7 consecutive days of hitting the daily limit, 3 days of hitting the 2-day limit! The stock price continues to surge. Listed tungsten companies are warning of risks!

Recently, the small metal sector has become a market focus. China Tungsten High-tech (000657) has achieved two consecutive limit-ups in three days, with a total increase of 139% since 2026. Another tungsten company, Zhangyuan Tungsten (002378), also experienced five limit-ups in seven days, with a total increase of over 186% since 2026.

On March 1st, China Tungsten High-tech announced that from February 25th to 27th, 2026, the company’s stock price closed with a deviation of over 20% for three consecutive trading days, indicating abnormal trading fluctuations. Recently, the company’s stock price has risen rapidly, significantly diverging from the market index and industry valuation levels, with a risk of correction.

After verification, the company confirmed that the previously disclosed information did not require correction, no major undisclosed information was found in public media reports, operations are normal, and there are no major undisclosed matters that should have been disclosed. The controlling shareholder and actual controller did not buy or sell the company’s stock during this period.

On the same day, Zhangyuan Tungsten also announced that the company’s stock price had experienced a short-term surge, with a risk of decline.

Since last year, multiple commodities such as precious metals, non-ferrous metals, and small metals have entered a bull market, driving significant gains in related concept stocks in the A-share market. Although since late January this year, prices of precious metals and some non-ferrous metals have undergone high-level adjustments, some commodities still maintain an upward trend, with tungsten ore being one of them. Against the backdrop of continuous tungsten price increases, listed tungsten companies’ stock prices have also continued to rise and hit new highs.

China Tungsten High-tech stated that the company currently faces multiple risks in its development process. Its performance is strongly correlated with macroeconomic prosperity, and macro fluctuations may impact overall manufacturing demand. There is a risk of a sharp rise and fall in tungsten prices after sustained increases, as well as risks related to cost pressure transmission within the industry chain. Additionally, attention should be paid to the recovery of the hard alloy consumption sector and the slowdown in demand growth for industries like PCB.

Zhangyuan Tungsten indicated that during its operations, the company may face risks such as: tungsten products being widely used in machinery processing, aerospace, defense, electronics, and transportation sectors, with macroeconomic conditions affecting market demand and tungsten prices, thereby impacting the company’s performance. The national control and quota management of tungsten mining mean that the company’s own tungsten concentrates cannot fully meet production needs, requiring external purchases of tungsten concentrates or ammonium paratungstate. Significant fluctuations in raw material prices will directly affect production costs and operational performance. The company also faces risks from exchange rate fluctuations and credit risks.

It is understood that tungsten, as a non-renewable scarce resource, possesses high density, high melting point, high wear resistance, high electrical conductivity, and high hardness. It is an important foundational material and strategic resource in the modern economy. Tungsten is widely used in the form of hard alloys in automotive manufacturing, aerospace, rail transit, ships, marine engineering equipment, military industry, mining, tunneling, machinery molds, integrated circuits, steel metallurgy, and semiconductors, earning it the nickname “the teeth of industry.” Due to its scarcity and strategic importance, many countries have included tungsten in their “critical mineral lists.”

(Source: Securities Times)