Core Viewpoint - Tungsten is a strategic resource for China, with significant global production and reserves, but the industry faces challenges due to low concentration and regulatory controls [4][5]. Group 1: Supply Dynamics - In 2023, China's tungsten concentrate production accounted for 80.77% of global output, with reserves at 52.27%, both ranking first in the world [4]. - The industry concentration is low, with a CR4 of 43.94% and a CR6 of 55.87%, indicating a need for consolidation [4]. - Future tungsten supply is expected to tighten due to three main factors: ongoing regulatory controls, a decrease in over-extraction, and declining ore grades over time [5]. Group 2: Demand Drivers - The domestic demand for tungsten in 2024 is projected to be split among hard alloys (58.51%), tungsten materials (22.61%), tungsten special steel (15.05%), and tungsten chemicals (3.83%) [6]. - The demand for tungsten in the military sector is anticipated to grow due to increased defense spending amid ongoing global conflicts [6]. - The photovoltaic sector is also a growth area, with tungsten wire usage expected to increase despite its smaller volume [6]. Group 3: Price and Market Impact - Short-term price increases in tungsten may lead to some substitution, but the overall demand impact is expected to be minimal [7]. - The supply-demand balance for tungsten is projected to remain tight, with supply deficits expected in the coming years: -3.78% in 2025, -4.61% in 2026, and -1.46% in 2027 for China [8]. - Global supply-demand gaps are also forecasted, indicating a sustained high price environment due to rising mining costs and environmental pressures [8].

智通财经APP获悉，光大证券发布研报称，未来我国钨精矿供应持续收紧，需求根基稳健，亦有军工、 光伏等增长点。钨未来偏紧平衡的供需格局有望持续，叠加钨精矿开采成本的挺价，虽然钨精矿价格将 会出现一定回调，该行仍判断2026-2027年钨价将于高位运行。钨相关上市公司有望受益。 光大证券主要观点如下： 钨：我国唯二指标控制优势金属，但集中度偏低 钨是我国优势资源，2023年，我国钨精矿产量占全球比达80.77%;储量占全球比52.27%，均位列世界第 一。钨与稀土为我国目前唯二实行开采总量指标控制的金属矿产，与稀土相比，钨的另一大特点是集中 度偏低：2024年我国钨矿的产能CR4仅为43.94%，CR6仅为55.87%，与稀土行业的两大稀土集团相比， 行业集中度亟待提升。低行业集中度意味着小型钨矿企业遍布，更易出现钨矿的违规开采或是超采的现 象。 未来我国钨精矿供应持续收紧，逻辑有三 1、我国钨矿开采持续实行管控与指标配额制。2025年度第一批钨矿配额同比下降6.45%，长期看配额 呈放缓趋势;2、我国超采钨产量持续下降。2015年我国超采钨占产量比重为35.78%，2024年这一数字降 至12.63%;3、我国 ...

1. 硬质合金：高端需求旺，但"买涨不买跌"心态变了 硬质合金是钨粉的最大"买家"（占消费总量60%以上）。2025年三季度，章源钨业高端硬质合金营收占 比已提升至35%（同比增80%），半导体切割、新能源汽车零部件等高端需求确实火爆。但年末备货完 成后，下游厂商采购节奏放缓：12月下旬硬质合金行业开工率较中旬回落3个百分点，部分中小厂商 因"钨粉太贵"选择"低库存运营"，避免高位接盘。 2. 光伏与半导体：需求稳健，但"增量还没来" 光伏钨丝：2025年需求同比激增60%，0.015mm超细钨丝适配大硅片技术成熟，但龙头厂商（如厦门钨 业）产能扩张有序，短期需求释放平稳，没"超预期"拉动价格； "连续12天涨价，终于稳住了！"12月26日，长江有色金属网数据显示，长江综合钨粉均价报111万元/ 吨，较前一交易日持平，终结了自12月9日以来的"12日连涨"行情。作为高端制造的"工业牙齿"，钨粉 价格的一举一动都牵动着硬质合金、光伏、半导体等行业的神经。此次"止涨企稳"，是短期需求放缓的 信号，还是长期价值支撑下的"蓄力调整"？拨开迷雾，我们能看到钨市场"紧平衡"格局下的真实脉动。 一、需求端：补库收尾+高位观 ...

证券日报网讯12月25日，美畅股份（300861）在互动平台回答投资者提问时表示，光伏钨丝的技术发展 推动钨丝金刚线渗透率的提升，公司根据下游需求情况合理安排生产保障订单交付。 ...

2025年12月23日，翔鹭钨业（sz002842）触及涨停，涨停价15.08元，涨幅9.99%，总市值49.34亿元，流 通市值40.48亿元，截止发稿，总成交额4.64亿元。 根据喜娜AI异动分析，翔鹭钨业涨停原因可能如下，光伏钨丝+技术领先+政策红利： 1、公司正积极布 局光伏用钨丝新业务，年产300亿米光伏钨丝项目抢占新能源赛道，契合双碳政策。公司已完成 0.028mm细钨丝验证，抗拉强度超6850MPa，处于行业领先水平，技术优势明显。此外，该项目入选工 信部《重点新材料首批次应用示范目录》，还能享受高新技术企业15%税率的政策红利。 2、行业方 面，新能源光伏产业发展迅速，对光伏钨丝的需求不断增加。公司已绑定3家全球TOP10光伏组件企 业，与高测股份、美畅股份等建立长期合作，客户协同效应有助于其光伏钨丝业务的市场拓展。近期同 板块的光伏相关个股也有较好表现，形成了板块联动效应。 3、从资金流向和股东情况来看，截至2025 年12月19日，公司股东人数3.28万户，较上期变化 -2.31%，人均流通A股8194股，股东人数减少可能意 味着筹码集中度有所提升。虽然没有直接的资金流向数据，但涨停可能吸 ...

Group 1 - The Chinese government emphasizes the importance of high-quality technological supply to lead the construction of a modern industrial system, with plans to implement major national technological tasks for decisive breakthroughs in key areas [2] - Alibaba plans to "actively" invest in enhancing artificial intelligence capabilities, potentially exceeding its previously committed investment of 380 billion RMB over three years, indicating a strong demand for AI resources [3] - The National Space Administration of China has issued an action plan to promote the high-quality and safe development of commercial space, establishing a national commercial space development fund to encourage long-term and strategic investments [4] Group 2 - The significant increase in black tungsten concentrate prices, which have risen by 132% this year, is expected to be transmitted downstream, supported by strong demand in emerging sectors such as photovoltaic tungsten wire and military applications [7] - Alibaba's financial report for Q2 of fiscal year 2026 shows revenue of 247.8 billion RMB, a year-on-year increase of 4.8%, with adjusted earnings per ADS at 4.36 RMB, below market expectations [9] - The stock of *ST Suwu has been suspended due to major violations leading to forced delisting, while *ST Dongtong faces potential termination of listing due to fraudulent disclosures in annual reports [10] Group 3 - The U.S. stock market indices have collectively risen for three consecutive trading days, with the Dow Jones up by 1.43%, indicating a positive market sentiment [14] - The U.S. 10-year Treasury yield has fallen below 4% for the first time since late October, reflecting increased market expectations for aggressive interest rate cuts [19]

Industry Overview - The prices of major tungsten products have significantly increased this year, with an overall rise exceeding 120% compared to the beginning of the year, and some products seeing increases over 140% [1] - The demand for tungsten has surged due to the growth in industries such as photovoltaics and automotive, while supply constraints have intensified market tensions [1] - The first batch of tungsten mining quotas for the first half of 2025 is set at 58,000 tons, a decrease of 4,000 tons or 6.45% compared to the first batch in 2024 [1] - The demand for tungsten in the renewable energy sector, particularly for photovoltaic tungsten wire, has shown remarkable growth [1] - Industry experts believe that due to tightening supply, rigid downstream demand, and various international factors, tungsten prices are likely to remain high in the near future [1] Company Insights - Zhongtung High-tech focuses on tungsten concentrate, hard alloys, and tools, and plans to acquire Yuanjing Tungsten Industry to inject high-quality mining assets [2] - The subsidiary Jinzhou Precision is a major supplier in the global PCB micro-drill market, benefiting from the development of the PCB industry [2] - Zhangyuan Tungsten Industry is engaged in the mining and selection of tungsten concentrate and the production and sales of ammonium paratungstate, tungsten oxide, tungsten powder, tungsten carbide powder, and hard alloys, while continuously promoting the integration of mining resources [2]

Core Viewpoint - The A-share market saw a significant number of stocks hitting the daily limit up, with 66 stocks closing at the limit, indicating strong investor interest and market momentum [1] Group 1: Market Performance - A total of 66 stocks hit the daily limit up, with 60 stocks after excluding 6 ST stocks, resulting in an overall limit-up rate of 66.67% [1] - Among the stocks, 33 attempted to hit the limit but failed, showcasing a competitive market environment [1] Group 2: Notable Stocks - Shanzi Gaoke (000981) had the highest limit-up order volume at 1.191 million hands, followed by Pingtan Development (000592) and Fangda Carbon (600516) with 1.1003 million and 324,500 hands respectively [2] - Shanzi Gaoke reported a net profit of 219 million yuan for the first three quarters, marking a turnaround from losses, and saw an increase in holdings from both Stock Connect and QFII [2] - The company is involved in the semiconductor sector and has investments in advanced packaging technology for integrated circuits [2] Group 3: Continuous Limit-Up Stocks - ST Zhongdi (000609) achieved a 9-day consecutive limit-up, while other stocks like Time Space Technology (605178) and Yashichuangneng (603378) had 5 and 4 consecutive limit-ups respectively [3] - 23 stocks had limit-up order amounts exceeding 100 million yuan, with Pingtan Development, Shanzi Gaoke, and Longi Green Energy (601012) leading in order amounts of 665 million, 512 million, and 441 million yuan respectively [3] Group 4: Sector Highlights - In the photovoltaic sector, stocks such as Zhongtung High-tech, Tongrun Equipment, and Longi Green Energy saw limit-ups, with companies focusing on enhancing production and technology in solar energy [4] - Aluminum sector stocks like Chang Aluminum, Zhongfu Industrial, and Nanshan Aluminum also hit the limit, with companies emphasizing innovation and high-end manufacturing [5][6] - In the Hainan Free Trade Port sector, stocks like Hainan Development and Haikou Group are leveraging new opportunities from the region's economic policies [7] Group 5: Institutional Activity - Institutional investors showed strong interest, with Sunshine Power (300274) receiving over 1 billion yuan in net purchases, followed by Shanzi Gaoke and Keda Guokai (300520) [8] - Nanshan Aluminum, Artis, and Shanzi Gaoke were among the top net purchases by institutions, indicating confidence in these stocks [9]

Core Insights - Xianglu Tungsten Industry (002842.SZ) reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 685 million yuan, a year-on-year growth of 70.64%, and net profit of 33.39 million yuan, up 251.22% [1] - For the first three quarters of 2025, the company achieved a revenue of 1.616 billion yuan, representing a year-on-year increase of 24.00%, and a net profit of 51.77 million yuan, which is a 259.65% increase compared to the previous year [1] - The growth in performance is attributed to increased investment in photovoltaic tungsten wire construction projects, optimization of capital structure due to convertible bonds conversion, and a rebound in demand for the main business [1]

Core Insights - The tungsten market is experiencing a significant price surge, with prices for major tungsten products increasing by over 50% year-to-date, and some products seeing nearly 100% annual growth [5][16][18] - Upstream tungsten mining companies are adopting a "reluctant selling" strategy, controlling supply to maintain high prices, while downstream companies face rising costs and reduced profit margins [4][8][30] - The supply-demand imbalance is exacerbated by regulatory changes and increased demand from sectors like photovoltaics, leading to a tightening of available tungsten resources [10][21][67] Group 1: Market Dynamics - As of late September, the price of black tungsten concentrate has exceeded 270,000 yuan/ton, marking a 92% increase from the beginning of the year [16] - The price of ammonium paratungstate (APT) in Europe has surged to between 580 and 645 USD/ton, reflecting a year-on-year increase of over 30% [6][18] - Domestic tungsten exports have decreased by 34.56% from January to July 2025, while imports have surged by 45.57%, indicating a shift in the global tungsten trade landscape [20][44] Group 2: Upstream and Downstream Challenges - Upstream companies are experiencing record profits due to high tungsten prices, while midstream refining companies report a 60% increase in procurement costs for tungsten concentrate, with APT prices only rising by 25% [8][32] - The average price of black tungsten concentrate reached 272,000 yuan/ton in August, while APT prices remained around 400,000 yuan/ton, leading to compressed profit margins for midstream companies [33][36] - Downstream companies are facing cash flow issues, with extended payment terms from customers and increased procurement costs, forcing some to refuse long payment terms [39][54] Group 3: Regulatory and Technological Developments - Regulatory bodies are considering flexible mining quotas to balance supply and environmental concerns, but there are fears this could reduce resource tax revenues [11][12][65] - Technological advancements in tungsten recycling are being explored, with some companies achieving up to 85% recovery rates from tungsten waste, potentially alleviating some supply pressures [68][70] - The shift towards alternative materials in manufacturing is increasing, with some companies testing substitutes for tungsten-based products, which could further impact demand [50][56]