中金：钨价已进入牛市通道 有望持续突破历史高位

Group 1 - The core viewpoint of the report indicates that tungsten prices have entered a bull market phase, driven by tightening supply and demand dynamics, along with premium incentives from overseas downstream tungsten products [1] - In the long term, the company maintains the perspective that the tungsten supply-demand gap is expected to expand from 18,300 tons in 2024 to 19,100 tons in 2028 [1] - The projected global tungsten supply-demand gap as a percentage of original tungsten demand for the years 2024 to 2028 is estimated to be -18.4%, -16.6%, -17.0%, -16.8%, and -17.4% respectively, indicating a continuous upward trend in tungsten price levels [1]