Tungsten: The 'Tooth of Industry' and the 'Metal of War'—A Comprehensive Look at Its Strategic Value and Core A-Share Enterprises!

Tungsten is a rare strategic metal with the highest melting point and exceptional hardness, earning it the nickname 'tooth of industry.' It is also widely used in national defense and military applications—hence its moniker 'metal of war.' As an irreplaceable strategic resource for modern industry and national security, China leads the world in tungsten reserves and smelting/processing capacity. Production is subject to strict national quotas on mining output, resulting in highly inelastic supply that cannot be rapidly expanded. Traditionally, tungsten is used primarily in cutting tools and mining machinery; militarily, it features in armor-piercing ammunition and high-temperature alloy components for aerospace applications. In emerging sectors, tungsten is gaining traction in AI server PCB micro-drill bits, photovoltaic tungsten wire, semiconductor sputtering targets, and specialty gases—becoming new growth drivers for demand. Although tungsten prices have experienced sharp volatility since 2026, overall industry sentiment remains robust. Four core tungsten-related A-share listed companies posted outstanding financial results in the first half of 2026, each boasting clear business positioning and pronounced competitive advantages. 1. China Tungsten & High-Tech Materials Co., Ltd. (Stock Code: 000657)—Leader in Both Resources and Scale. A central SOE tungsten platform under China Minmetals Corporation, covering the full industrial chain from mining → smelting → cemented carbide → PCB micro-drills. Core products include cemented carbide, CNC cutting tools, and miniature PCB tools. The company manages global-leading tungsten reserves and smelting capacity; domestic localization rate for high-end cutting tools exceeds 40%, with military orders accounting for 30% of total orders; its subsidiary Jinhua Company has already mass-produced ultra-fine micro-drill bits with a diameter of 0.15 mm and an aspect ratio of 63:1. These PCB drill bits directly benefit from the AI computing server supply chain, featuring prominent technological barriers in high-end deep processing. H1 2026 revenue: RMB 16.385 billion (+108.76% YoY); net profit: RMB 2.076 billion (+306.80% YoY). 2. Xiamen Tungsten Co., Ltd. (Stock Code: 600549)—Integrated Industrial Chain and Advanced Materials Platform. A provincial SOE with comprehensive coverage across the entire tungsten-molybdenum value chain; APT smelting capacity ranks among the world’s top; holds over 70% global market share in photovoltaic tungsten wire. Business segments span tungsten-molybdenum, rare earths, and energy-related new materials. Product portfolio includes tungsten powder, cemented carbide rods, fine tungsten wire for PV applications, cutting tools, and battery cathode materials. The company dominates the photovoltaic tungsten wire segment and commands substantial market share in HJT solar cell diamond-wire applications. It also develops rare-earth and lithium-ion battery materials, enhancing its resilience against cyclical downturns. Its high-end tungsten products serve nuclear fusion and precision military components—diversified operations with strong growth momentum in new-energy sectors. H1 2026 revenue: RMB 35.014 billion; net profit: RMB 3.176 billion.

Former Chairman of a Key Subsidiary of China Tungsten & High-Tech Materials Investigated!

Investor Insider | Ma Zhenyang On the evening of September 18, according to the official WeChat account 'Linyi Qingfeng' (Forest City Integrity Wind) of the Hunan Province Chenzhou Municipal Commission for Discipline Inspection and Supervisory Commission, Hu Qiming—former Party Secretary and Chairman of Zigong Cemented Carbide Co., Ltd., a key subsidiary of China Tungsten & High-Tech Materials Co., Ltd.—is under investigation for alleged serious violations of discipline and law. He is currently undergoing disciplinary review by the Discipline Inspection and Supervision Group stationed at China Minmetals Corporation, under the Central Commission for Discipline Inspection and National Supervisory Commission, as well as supervision investigation by the Chenzhou Municipal Supervisory Commission of Hunan Province. Hu Qiming previously served as Party Secretary and Chairman of Zigong Cemented Carbide. In July this year, the company underwent a business registration change, with its legal representative replaced from Hu Qiming to Xiao Silei. Meanwhile, Shen Huiming—the current Chairman of the listed parent company China Tungsten & High-Tech—assumed office in June, succeeding Li Zhongze. Zigong Cemented Carbide is a major controlled subsidiary of China Tungsten & High-Tech, holding an 89.07% equity stake. In H1 2026, Zigong Cemented Carbide achieved revenue of RMB 5.832 billion, up approximately 159% year-on-year; net profit reached RMB 91.96 million, surging roughly 1,030% year-on-year—more than tenfold higher than last year’s RMB 8.14 million. China Tungsten & High-Tech Materials Co., Ltd. is an A-share listed company under China Minmetals Corporation (Stock Code: 000657), engaged in tungsten concentrates, ammonium paratungstate (APT), tungsten powder, tungsten carbide powder, cemented carbide, and deep-processed nonferrous metals including tungsten, molybdenum, tantalum, and niobium—covering multiple segments along the tungsten industrial chain.

Tungsten Industry Leader Zhongwu High-Tech Subsidiary Former Chairman Under Investigation After Resignation

just now

Hu Qiming, former chairman of Zhongwu High-Tech's subsidiary Zigong Cemented Carbide Company, is under investigation for serious disciplinary violations following his resignation two months prior. The company operates a complete tungsten industry chain from mining to high-end material manufacturing.

caixin

2026-09-22

Tungsten Industry Leader Zhongwu High-Tech Subsidiary Former Chairman Under Investigation After Resignation

Tungsten Industry Leader Zhongwu High-Tech Subsidiary Former Chairman Under Investigation After Resignation

FAQ