今年以来，钨价持续攀升。中钨在线数据显示，截至7月25日，黑钨精矿（≥65%）报价至19万元/吨， 较年初上涨32.9%；白钨精矿（≥65%）达18.9万元/吨，较年初上涨33.1%；仲钨酸铵（APT）为28万元/ 吨，较年初上涨32.7%。 二级市场方面，数据显示，今年以来截至7月25日，A股钨板块期间累计涨幅超60%。前海开源基金首 席经济学家杨德龙在接受《证券日报》记者采访时表示，二级市场对钨的价值正在重估，相较于铜、铝 等有色金属，钨板块估值长期偏低，市场资金开始重新审视包括钨在内的小金属投资机会。 从供给端来看，今年4月份，自然资源部下达2025年第一批钨矿开采总量控制指标为58000吨，较2024年 第一批开采总量控制指标减少4000吨，降幅为6.45%。而钨矿主产区江西省、云南省的开采量分别缩减 2370吨、400吨。与此同时，随着钨矿矿山资源品位自然下降、原矿品位持续走低，也对钨价形成了有 力支撑。 从需求端来看，随着我国制造业转型升级加速，光伏、硬质合金等领域对钨制品的需求不断提升。华经 产业研究院数据显示，2022年至2025年，我国光伏切割用钨丝市场规模将从7.19亿元增长至66.59亿 ...

Group 1 - The article discusses the dual approach of export controls and tightened mining quotas in China's tungsten industry, aiming to guide the sector towards high-end and green circular development [2][3] - The export control policy serves three purposes: resource security, industrial upgrading, and geopolitical strategy, enhancing China's dominance in critical mineral sectors [3] - In 2024, China's tungsten ore production is projected to be 67,000 tons, accounting for 82.7% of global production, highlighting China's significant role in the tungsten market [3] Group 2 - The first batch of tungsten mining quota for 2025 is set at 58,000 tons, a decrease of 6.45% compared to the previous year, with major production areas like Jiangxi seeing a reduction of over 10% [4] - As of April 29, the average price of tungsten powder reached 321,000 yuan per ton, reflecting a significant increase, indicating a strong market response to supply constraints [4][5] - The demand for tungsten is expected to rise due to manufacturing recovery, with high-end applications in aerospace, industrial robotics, and semiconductors driving this demand [5] Group 3 - Companies are adapting to policy changes by focusing on reducing uncertainties and enhancing their operational efficiency, with some firms reporting minimal impact from the export controls [6] - The export control measures are not entirely prohibitive but involve extended approval processes, affecting the operational timelines of companies [6] - The trend towards resource recovery and recycling is gaining traction, as companies seek to mitigate rising costs and enhance their competitive edge in a tightening market [6][7]