智通财经APP获悉，佳鑫国际资源(03858)再涨超8%，截至发稿，涨7.9%，报74.4港元，成交额3627.62 万港元，总市值逼近350亿港元。 第一上海发布研报称，鑫国际资源核心资产为巴库塔钨矿项目，公司业务模式覆盖钨矿的勘探、开采、 加工及销售全链条，主要产品为钨精矿。该行认为公司正处在一个关键的价值释放拐点，且坐拥世界级 核心资产，资源禀赋奠定长期增长基石。公司是市场上稀缺的纯钨矿标的，当前股价具备极高的安全边 际和吸引力。 消息面上，进入2026年，钨价延续强势格局。据中钨在线数据，1月14日，以吨价计，黑钨精矿价格突 破50万元大关，APT（仲钨酸铵）价格站上73万元大关，钨粉价格逼近120万元大关。西部证券发布研 报称，进入2025年12月下半月，国内钨行业迎来2025年最后一轮长单报价窗口期，伴随多家企业报价陆 续公布，钨企全年长单报价最终以上涨的态势收官。 ...

Core Viewpoint - The price of tungsten has surged significantly, leading to a bullish trend in the metal market, with Jaxin International (03858) being recognized as a key player benefiting from this price increase [1][2]. Group 1: Tungsten Price Dynamics - Tungsten prices have increased by 12%-18% weekly, with a year-to-date increase exceeding 200%, making it one of the most aggressively rising metals expected to continue this trend into 2025 [1][2]. - Key tungsten products have reached new highs, with black tungsten concentrate priced at 430,000 CNY per standard ton (up 15.3% week-on-week), ammonium paratungstate (APT) at 650,000 CNY per ton (up 17.1% week-on-week), and tungsten powder surpassing 1,030 CNY per kilogram (up 13.2% week-on-week) [2][3]. - The price surge is driven by tight supply and structural demand growth, with domestic mining quotas decreasing and limited overseas production to fill the gap [2][3]. Group 2: Demand Drivers - Demand for tungsten is increasing across various sectors, particularly in photovoltaics, military, and high-end manufacturing, with significant projected growth in tungsten usage for solar applications and military hard alloys [3]. - The implementation of export restrictions on tungsten products in China is expected to further elevate overseas prices [3]. Group 3: Jaxin International's Position - Jaxin International is recognized as the "elastic king" in the tungsten market due to its substantial open-pit tungsten mine and strategic partnerships with state-owned enterprises, ensuring efficient production and market positioning [4][5]. - The company has a significant resource base with 107 million tons of ore and a tungsten resource of 227,300 tons, making it the largest open-pit tungsten mine globally [5]. - Jaxin's production capacity is set to increase significantly, with targets of 1.205 million tons of tungsten concentrate in 2025 and 1.37 million tons by 2027, alongside a projected reduction in production costs [6][7]. Group 4: Financial Outlook - Jaxin International's stock has seen a remarkable increase, with a historical high of 44.38 HKD per share, reflecting a 306% rise from its IPO price of 10.92 HKD [1][8]. - The company is expected to achieve a gross profit of 5.5 to 6 billion CNY by 2027, based on projected production and price levels, indicating strong potential for future profitability [8][9]. - The market anticipates that Jaxin's stock could replicate the tenfold growth seen by Zijin Mining in 2021, driven by resource value reassessment and production capacity realization [9].

Group 1: Hong Kong Stock Exchange Regulations - Hong Kong Stock Exchange announced a new public shareholding requirement with a "10 billion market value" threshold, effective from January 1, 2026, to enhance capital management flexibility for issuers [1] Group 2: U.S. Stock Market Performance - U.S. stock markets closed lower, with the Dow Jones Industrial Average down 228.29 points (0.47%) to 47,885.97, and the S&P 500 down 78.83 points (1.16%) to 6,721.43 [2] - Major tech stocks fell, with Tesla and Broadcom dropping over 4%, and Nvidia nearly 4%, while Google fell over 3% [2] Group 3: Financial Support for Hainan Free Trade Port - The People's Bank of China is enhancing financial policies to support the high-standard construction of Hainan Free Trade Port, with a multi-functional free trade account set to launch in May 2024 [3] Group 4: CICC Merger - CICC plans to merge with Dongxing Securities and Xinda Securities through a share swap, with a cooperation agreement signed on November 19, 2025, and further details finalized on December 17, 2025 [4] Group 5: China Duty Free Group Wins Bidding - China Duty Free Group won the bidding for duty-free store projects at Shanghai Pudong and Hongqiao airports, with fixed monthly fees of 3,090 RMB/m² and 2,827 RMB/m² respectively, and a contract duration from January 1, 2026, to December 31, 2033 [5] Group 6: Li Auto's Market Expansion - Li Auto officially entered the markets of Egypt, Kazakhstan, and Azerbaijan, launching models L9, L7, and L6 to cater to local luxury market demands [7] Group 7: Ganfeng Lithium's Equity Sale - Ganfeng Lithium announced the sale of a 29.5355% stake in Shenzhen Yichu to Wanxin Green Energy for 443 million RMB, aimed at enhancing the financial strength and optimizing the equity structure of Shenzhen Yichu [8] Group 8: BYD Electric Bus Order - BYD secured an order for 268 electric buses from Belgian public transport operator De Lijn, featuring the B12.b model with integrated CTC blade battery technology [9] Group 9: Tungsten Market Prices - Tungsten prices are rising sharply, with black tungsten ore exceeding 410,000 RMB/ton and APT surpassing 610,000 RMB/ton, marking a historical price increase [10]

钨价新高解读 20251217 摘要 2024 年 1-10 月原生钨原料供应同比下降 3.34%，总产量 11 万标吨， 第一批开采指标减少 6.45%至 5.8 万吨，再生资源供应小幅增长，进口 钨精矿大幅增长 59.33%至 15,647 标吨，总体原料供应与去年持平， 但消费需求每年增长约 1.5%，导致供需紧张。 钨市场价格上涨主要由供需紧张、出口管制文件提升中国战略地位、开 采指标下调预期、国际局势紧张、矿山惜售以及社会资本炒作等多重因 素驱动，利好中钨高新、厦门钨业、洛阳钼业等头部企业。 中国在全球钨供应链中占据绝对优势地位，出口管控政策已导致国外钨 价大幅上涨，头部企业产量和市场份额巩固了这一地位，国际局势不稳 定背景下，中国作为主要生产国的重要性愈加凸显。 展望 2026 年，国际局势不确定性及军费预算增加或将持续推升钨需求， 中国可能维持或加强出口及生产控制，供需关系预计仍将紧张，钨价或 保持高位，中国将继续发挥关键作用。 当前钨精矿市场价格为 42-43 万元/吨，生产成本约 13 万元/吨，利润 接近 30 万元/吨，头部企业如东吴高新和厦门钨业预计利润可观，并有 动力捍卫当前价格水平 ...

【盘面分析】 12月进入到机构之间绞杀的行情走势，超过90%的交易日出现了超4000股下跌的局面，这就意味着行情已经是踩踏现象。以目前的市场来看，主力资金没有 明显的护盘迹象，但是中小盘股明显走势较弱，黄白线的走势也预示着大盘类个股相对更强，闪崩个股主要出现在高位股以及微盘股之中，这里还要注意年 报披露时间临近，一些ST股和绩差股也要多一个心眼子。这个位置最好是先等待机构资金的抛压结束，以及主力资金的再度进场，不宜盲目操作。 骑牛看熊发现国家出台的一系列政策对有色金属行业产生积极影响。《有色金属行业稳增长工作方案（2025 - 2026年）》，旨在统筹做优增量和盘活存量， 推动行业稳增长和高质量发展，提升产业链供应链韧性和安全水平，为投资提供了政策支撑。下半年仍处于宽松周期内，部分金属基本面趋势持续向好，双 轮共振下，有色金属价格中枢或持续抬升，看好贵金属、工业金属板块持续性以及能源金属板块弹性。展望明年，降息预期不再是有色金属定价的主要逻 辑，而是产业需求增长带来的板块基本面支撑，有望带来持续的投资机会。 三大指数开盘涨跌不一，两市开盘下跌个股超3000只，题材板块方面能源金属、通信设备、贵金属等板块表现较 ...

Group 1 - The core viewpoint of the news is that the non-ferrous metal industry index has shown strong performance, with significant price increases in tungsten and other related stocks, indicating a bullish trend in the sector [1][2]. - As of December 17, 2025, the non-ferrous metal industry index (399395) rose by 3.58%, with notable increases in stocks such as Guocheng Mining (000688) up 9.16%, Zhongtung High-tech (000657) up 8.64%, and Zhongkuang Resources (002738) up 8.42% [1]. - The tungsten market has experienced accelerated price increases, with tungsten concentrate prices exceeding 400,000 yuan per ton, APT prices surpassing 600,000 yuan per ton, and tungsten powder prices nearing 1,000 yuan per kilogram [1]. Group 2 - Energy metals such as lithium, cobalt, and nickel are expected to see continued high prices due to supply constraints and increased demand from energy storage [2]. - Copper is anticipated to benefit from both its financial and commodity attributes, with rising electricity consumption and strategic autonomy driving demand, while supply issues persist [2]. - Aluminum is entering a phase of strong demand release, with low inventory levels suggesting a potential breakout from previous price ranges [2]. Group 3 - The top ten weighted stocks in the non-ferrous metal industry index as of November 28, 2025, include Zijin Mining (601899), Luoyang Molybdenum (603993), and Northern Rare Earth (600111), collectively accounting for 52.34% of the index [3]. Group 4 - The non-ferrous ETF fund (159880) closely tracks the non-ferrous metal industry index and includes a selection of 50 securities that reflect the overall performance of the non-ferrous metal sector in the market [2][4].

Group 1 - The price of tungsten has surged significantly in 2025, with major tungsten products increasing by over 50% from their low points at the beginning of the year, and some products seeing nearly 100% annual growth [1][3] - As of September 9, 2025, tungsten prices reached historical highs, with tungsten concentrate at 287,500 CNY/ton, APT at 412,500 CNY/ton, tungsten powder at 635 CNY/kg, and 70 tungsten iron at 407,500 CNY/ton [1] - The market for tungsten is characterized by a supply shortage, with domestic mining operating at less than 35% capacity and a significant reduction in output due to environmental regulations [5][8] Group 2 - In the first half of 2025, the average price of 65% black tungsten concentrate was 150,000 CNY/ton, a 12.11% increase compared to the same period in 2024, while APT averaged 222,900 CNY/ton, up 12.23% year-on-year [2] - The Chinese tungsten consumption totaled 35,900 tons in the first half of 2025, a 2.1% increase year-on-year, with primary tungsten consumption at 30,400 tons, up 2.5% [3] Group 3 - The demand for tungsten is expected to grow due to trends in the photovoltaic sector, with tungsten wire penetration rates projected to rise from 20% to 60%, leading to a global demand exceeding 4,500 tons, a 198% year-on-year increase [4] - The aerospace and semiconductor industries are also driving demand for tungsten, with the hard alloy market in China expected to reach 41.5 billion CNY in 2025, growing by 7.8% [4][7] Group 4 - The current low inventory levels make the tungsten market sensitive to supply shortages, which could lead to significant price increases [8] - The strict mining quotas and the depletion of existing mines, along with the long lead times for new mines, make it difficult to increase tungsten supply significantly [8]

Group 1 - Tungsten prices have surged over 50% from their low points at the beginning of the year, with some products seeing nearly 100% annual increases, indicating a supply shortage in the short term [1][2][3] - As of September 9, 2025, major tungsten products have reached historical highs, with tungsten concentrate at 287,500 CNY/ton, APT at 412,500 CNY/ton, tungsten powder at 635 CNY/kg, and tungsten iron at 407,500 CNY/ton [2] - The first half of 2025 saw a 6.45% decrease in the total mining quota for tungsten concentrate, with a control indicator of 58,000 tons, reflecting ongoing supply constraints [3][5] Group 2 - The global demand for tungsten is increasing, driven by its strategic resource value, with a 2.1% year-on-year growth in tungsten consumption in China during the first half of 2025 [3][4] - The photovoltaic sector is expected to significantly boost tungsten demand, with projections indicating a 198% year-on-year increase, leading to a global demand exceeding 4,500 tons [4] - The aerospace and semiconductor industries are also driving demand for high-purity tungsten products, with the hard alloy market in China projected to reach 41.5 billion CNY by 2025, growing at 7.8% year-on-year [4][7] Group 3 - Current low inventory levels make the tungsten market sensitive to supply shortages, which could lead to significant price increases [8] - The mining sector is facing challenges with an operating rate below 35%, and the average tungsten ore grade has declined, increasing production costs [5][8] - The market outlook suggests that tungsten prices will remain in a range of 400,000 to 600,000 CNY/ton in the short term, with potential upward pressure due to supply constraints [6][8]

Summary of Tungsten Market Conference Call Industry Overview - The tungsten market is experiencing significant price increases due to various macroeconomic factors and supply-demand dynamics. [1][3][21] Key Points and Arguments Market Dynamics - **Price Trends**: Tungsten prices have surged to historical highs, with APT (Ammonium Paratungstate) prices expected to reach around 260,000 CNY per ton. [2][21] - **Supply and Demand**: The demand for tungsten is rising, particularly in high-tech applications such as missiles and solar energy. [3][4] - **Production Levels**: Tungsten ore production in the first half of the year remained stable compared to the previous year, with a slight decline in Jiangxi province. [9][10] Economic Influences - **US-China Trade Relations**: The recent extension of the tariff ceasefire indicates that export controls will remain in place, affecting price differentials between domestic and international markets. [5][6] - **Monetary Policy Effects**: The depreciation of the US dollar and the resulting capital outflow have influenced commodity prices, including tungsten. [3][5] Government Policies - **Domestic Economic Policies**: The Chinese government is implementing anti-involution policies to stimulate domestic demand, indirectly supporting tungsten prices. [4][7] - **Financial Measures**: Central bank initiatives to support consumer spending are expected to increase demand for industrial materials, including tungsten. [7] Production Challenges - **Environmental Regulations**: Increased environmental pressures have led to reduced production in key APT regions, impacting overall supply. [11][12] - **Raw Material Sourcing**: Companies are facing difficulties in securing raw materials, leading to increased production costs. [12][13] Market Risks - **Inventory Concerns**: Rapid price increases may lead to inventory accumulation across industries, posing risks to economic stability and employment. [8] - **Price Volatility**: The market is expected to undergo inventory digestion at high price levels, which could lead to fluctuations. [8][19] Future Outlook - **Supply Projections**: New tungsten mining projects are expected to have limited impact on supply until 2027, with domestic production anticipated to decline slightly. [26][31] - **Recycling and Recovery**: China's tungsten recycling rate is low compared to international standards, but there is potential for growth in this sector. [35][36] Strategic Resource Management - **Resource Control**: China is likely to enhance its management of strategic resources like tungsten and rare earths in the context of US-China relations. [6][5] Additional Important Insights - **Market Sentiment**: The psychological index indicates potential market rebounds when certain thresholds are crossed, providing insights into trading strategies. [15] - **Historical Context**: The tungsten market has experienced significant fluctuations over the past two decades, with current trends suggesting a potential for substantial price increases. [20][21] This summary encapsulates the key discussions and insights from the tungsten market conference call, highlighting the interplay of economic factors, government policies, and market dynamics that are shaping the future of the tungsten industry.

Group 1 - Recent price increases in various chemical and industrial products have raised market concerns about the drivers behind this surge, its sustainability, and the potential for performance recovery among upstream and downstream companies in the industry [1][3] - Tungsten prices have reached a milestone, with APT (Ammonium Paratungstate) quoted at 300,000 yuan/ton, and both black and white tungsten concentrates (≥65%) surpassing 200,000 yuan/ton, marking a 45% increase compared to the year's low and exceeding the peak levels of 2011 [1][3] - The price surge began in late April, with black tungsten concentrate prices breaking through 180,000 yuan/ton by mid-July, and leading companies like Zhangyuan Tungsten and Xiamen Tungsten seeing significant price increases in their long-term contracts [3][4] Group 2 - Upstream mining companies are the biggest winners from the price surge, with Zhangyuan Tungsten reporting a 32.65% year-on-year increase in revenue to 2.406 billion yuan and a 2.54% increase in net profit to 115 million yuan for the first half of 2025 [4] - Xiamen Tungsten's revenue for the same period reached 931 million yuan, a 3.24% increase, with a net profit of 18.38 million yuan, marking a return to profitability [4] - Downstream hard alloy companies are facing pressure from rising raw material costs, leading them to increase prices for their products in response to the cost pressures [4][6] Group 3 - Analysts predict that the tungsten market may face a supply-demand adjustment due to tightening supply and softening demand from downstream enterprises, which are exhibiting a cautious attitude towards high prices [6][7] - The market may enter a period of adjustment if demand continues to shrink, necessitating close monitoring of annual production indicators and the progress of new mining releases [7]