人民财讯12月25日电，据"中钨在线"消息，钨价呈现暂稳横盘态势。元旦将至，资金面压力渐增，市场 购销活动随之减少。在此背景下，供应商获利回吐情绪有所抬头，废钨市场率先出现恐慌性波动，原生 料市场则多持观望态度。而中间贸易商与下游用户心态犹豫，既忧虑原料成本持续高企，又担心成为高 位接盘者，因而谨慎避险情绪为主。 钨废料市场上，获利套现引发的恐慌情绪逐步扩散，部分回收商开始压价或暂停收购，市场秩序出现一 定混乱。废钨棒材价格报650元/公斤，较年初涨195.5%；废钨钻头价格报620元/公斤，较年初涨 171.9%。 钨精矿市场上，持货商看涨预期依然坚定，尽管局部存在套现行为，但报价并未松动，整体行情保持稳 固。65%黑钨精矿价格报46.2万元/标吨，较年初涨223.1%；65%白钨精矿价格报46.1万元/标吨，较年初 涨224.7%。 ...

Wind数据显示，主流国产65%黑钨精矿最新价格已经站上41万元/吨，为41.66万元/吨，较年初上涨超过 190%。 中金公司认为，1）短期看，钨价有望继续偏强运行，并持续创下新高。供给侧，国内因品位下降、规 范化要求趋严等影响，产量收缩压力加大。海外方面，哈萨克斯坦巴库塔钨矿逐步投产，但这一增量主 要被中国进口缓解国内供给压力，难以对海外供给形成明显冲击。同时，海外其他主要增量项目的投产 进度存在不确定性，叠加地缘冲突持续不断和海外通胀压力抬升，全球钨供给增量需要更高的激励价 格。2）长期看，钨价中枢由供需关系主导，预计全球钨供需关系仍将维持紧缺，进而驱动钨价中枢持 续上行。按钨金属量算，预计2023—2028年全球原钨生产量有望从7.95万吨增至8.99万吨；全球原钨需 求从9.62万吨增至11万吨。 华源证券认为，供给收缩叠加长单价格上调，钨价创历史新高。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，PCB刀具 需求景气。近期，国内钨主流企业上调12月上半月长单价格，提振市场看涨情绪。 （文章来源：证券时报网） ...

Group 1 - The Chinese Ministry of Foreign Affairs responded to reports of the Thai military seizing Chinese-made anti-tank missiles in Cambodia, emphasizing that China's defense cooperation with Thailand and Cambodia does not target any third party and is unrelated to the conflict at the border [1] - The Central Economic Work Conference highlighted that expanding domestic demand is the top priority for the coming year, with domestic demand contributing 71% to economic growth in the first three quarters of the year [2] Group 2 - Dongxing Securities announced that it plans to be absorbed by China International Capital Corporation (CICC) and Xinda Securities through a share swap, with trading resuming on December 18, 2025 [2] - CICC's share swap price is set at 36.91 yuan per share, with each share of Dongxing Securities being exchangeable for 0.5188 shares of CICC [9] Group 3 - The price of tungsten powder has surged to 1 million yuan per ton, marking a 216.5% increase since the beginning of the year, while ammonium paratungstate (APT) has also seen significant price increases [8]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 每日经济新闻 （责任编辑：王治强 HF013） 每经AI快讯，12月17日，中钨在线数据显示，钨粉价格上涨1万元/吨，最新价格达到100万元/吨， 较年初涨216.5%。此外，65%黑钨精矿最新报价42万元/标吨，较年初涨193.7%；仲钨酸铵（APT）最 新报价62万元/吨，较年初涨193.8%。 ...

Core Viewpoint - The tungsten price maintains a stable upward trend, driven by a dual force of supply-side tightening and strategic premiums, while demand remains cautious with limited incremental contributions [1] Supply Side - The market for tungsten concentrate shows a tight supply, with holders adopting a wait-and-see attitude to support high prices [1] - The price of 65% black tungsten concentrate is reported at 336,000 RMB per standard ton, an increase of 135% since the beginning of the year [1] - The price of 65% white tungsten concentrate is reported at 335,000 RMB per standard ton, reflecting a 135.9% increase since the start of the year [1] Demand Side - Overall demand is cautious, primarily supported by downstream essential needs, with limited incremental contributions [1] - The recent announcement of the "artificial sun" research plan has strengthened market expectations regarding the application potential and development prospects of tungsten alloys in fusion energy [1] APT Market - In the ammonium paratungstate (APT) market, a tug-of-war between cost support and demand pressure is observed, leading to cautious purchasing and sales by manufacturers [1] - Domestic APT prices are reported at 490,000 RMB per ton, marking a 132.2% increase since the beginning of the year [1] - European APT prices range from 735 to 780 USD per ton (equivalent to 461,000 to 489,000 RMB per ton), reflecting a 129.6% increase since the start of the year [1]

Core Viewpoint - The tungsten market is experiencing a steady upward trend in prices, driven by tight supply conditions and cautious demand from downstream enterprises [1] Supply Side - Resource supply remains tight, enhancing the bargaining power of sellers [1] Demand Side - Downstream enterprises are primarily purchasing based on immediate needs, with cautious inventory replenishment due to cost pressures [1] Macro Environment - Geopolitical factors continue to disrupt the market, although no significant changes in direction are observed in the short term [1] Price Data - The price of 65% black tungsten concentrate is reported at 332,000 yuan per standard ton, an increase of 132.2% since the beginning of the year [1] - The price of 65% white tungsten concentrate is reported at 331,000 yuan per standard ton, an increase of 133.1% since the beginning of the year [1] - The price of ammonium paratungstate (APT) is reported at 486,000 yuan per ton, an increase of 130.3% since the beginning of the year [1]

Core Viewpoint - The A-share small metal industry experienced a collective rise on October 27, with tungsten-related companies leading the gains, driven by strong raw material prices and increased product pricing across the industry [1] Industry Summary - The leading company, Xiamen Tungsten, reached its daily limit up and set a new high, while other companies like Zhongtung High-tech and Zhangyuan Tungsten also saw significant increases of over 6% and 4%, respectively [1] - Tungsten market prices are on the rise, with the price of 65% black tungsten concentrate reported at 285,000 yuan per standard ton, up 99.3% since the beginning of the year; tungsten powder prices at 630 yuan per kilogram, up 99.4%; and tungsten carbide powder at 615 yuan per kilogram, up 97.8% [1] Market Dynamics - Despite the continuous rise in tungsten prices, downstream demand has not increased correspondingly, leading to weak market transactions at high price levels [1] - The short-term tungsten market is expected to be primarily driven by cost factors, with caution advised regarding potential price corrections and changes in downstream acceptance, as well as uncertainties in the international macroeconomic environment [1]

Group 1 - A-shares in the tungsten industry are experiencing a strong performance, with Zhangyuan Tungsten hitting the daily limit, China Rare Earth rising over 4%, Xianglu Tungsten increasing by over 4%, and Xiamen Tungsten up by over 2% [1] - Jiangxi Tungsten Holdings Group has raised the guidance price for black tungsten concentrate to 213,000 yuan per standard ton for the second half of August, an increase of 19,000 yuan per standard ton, representing a 9.79% rise and a month-to-date increase of 17.03% [1] - Tungsten prices have surged recently, with daily increases ranging from 5,000 yuan to 10,000 yuan per ton, leading to a 51.1% increase in the price of 65% black tungsten concentrate compared to the beginning of the year [1] Group 2 - Zhangyuan Tungsten has a market capitalization of 13.9 billion yuan and has seen an 80.03% increase year-to-date [2] - China Rare Earth has a market capitalization of 50.9 billion yuan with a year-to-date increase of 71.12% [2] - Xianglu Tungsten has a market capitalization of 3.615 billion yuan and a year-to-date increase of 77.94% [2] - Xiamen Tungsten has a market capitalization of 43.3 billion yuan and a year-to-date increase of 44.32% [2]