| 名称 | 现价 | 涨跌幅÷ | | | --- | --- | --- | --- | | 翔鹭钨业 | 41.56 | 10.01% | 0.00% | | 002842.SZ | | | | | 章源钨业 | 40.60 | 10.00% | 0.00% | | 002378.SZ | | | | | 中稀有色 | 102.08 | 10.00% | 0.00% | | 600259.SH | | | | | 厦门钨业 | 69.00 | 8.20% | 0.00% | | 600549.SH | | | | | 中钨高新 | 64.68 | 7.44% | 0.26% | | 000657.SZ | | | | | 洛阳铜业 | 23.46 | 1.87% | -0.09% | | 603993.SH | | | | 消息面上，章源钨业上调2026年2月下半月长单采购报价。另据智通财经报道，自2025年以来，全球钨产业链供需失衡加剧，叠加政策管控、需求爆发等 多重因素，钨粉、钴粉、碳化钨粉价格开启持续暴涨模式，屡创历史新高。据中钨在线数据统计，截至2月25日，钨粉已达1800元/公斤，1个月内钨粉 ...

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% ...

（文章来源：证券日报） 证券日报网2月11日讯 ，华锐精密在接受调研者提问时表示，公司主要原材料包括碳化钨粉、硬质合金 棒材、钴粉和钽铌固溶体等。公司采购部对主要原材料采购工作实行统一管理，根据生产计划和市场情 况储备合理库存；公司通过向合格供应商询价和比价方式确定采购价格，在对主要原材料的品质、价 格、交货期等进行综合考量后，安排订单采购；货物到厂后需进行入厂检验，检验合格后方可对物料进 行入库。公司与碳化钨粉、硬质合金棒材、钴粉和钽铌固溶体等关键原材料供应商建立了长期、稳定的 合作关系。 ...

Price Increase - Tungsten prices have been continuously rising, with ammonium paratungstate (APT) price reaching 1 million yuan per ton, marking a significant increase [1][2] - As of February 9, 2023, the price of 65% black tungsten concentrate was reported at 685,000 yuan per ton, up 48.9% since the beginning of the year [1][2] - The price of tungsten powder increased by 54.6% to 1,670 yuan per kilogram, while tungsten carbide powder rose by 55.8% to 1,620 yuan per kilogram [1][2] Demand Growth - The explosive growth in demand, particularly in the renewable energy and photovoltaic sectors, is driving tungsten powder prices upward [2] - By 2025, the market penetration rate of tungsten wire in silicon wafer cutting is expected to exceed 60%, indicating a phase of large-scale application [2] - The industrialization of heterojunction (HJT) battery technology is projected to add approximately 6,400 tons of new tungsten demand by 2026 [2] Supply Constraints - Global tungsten production is estimated at 82,800 tons in 2024, with only a slight increase to 85,500 tons by 2026, indicating a compound annual growth rate of less than 2% [3] - Factors such as resource constraints, extended development cycles, and insufficient capital investment are reinforcing supply-side rigidity [3] - The domestic tungsten market faces challenges including reduced mining quotas and unstable import volumes, exacerbating supply-demand imbalances [3] Company Performance - A-share listed companies have reported strong performance forecasts for 2025, largely due to rising tungsten-related product prices [4][5][6] - Xiamen Tungsten's 2025 revenue is projected to reach 46.469 billion yuan, a 31.37% increase year-on-year, with net profit expected to rise by 35.08% [4] - Xianglu Tungsten anticipates a net profit increase of 239.66% to 301.11% for 2025, driven by improved market conditions and increased sales orders [5] - Zhangyuan Tungsten expects a net profit growth of 51% to 86% for 2025, benefiting from tight raw material supply and increased market demand [6]

Core Insights - The price of tungsten, known as "industrial teeth," has been continuously rising, attracting market attention due to its role as a key raw material in high-end manufacturing sectors such as photovoltaic tungsten wire and electric vehicle motors [1] Price Trends - As of February 6, the price of 65% black tungsten concentrate is reported at 675,000 RMB per standard ton, an increase of 46.7% since the beginning of 2026 [2] - The price of 65% white tungsten concentrate is reported at 674,000 RMB per standard ton, up 46.8% year-to-date. Ammonium paratungstate (APT) is priced at 990,000 RMB per ton, reflecting a 47.8% increase. European APT prices range from 1,100 to 1,398 USD per ton (equivalent to 676,000 to 859,000 RMB per ton), up 35.8% [3] - Tungsten powder is priced at 1,650 RMB per kilogram, a 52.8% increase, while tungsten carbide powder is at 1,600 RMB per kilogram, up 53.9% [3] - In January, the average price of 65% black tungsten concentrate in China was 510,600 RMB per ton, showing a month-on-month increase of 26.69% and a year-on-year increase of 254.75% [3] Supply Constraints - Global tungsten production is projected to be approximately 82,800 tons in 2024, with a slight increase to 85,500 tons by 2026, indicating a compound annual growth rate of less than 2%. Factors such as tightening resource endowments, extended development cycles, and insufficient capital investment are reinforcing supply constraints [4] - The current supply situation remains tight, with challenges including reduced mining quotas, declining shipments from tungsten mines, and unstable import volumes, leading to a pronounced supply-demand imbalance in the global tungsten market [4] Demand Dynamics - Explosive growth in demand, particularly in the renewable energy and photovoltaic sectors, is identified as the core driver for rising tungsten powder prices. The strategic value of tungsten as a key functional material is increasingly recognized, enhancing overall industry prosperity [6] - By 2025, the market penetration rate of tungsten wire in silicon wafer cutting is expected to exceed 60%, marking a phase of scaled application. The industrialization of heterojunction (HJT) battery technology is anticipated to add approximately 6,400 tons of new tungsten demand by 2026 [6] Company Performance - Xiamen Tungsten Industry (600549) reported a revenue of 46.469 billion RMB for 2025, a year-on-year increase of 31.37%, with a net profit of 2.311 billion RMB, up 35.08% [7] - Xianglu Tungsten Industry (002842) forecasts a net profit of 125 million to 180 million RMB for 2025, representing a year-on-year growth of 239.66% to 301.11%. The company benefits from improved pricing power and increased sales volume, particularly in hard alloy and photovoltaic tungsten wire products [8] - Zhangyuan Tungsten Industry (002378) anticipates a net profit of 260 million to 320 million RMB for 2025, reflecting a growth of 51% to 86%. The company leverages its full tungsten industry chain advantages to enhance product performance and stabilize supply capabilities [8]

Price Trends - The price of tungsten has been continuously rising, with 65% black tungsten concentrate priced at 675,000 RMB per standard ton, reflecting a 46.7% increase since the beginning of 2026 [1] - The price of 65% white tungsten concentrate is reported at 674,000 RMB per standard ton, up 46.8% year-to-date. Ammonium paratungstate (APT) is priced at 990,000 RMB per ton, a 47.8% increase, while tungsten powder is at 1,650 RMB per kilogram, up 52.8% [2] Supply and Demand Dynamics - Global tungsten production is projected to be approximately 82,800 tons in 2024, with only a slight increase to 85,500 tons by 2026, indicating a compound annual growth rate of less than 2%. This tightens supply due to resource constraints and insufficient capital investment [3] - The domestic tungsten market is facing supply disruptions from reduced mining quotas, declining output from tungsten mines, and unstable import volumes, leading to a pronounced supply-demand imbalance [3] Market Outlook - Baichuan Yingfu anticipates that the tungsten concentrate market will continue to operate strongly, supported by tight spot resources [4] - Demand growth, particularly in the renewable energy and photovoltaic sectors, is driving tungsten powder prices upward, with tungsten's strategic value increasing as its market penetration in silicon wafer cutting exceeds 60% by 2025 [4] Company Performance - Xiamen Tungsten's 2025 performance report indicates a revenue of 46.469 billion RMB, a year-on-year increase of 31.37%, and a net profit of 2.311 billion RMB, up 35.08% [5] - Xianglu Tungsten expects a net profit of 125 million to 180 million RMB for 2025, representing a growth of 239.66% to 301.11%, driven by rising tungsten prices and improved market conditions [6] - Zhangyuan Tungsten forecasts a net profit of 260 million to 320 million RMB for 2025, a year-on-year increase of 51% to 86%, benefiting from tight supply and increased demand [6]

Core Viewpoint - The company emphasizes its strategic management of key raw materials, ensuring stable supply and quality through long-term relationships with suppliers [1] Group 1: Raw Material Management - The main raw materials for the company include tungsten carbide powder, hard alloy bars, cobalt powder, and tantalum-niobium solid solution [1] - The procurement department implements unified management for raw material procurement based on production plans and market conditions to maintain reasonable inventory levels [1] - The company determines procurement prices through inquiries and comparisons with qualified suppliers, considering quality, price, and delivery time before placing orders [1] Group 2: Supplier Relationships - The company has established long-term and stable partnerships with suppliers of key raw materials such as tungsten carbide powder, hard alloy bars, cobalt powder, and tantalum-niobium solid solution [1]

证券日报网讯 2月4日，格林美在互动平台回答投资者提问时表示，格林美作为中国最大的钨资源循环 利用企业，年循环再生的钨资源占中国原钨开采量的10%。公司自主开发的全球领先钨回收与高端材料 再制造技术，可高效处理复杂钨废料，并生产APT、钨粉、碳化钨粉等高附加值产品，该技术已荣获中 国循环经济协会技术发明一等奖。目前，格林美已与多家钨产业领军企业建立定向循环合作，2025年回 收循环再造的钨资源总量突破1万吨，成功打造了公司在关键金属资源循环利用领域的新增长极。 （文章来源：证券日报） ...

2025年以来钨价&钴粉价格持续上涨，拉动硬质合金相关产品价格： 25Q1以来贵金属价格开启上涨通道，25年底以来加速上涨，其中碳化钨粉价格从底部300-400元/KG区间上涨至 1400-1500元/KG区间，钴粉价格从底部150-200元/KG区间上涨至500-600元/KG区间。 原材料成本约占硬质合金成本的40-50%，而主要原材料为碳化钨粉、 钨价持续上涨，看好产业链下游刀具&钻头等核心品种 硬质合金价格上涨，刀具&硬质合金制品等核心品种高端产能供不应求： 随着硬质合金价格上涨，数控刀片、硬质合金制品（例如矿用合金齿）、凿岩工具等硬质合金核心品种价格大幅 上涨，且高端产能供不应求。 同时下游企业凭借自身对原材料价格的敏锐判断，大量囤积低价库存，有望迎来收入&盈利能力的戴维斯双击。 投资建议：刀具板块核心推荐【新锐股份】【欧科亿】【华锐精密】；PCB钻针板块核心推荐【鼎泰高科】【中 钨高新】 风险提示：制造业复苏进程不及预期，制造业出口不及预期。 钨价持续上涨，看好产业链下游刀具&钻头等核心品种 2025年以来钨价&钴粉价格持续上涨，拉动硬质合金相关产品价格： 25Q1以来贵金属价格开启上涨通道，25 ...

Core Viewpoint - The tungsten industry is experiencing significant price fluctuations and supply constraints, largely influenced by the dynamics of the gold market and the unique challenges of tungsten mining and production [1][2]. Supply and Production - In 2025, China's tungsten mining quota is set at 56,800 tons, an 8.3% decrease year-on-year, reflecting strict supply controls despite rising market prices [3]. - The average grade of domestic tungsten ore has declined from 0.42% in 2004 to 0.28% in 2024, necessitating a 50% increase in ore processing to produce the same amount of tungsten concentrate [5]. - The production capacity of major tungsten mines is being constrained by environmental factors and the technical challenges of mining lower-grade ores [6][7]. Market Dynamics - The global tungsten market is facing a structural supply-demand gap, with production expected to rise from 82,800 tons in 2024 to only 85,500 tons in 2026, while demand is projected to increase from 102,100 tons to 108,000 tons during the same period [12]. - The price of tungsten is expected to surge due to this structural shortage, as the industry grapples with the complexities of resource control and market competition [12]. Company Performance - Xiamen Tungsten and China Tungsten High-Tech are leading players in the tungsten market, with Xiamen Tungsten's revenue in 2025 reaching 46.469 billion yuan, a 31.37% year-on-year increase, while China Tungsten High-Tech's net profit surged by 407.52% year-on-year in the first three quarters of 2025 [2][14]. - Xiamen Tungsten controls approximately 30% of China's tungsten reserves, with significant investments in multiple tungsten mines, including the world's second-largest tungsten mine [16][18]. - China Tungsten High-Tech has focused on deepening its tungsten industry chain, becoming the world's largest producer of hard alloys and APT, and is actively integrating resources through acquisitions [20][21]. Demand Trends - The demand for tungsten in the photovoltaic sector is expected to grow significantly, with projections indicating a rise from 8,300 tons in 2024 to over 16,000 tons in 2025, driven by the increasing use of tungsten wire in solar cells [22][24]. - The nuclear fusion sector is anticipated to create substantial future demand for tungsten, with estimates suggesting that each fusion reactor could require hundreds of tons of tungsten materials, potentially adding several tens of thousands of tons to global demand [26].