Tungsten prices continue to climb, and some tungsten-related stocks are undervalued.

Since the beginning of this year, the prices of major tungsten products have been continuously increasing. Industry insiders believe that the main reasons for this round of price increases include continued tightening of supply and emerging demand. Guosheng Securities research report believes that in the short term, it is optimistic about the elasticity of tungsten prices being driven by just-in-time demand restocking and export recovery; in the medium to long term, the contradiction of tungsten supply and demand is difficult to resolve, and the scarcity of resources is expected to drive the central rise of tungsten prices. The profit distribution of the tungsten industry chain belongs to a typical "smile curve", with companies at both ends of the industry chain expected to fully benefit from the upswing cycle of tungsten prices. According to Securities TimesData Treasure statistics, there are a total of 10 stocks in the A-share market that are involved in the tungsten industry chain. Since August, tungsten concept stocks have generally risen, with an average increase of 10.1%. In terms of valuation, some tungsten concept stocks have low valuations, with a median rolling price-earnings ratio of 30.24 times, with Shenzhen Tongyu, Luoyang Molybdenum, and Xiyin shares all trading at below 20 times earnings. Shengtun Mining has the lowest valuation, with a latest rolling price-earnings ratio of 12.41 times. According to the company's annual report data, its own mine, Yinxin Mining, holds 32,200 tons of tungsten metal.