Group 1 - The tungsten market is experiencing significant price increases driven by major tungsten companies raising long-term purchase prices and production cuts from key tungsten raw material producers [1] - As of December 18, tungsten concentrate and ammonium paratungstate prices have risen, with tungsten powder (≥99.7%) reaching 1.01 million yuan/ton, a 219.6% increase since the beginning of the year [1] - CICC predicts that due to supply-side pressures and geopolitical conflicts, global tungsten supply will require higher incentive prices, suggesting that tungsten prices may continue to rise in the short term [1] Group 2 - CICC believes that the global tungsten supply-demand relationship will remain tight, driving the long-term price center to rise to 450,000-500,000 yuan/ton, expected to last until 2028 [2] - From 2025 to 2028, global tungsten production is projected to increase from 82,800 tons to 89,900 tons, while demand will rise from 102,100 tons to 110,000 tons, indicating a persistent supply-demand gap [2] - The demand for tungsten-based new materials in emerging fields such as AI and new infrastructure will provide long-term support for tungsten prices [2] Group 3 - Jiaxin International Resources (03858) has commenced commercial production at the Bakuta tungsten mine project, targeting a mining and processing capacity of 3.3 million tons of tungsten ore by 2025 [3] - In the first half of 2025, Jiaxin International processed 945,000 tons of ore, achieving a tungsten concentrate output of 1,205 tons, with a target of 1.65 million tons of ore and 3,638 tons of concentrate in the second half [3] - By 2027, the second phase of the project is expected to increase annual mining and processing capacity to 4.95 million tons, with a projected concentrate output of 13,700 tons and a long-term price center of 450,000-500,000 yuan/ton [3]