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钨行业深度报告：钨罕见供给收缩金属上游矿企持续受益-251230（52页）.pdf
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浮法玻璃上下游产业链
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光学级铌酸锂材料产业链梳理
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砷化镓产业链
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万华化学材料在锂电产业链中的位置
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聚氨酯产业链
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2026-07-21
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2026-07-30
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钨产业的利润链呈现出典型的“微笑曲线”，即上游钨精矿和下游硬质合金的利润率较高，而中游的冶炼、制粉利润率相对较低的特点。根据百川盈孚披露数据，钨精矿、仲钨酸铵、钨铁、碳化钨、钨深加工的 2024年年度毛利率分别为 7.77%、0.64%、2.71%、0.51%、0.29%；而根据中钨高新的 2024年年报，其硬质合金行业的综合毛利率为 18.63%；根据章源钨业的 2024年年报，其硬质合金产品的毛利率为 19.13%，两者平均毛利率达到 18.88%，充分印证了钨产业链利润分配的特点。
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