Hong Kong Stock Concept Tracking | Tungsten Product Prices Doubled Year-to-Date, Ensuring Growth in Performance of Industry Chain Enterprises (with Concept Stocks)

As a key strategic metal, tungsten will usher in its "golden moment" in 2025: product prices will rise sharply, related companies will see their performances soar, and the year-on-year growth rate of third-quarter non-recurring net profits will all exceed double digits. Compared to the beginning of the year, the prices of tungsten products have doubled across the board. The price of black tungsten concentrate at the beginning of the year was 143,000 yuan/ton, and has risen by 101.4% since the beginning of the year. The price of ammonium paratungstate (APT) has accumulated a 101.42% increase, and tungsten powder has seen a 100.95% increase. Huayuan Securities pointed out that in the past two weeks, the price of black tungsten concentrate has increased by 3.73% to 278,000 yuan/ton, and the price of ammonium paratungstate has risen by 3.70% to 406,000 yuan/ton. On the supply side, the mining indicators for tungsten concentrate have been reduced, mines have generally slowed down production, and industry circulation continues to tighten. On the demand side, domestic demand remains stable, with rigid demand purchases as the main driver. In the second half of October, mainstream enterprises announced long-term prices, with many 55% black tungsten concentrate long-term prices around 273,000 yuan/ton, supporting high prices. In the face of cost pressures, leading enterprises have not passively endured the pressure, but have actively managed risk through a variety of strategies to effectively pass on costs. Looking ahead, based on the rigid constraints of supply and the continued growth of downstream demand, the industry generally sees a long-term support for tungsten prices. A report from China Securities Co., Ltd. stated that the Ministry of Commerce announced the "Declaration Conditions and Procedures of State-owned Trade Enterprises for Exporting Tungsten, Antimony, and Silver in 2026-2027", indicating positive signals for antimony exports, restoring industry confidence, and anticipating a rebound in antimony exports, with prices potentially bottoming out. Last week, tungsten prices once again rose rapidly and broke through previous highs. During the rapid price increase phase of tungsten concentrate in the third quarter, downstream hard alloy and cutting tool industries have enhanced their pricing power, with price adjustments following the rise in tungsten prices, leading to significant growth in the performance of integrated companies within the industry. Hong Kong-listed companies in the tungsten-related industry chain: - JIAXIN INTL RES (03858): Public information shows that JIAXIN INTL RES is a tungsten mining company rooted in Kazakhstan, focusing on developing the group's Bakuta tungsten mining project. According to CMSC, the company's core asset is the Bakuta tungsten mine, which has already started production and is expected to increase production in the future. Benefiting from the rise in tungsten prices, the company's profits are expected to grow rapidly. - CMOC Group Limited (03993): According to CMOC Group Limited's production guidance for 2025, the annual tungsten metal production in 2025 is expected to be between 6,500 and 7,500 tons.