at the mining level, with previously available inventories being depleted [1] - The Bakuta tungsten mine in Kazakhstan has potential for increased output, but capacity release will take time, potentially exacerbating supply-demand gaps in the short term [1] - With heightened export controls, tungsten's status as a strategic metal is being elevated, suggesting that prices for tungsten and related strategic minor metals may continue to rise [1]

Core Insights - Tungsten products have seen a rapid price increase since October, with black tungsten concentrate (≥65%) priced at 288,000 CNY/ton, up 3,000 CNY/ton from the previous trading day, and ammonium paratungstate (APT: ≥88.5%) at 425,000 CNY/ton, up 7,000 CNY/ton [1] - Year-to-date, tungsten product prices have doubled, with black tungsten concentrate increasing by 101.4% from 143,000 CNY/ton at the beginning of the year, APT up 101.42%, and tungsten powder (≥99.7%) up 100.95% [1] Company Performance - In the A-share market, seven companies involved in tungsten production have seen most of their stocks rise since October, with Zhongtung High-tech leading at a 20.83% increase, followed by Xiamen Tungsten (18.75%), Zhangyuan Tungsten (7.5%), and Luoyang Molybdenum (6.69%) [1] - Institutional interest is high in three companies primarily engaged in tungsten products: Xiamen Tungsten, Zhongtung High-tech, and Zhangyuan Tungsten, with the number of institutional research visits reaching 366, 104, and 69 respectively [1]

Core Viewpoint - The company, Zhongtung High-tech, plans to acquire a 99.9733% stake in Hunan Yuanjing Tungsten Industry Co., Ltd. from Minmetals Tungsten Industry Group for a transaction price of 821 million yuan, aiming to resolve competition issues and enhance business independence [2][3]. Group 1: Acquisition Details - The acquisition is motivated by the commitment of the actual controller, China Minmetals, to avoid competition in the capital market and to integrate the tungsten industry chain [2]. - The transaction constitutes a related party transaction but does not qualify as a major asset restructuring [2]. - Yuanjing Tungsten Industry, established in January 2003, has a registered capital of 305 million yuan and primarily engages in tungsten metal mining and sales [2]. Group 2: Financial Performance of Yuanjing Tungsten - For the period from January to May 2025, Yuanjing Tungsten reported revenues of 142 million yuan and a net profit of 34 million yuan, with a negative cash flow from operating activities of 17 million yuan [3]. - As of May 31, 2025, Yuanjing Tungsten's total assets were 409 million yuan, total liabilities were 105 million yuan, and net assets were 304 million yuan [3]. - The company holds approximately 154,500 tons of tungsten metal, with an annual production capacity of 2,600 tons [3]. Group 3: Impact on Zhongtung High-tech - The acquisition is expected to enhance the tungsten resource self-sufficiency rate of Zhongtung High-tech, improve asset quality and profitability, and strengthen the company's risk resistance capabilities [3]. - Zhongtung High-tech operates as the tungsten industry management platform under China Minmetals, managing a complete tungsten industry chain from mining to trading [3]. - In the first three quarters of 2025, Zhongtung High-tech reported revenues of 4.906 billion yuan, a year-on-year increase of 13.39%, and a net profit of 335 million yuan, up 18.26% year-on-year [4].

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]