需求持续增长，钨系列产品价格上涨

Industry Overview - The prices of tungsten products in China have increased, with black tungsten concentrate and white tungsten concentrate rising by 5000 CNY/ton, and tungsten iron and ammonium paratungstate increasing by 10000 CNY/ton [1] - Global supply growth is limited, while demand is driven by emerging industries and increasing safety requirements. China's tungsten ore production growth is slowing, with Kazakhstan and South Korea expected to contribute to supply increases in the short term [1] - The global tungsten supply is projected to grow at a compound annual growth rate (CAGR) of 2.57% from 2023 to 2028, while global tungsten consumption is expected to grow at a CAGR of 2.61% during the same period [1] Company Insights - Zhangyuan Tungsten Industry has established an integrated production system covering exploration, mining, beneficiation, smelting, powder production, and deep processing, making it one of the few companies in China with a complete industry chain [3] - Zhongjin Lingnan is an integrated enterprise in non-ferrous metal deep processing, with its mining operations holding tungsten metal resources amounting to 16,500 tons [4]