Core Viewpoint - The 2025 Mid-term Investment Strategy Conference held by CICC focused on the theme of "Resilience and Reconstruction," discussing key topics such as the outlook for the Chinese economy, global asset trends, and advancements in AI and high-end manufacturing [3][4]. Group 1: Geopolitical Economics - CICC's Chief Economist, Peng Wensheng, highlighted the shift towards geopolitical economics, emphasizing that the past 40 years of globalization and financialization are being reevaluated due to rising inequality and recent economic challenges in the U.S. [6][7]. - The macro impacts of geopolitical competition include increased supply constraints due to de-globalization, protectionism, and fragmented global supply chains, which harm economic efficiency [6]. - The importance of real assets is rising, driven by fiscal expansion and the need for de-financialization, with China holding unique advantages in green industries and AI [6]. Group 2: Monetary Order Reconstruction - Chief Strategy Analyst, Miao Yanliang, noted that the global monetary order is rapidly diversifying and fragmenting, which may reduce the impact of high U.S. Treasury yields on RMB assets [10]. - The anticipated influx of capital into Hong Kong stocks is supported by China's resilient fundamentals, trends in AI, low valuations, and under-allocation by foreign investors [10]. Group 3: Economic Recovery and Market Outlook - Chief Macro Analyst, Zhang Wenlang, observed a divergence in GDP growth and weak prices, attributing this to demand gaps and structural improvements in the economy [13]. - The outlook for the second half of 2025 suggests a continuation of "quasi-balance" growth, with potential structural highlights as the real estate sector's drag on the economy diminishes [13]. Group 4: U.S. Economic Rebalancing - U.S. Macro Chief Economist, Liu Zhengning, discussed the implications of U.S. tariff policies, indicating a shift from balanced to functional fiscal policies to stabilize the economy [16]. - The short-term effects of tariffs may lead to stagflation, with a potential for growth slowdown and temporary inflation increases in the U.S. economy [16]. Group 5: A-Share Market Resilience - Domestic Strategy Chief Analyst, Li Qiusuo, expressed confidence in the resilience of the A-share market, predicting a "steady then rising" trend in the second half of 2025, contingent on effective macro policies [17][21]. - Investment strategies should focus on certainty in uncertain environments, emphasizing opportunities in capacity cycles, high-growth sectors, and dividend-paying stocks [21]. Group 6: Global Market Trends - Overseas Strategy Chief Analyst, Liu Gang, noted a growing global consensus on "de-dollarization," although the extent may not meet expectations [22]. - The outlook for Hong Kong stocks suggests a structural market with potential for gains in sectors like technology and new consumption, despite overall index volatility [22]. Group 7: Digital Financial Services - CICC is enhancing its digital service capabilities through the "CICC Insight" platform, which provides comprehensive research and investment information to institutional investors [23]. - The company aims to leverage financial technology to improve service efficiency and support clients' investment decisions [23][24].

Core Viewpoint - The high gold prices have negatively impacted consumer willingness to purchase gold jewelry, leading to a decline in sales for major jewelry companies, as evidenced by Chow Tai Fook's 17.5% year-on-year drop in revenue for the fiscal year 2025 [1][5][7]. Group 1: Impact of High Gold Prices - The high gold prices have resulted in a general decline in revenue for major jewelry companies, with Chow Tai Fook reporting a 17.5% decrease in revenue to HKD 89.656 billion for the fiscal year 2025 [5]. - Other major companies have also experienced revenue declines, such as Lao Feng Xiang, which saw a 20.5% drop in revenue for 2024 and a 31.64% decline in the first quarter of 2025 [8]. - China Gold reported a 39.71% decrease in revenue for the first quarter of 2025, indicating a broader trend of declining sales in the industry [9]. - The China Gold Association reported a 24.69% year-on-year decline in gold jewelry consumption in 2024, reflecting reduced consumer interest due to high gold prices [10]. Group 2: Resilience of the Industry - Despite the challenges posed by high gold prices, major companies have maintained stable operations, showcasing the industry's resilience [2][12]. - Chow Tai Fook's operating profit increased by 9.8% in fiscal year 2025, demonstrating operational strength despite revenue declines [13]. - The company improved its product mix and maintained a high operating profit margin of 16.4%, with a return on equity of 21.9%, surpassing the historical average of 18.4% [13]. - Chow Tai Fook's new pricing strategy for gold products saw a remarkable 105.5% increase in revenue, indicating successful product innovation [14]. Group 3: Future Outlook for Gold Prices - Recent trends indicate a potential new upward movement in gold prices, driven by factors such as U.S. inflation data and geopolitical tensions [18]. - Analysts suggest that gold remains in a bull market cycle, with expectations of continued support for gold prices due to macroeconomic conditions and geopolitical risks [19]. - The ongoing trend of central bank gold purchases and the impact of geopolitical conflicts are expected to enhance the strategic importance of gold in investment portfolios [3][19].

智通财经APP获悉，有媒体援引知情人士透露的消息报道称，日本央行官员们普遍认为，日本国内的整 体物价涨幅较今年早些时候央行官员们给出的预期略强;若全球贸易紧张局势缓解，并且央行官员们认 为这一因素可能为该央行再度讨论加息敞开大门，并且预计下一次加息可能就出现在今年的下半年。 知情人士称，在下周为期两天的日本央行货币政策利率决议结束时，央行基准利率预计将继续维持在 0.5%，主要因为日本央行的货币政策制定者们需要继续观察全球关税谈判进展，以及日本贸易代表与 特朗普领导的美国政府关于美日贸易谈判对于美国以及日本经济的影响程度。 "10月可能是最早的时点，"前田表示。"但若日本央行想对明年春季薪资谈判有充分信心，则有可能等 到明年3月。" 在下一次利率调整后，日本央行大概率每六个月加息一次，目标终端利率约在1.5%至2%之间，高于市 场普遍预期的1%，前田在采访中表示。 目前利率期货交易员们以及债券市场交易员们的担忧点在于，若市场长期以来难以预测货币政策决策的 日本央行选择在下周的政策会议上释放"鹰派"的重磅加息信号，可能令长期限(10年及以上)日本国债以 及美国国债收益率大幅扩张，"期限溢价"也随之大幅增长，进而 ...

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Market Performance - The market experienced narrow fluctuations with mixed results among the three major indices, where the Shanghai Composite Index rose by 0.01%, the Shenzhen Component fell by 0.11%, and the ChiNext Index increased by 0.26% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.27 trillion yuan, an increase of 163 billion yuan compared to the previous trading day [1] Index Movement - The Shanghai Composite Index fluctuated between a low of 3388.87 and a high of 3408.20, closing at 3402.66 [2] - There was a tug-of-war around the 3400-point mark, with both bullish and bearish forces actively engaging [3] Sector Performance - Leading sectors included beauty care, IP economy, controllable nuclear fusion, and innovative pharmaceuticals, while sectors such as port shipping, liquor, pork, and coal saw declines [1] - The insurance sector contributed significantly to the index's performance during the early trading session, with major insurance stocks showing positive gains [10][13] Investment Insights - The insurance sector was pivotal in supporting the index, particularly when it dipped below 3400 points, indicating a strategic effort to maintain the index's appearance [13] - The overall market sentiment improved when major stocks rallied, suggesting a correlation between the performance of heavyweight stocks and market mood [15] Sector Highlights - The top-performing sectors included precious metals (+3.26%), beauty care (+2.39%), and new metal materials (+2.37%), with year-to-date gains of 46.22%, 36.75%, and 31.67% respectively [17] - The quantum technology sector is gaining attention, with advancements reported by major companies like NVIDIA and Broadcom, indicating a positive outlook for the industry [18] - The cultural media sector is also seeing increased interest, driven by the rising popularity of IP economy and related entertainment segments [20] Economic Indicators - Recent U.S. CPI data showed lower-than-expected inflation rates, which has bolstered expectations for interest rate cuts by the Federal Reserve, positively impacting gold prices [21]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - Since the beginning of this year, the gold-silver ratio has continuously climbed to a historical high. From a statistical arbitrage perspective, silver has a basis for rising. In early June, short-term industrial demand recovery expectations pushed silver to break through upwards. It broke through the one-year trading range high and reached a new high in the 21st century, attracting significant capital inflows [5][11][38]. - Historically, significant silver price increases often occur in the middle to late stages of a gold rally, usually after a crisis. This is mainly due to the resonance of precious metals and non-ferrous metals. After a crisis, industrial demand recovery and liquidity support drive silver prices up both from a financial and industrial attribute perspective [5][29][38]. - In the long term, against the backdrop of deglobalization and de-dollarization, the US dollar and US Treasury bonds remain weak, and the long-term upward trend of gold remains unchanged, providing strong support for the precious metal attribute of silver. After the relaxation of US tariff policies in late April, the global market may follow an economic recovery logic in the third quarter. Benefiting from its industrial attribute, silver may continue to make up for lost ground [5][38][39]. Summary by Related Catalog 1. Silver's Breakthrough - On June 5th, after the Asian market closed, silver prices soared. New York silver broke through the $35 high and reached the $36 mark, a new high in the past year. The Shanghai silver futures opened higher at 8,700 yuan/kg. Technically, silver prices rose with increasing positions, and after breaking through the one-year trading range high and reaching a new high, capital attention quickly increased. The open interest of Shanghai silver futures rose from 870,000 lots to 1,070,000 lots within 5 trading days after the Dragon Boat Festival [8]. - Since the beginning of this year, the gold-silver ratio has climbed to a historical high, providing a basis for silver to rise from a statistical arbitrage perspective. In early June, short-term industrial demand recovery expectations pushed silver to break through upwards. Both copper and crude oil, representing international demand, and the black commodity sector, representing domestic demand, showed significant increases on that day [11][38]. - Since June, the macroeconomic situation has clearly improved, showing signs of an economic upward trend. Global stock markets have continued to rise, and the commodity market has also shown a recovery trend. The domestic cultural commodity index has shown signs of bottoming out and rebounding, and the overseas CRB index has also trended upwards. From a PMI perspective, China's manufacturing PMI and new order index both improved month-on-month in May; although the US ISM manufacturing PMI declined month-on-month in May, the new order index improved month-on-month; the eurozone was relatively optimistic, with the manufacturing PMI rising continuously below the boom-bust line in the first half of the year [13]. 2. Restoration of the Gold-Silver Ratio - The gold-silver ratio declined significantly in June due to the rise in silver prices. Looking at a longer period, the gold-silver ratio began to decline as gold prices fell in late April, indicating a cooling of market risk aversion demand. Before June, the decline in the gold-silver ratio was due to the fall in gold prices, while in early June, it was due to the rise in silver prices [18]. - Historically, the gold-silver ratio has fluctuated between 40 and 80 since the 20th century, with the central value shifting upwards after 2020. This is mainly due to the increase in gold prices driven by rising risk aversion demand due to frequent geopolitical events. From a statistical arbitrage perspective, a high gold-silver ratio means that gold is overvalued or silver is undervalued, but from a fundamental perspective, it also has rationality [25]. 3. Learning from History - Historically, significant silver price increases often occur in the middle to late stages of a gold rally, usually after a crisis. Excluding the heavily manipulated situation in 1980, the market conditions after the 2010 - 2011 subprime mortgage crisis and the 2020 global COVID-19 pandemic can be used as references [29]. - Silver's significant price increases are mainly due to the resonance of precious metals and non-ferrous metals. After a crisis, industrial demand recovery and liquidity support drive silver prices up both from a financial and industrial attribute perspective. During the same period, crude oil and copper prices also rose synchronously [29][32][38]. 4. The Role of Industry in Silver - The correlation between silver and gold is relatively stable, generally above 0.7, indicating that the common variables between gold and silver account for a relatively stable proportion in the long term. The individual variables of silver have a relatively small impact on its price in both the long and short term [36]. - The correlation between silver and copper fluctuates greatly. Before 2019, the correlation between silver and copper declined year by year, and after 2019, it continued to rise. The correlation between gold and copper also shows a similar trend, but the overall correlation is relatively low [36]. - The manifestation of silver's industrial demand largely depends on the macroeconomy. The correlation between copper and silver mainly depends on the strength of the macroeconomy. When the macroeconomy has a significant impact on industrial demand, the two generally show the same direction of fluctuation, especially during an economic recovery [36]. 5. Conclusion - Since the beginning of this year, the gold-silver ratio has continuously climbed to a historical high, providing a basis for silver to rise from a statistical arbitrage perspective. In early June, short-term industrial demand recovery expectations pushed silver to break through upwards. It broke through the one-year trading range high and reached a new high in the 21st century, attracting significant capital inflows [5][11][38]. - Historically, significant silver price increases often occur in the middle to late stages of a gold rally, usually after a crisis. This is mainly due to the resonance of precious metals and non-ferrous metals. After a crisis, industrial demand recovery and liquidity support drive silver prices up both from a financial and industrial attribute perspective [5][29][38]. - In the long term, against the backdrop of deglobalization and de-dollarization, the US dollar and US Treasury bonds remain weak, and the long-term upward trend of gold remains unchanged, providing strong support for the precious metal attribute of silver. After the relaxation of US tariff policies in late April, the global market may follow an economic recovery logic in the third quarter. Benefiting from its industrial attribute, silver may continue to make up for lost ground. Currently, after breaking through the one-year trading range high and reaching a new high, the attention on silver has rapidly increased, and its short-term speculative attribute is relatively strong. One can follow the trend and manage risks well [5][38][39].

值得深思的是，特朗普关税政策的代价或将远超预期。历史经验表明，2018年中美贸易战期间，美国农 民和制造业者承担了约90%的关税成本，而此次全面加税可能使普通家庭年均支出增加逾千美元。更深 远的影响在于供应链重构——企业被迫将资源投入地缘政治避险而非效率优化，这种"逆全球化"操作最 终会反映在生产率增速的持续低迷上。世界银行的预警实则为全球经济敲响警钟：当保护主义成为主流 选择，复苏的代价将由所有人共同支付。 世界银行周二（6月10日）发布的《全球经济展望》报告为2025年全球经济描绘了一幅阴郁图景。这份 报告虽未直接点名特朗普，但字里行间透露出其激进的贸易政策正成为拖累经济的关键变量。美国经济 增长预期被大幅下调至1.4%，较2024年的2.8%近乎腰斩，与半年前2.3%的乐观预测形成鲜明对比。这 一调整背后，是特朗普政府拟对全球输美商品加征10%关税的阴影——这项政策若落地，不仅将推高美 国企业成本、加剧通胀压力，更可能引发连锁式贸易报复，进一步压缩全球经济增长空间。 全球经济的韧性正在经受考验。世界银行同步将2025年全球增速预期下调0.4个百分点至2.3%，较去年 下降0.5个百分点，距离衰退警戒线仅 ...

Group 1 - The long-term bullish trend for precious metals is expected to continue, supported by economic uncertainty and geopolitical tensions [1] - The World Bank has lowered its global GDP growth forecast for 2025 from 2.7% to 2.3%, indicating the weakest decade of global growth since the 1960s [1] - The current complex global trade and financial environment, along with trends of "de-globalization" and "de-dollarization," enhance the allocation and hedging value of gold [1] Group 2 - There is still a divergence in the market regarding gold, influenced by the easing of trade conflicts, the hawkish stance of the Federal Reserve, and reduced central bank gold purchases [2] - Wells Fargo forecasts that gold prices will reach $3,600 per ounce by 2026, driven by ongoing geopolitical conflicts and economic uncertainty [2] - Central banks currently account for 21% of global gold demand, and their continued purchases are expected to support gold prices [2] Group 3 - Capitalight Research anticipates that the gold market may remain in a consolidation phase throughout the summer, but a retest of April's historical highs is likely [3] - Economic uncertainty and geopolitical turmoil are expected to support gold prices in a stagflation environment over the next two years [3] - The expansion of central bank balance sheets is also expected to support gold prices, regardless of Federal Reserve interest rate policies [3]

Report Industry Investment Ratings No specific industry investment ratings are provided in the content. Core Views of the Report - The macro - economic recovery momentum is weak, but different assets have different outlooks. For example, it is optimistic about the long - term performance of Chinese equity assets and precious metals, and has different strategies for various commodities based on their supply - demand, cost, and market sentiment [6][9][11]. Summary by Category Fixed - Income and Equity Treasury Bonds - Last trading day, most treasury bond futures closed higher. The central bank conducted 198.6 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 255.9 billion yuan. It is expected that there will be no trend - following market, and caution is advised [5]. Stock Index Futures - Last trading day, stock index futures showed mixed performance. Although the domestic economic recovery momentum is weak and there are uncertainties in tariffs, considering the low valuation of domestic assets and China's economic resilience, it is still optimistic about the long - term performance of Chinese equity assets, and long positions in stock index futures are considered [8][9]. Commodities Precious Metals - Last trading day, gold and silver futures had different performances. Due to the complex global trade and financial environment, the long - term bull market trend of precious metals is expected to continue, and long positions in gold futures are considered [11]. Base Metals - **Copper**: Last trading day, Shanghai copper first rose and then fell. The Sino - US trade negotiation is beneficial to market sentiment, and there is still a basis for copper price increase. Long positions in Shanghai copper futures are considered [50][51]. - **Tin**: Last trading day, Shanghai tin fluctuated. There is a game between the current tight supply situation and the expected supply increase. It is expected that the upward pressure on tin price is large, and a bearish and volatile view is taken [53]. - **Nickel**: Last trading day, Shanghai nickel fell. The primary nickel is in an oversupply situation, and it is expected that the price will run weakly [54][55]. Ferrous Metals - **Rebar and Hot - Rolled Coil**: Last trading day, rebar and hot - rolled coil futures showed weak fluctuations. The real - estate industry's downward trend has not reversed, and the demand for rebar is declining. Investors can look for opportunities to short on rebounds [13]. - **Iron Ore**: Last trading day, iron ore futures pulled back slightly. The supply - demand pattern of the iron ore market has weakened marginally. Investors can look for opportunities to buy at low levels [15]. - **Coking Coal and Coke**: Last trading day, coking coal and coke futures showed weak fluctuations. The coal - coke market is in a supply - surplus pattern. Investors can look for opportunities to short on rebounds [17]. Energy - **Crude Oil**: Last trading day, INE crude oil opened and closed higher. The Sino - US trade negotiation is beneficial to market sentiment, and the pressure from OPEC on oil prices is expected to ease. Long positions in crude oil futures are considered [22][23]. - **Fuel Oil**: Last trading day, fuel oil fluctuated upwards. The reduction in fuel oil inventory in the ARA region, the recovery of global trade demand, and the rebound in crude oil prices are expected to drive the fuel oil price to rebound. Long positions in fuel oil futures are considered [25]. Chemicals - **Synthetic Rubber**: Last trading day, synthetic rubber futures fell slightly. The supply pressure continues, and the demand improvement is limited. Wait for the market to stabilize and then participate in the rebound [27]. - **Natural Rubber**: Last trading day, natural rubber futures rose. There are concerns in the demand side, and the inventory is accumulating. Temporarily wait and see, and look for opportunities to go long after the market stabilizes [29][30]. - **PVC**: Last trading day, PVC futures rose slightly. The supply - demand drive is not strong, and it is in a traditional off - season. It is expected to oscillate at the bottom [32]. - **Urea**: Last trading day, urea futures fell. In the short term, the cost is decreasing and the agricultural demand has not been released. In the second half of the year, exports and agricultural demand may drive the price to rise. Long positions can be considered at low levels [33]. - **PX**: Last trading day, PX futures fell. The short - term supply - demand structure is tight, and the cost is supported, but the PXN spread has rebounded. An oscillatory trading strategy is recommended [35]. - **PTA**: Last trading day, PTA futures fell. The short - term supply - demand structure has weakened, but the inventory is decreasing, and the cost is supported. An oscillatory trading strategy is recommended, and opportunities to short the processing margin can be considered [36]. - **Ethylene Glycol**: Last trading day, ethylene glycol futures rose. The short - term supply - demand has weakened, and the inventory has increased slightly. It is expected to oscillate and adjust [37]. - **Short - Fiber**: Last trading day, short - fiber futures fell. The downstream demand has weakened, but the cost is supported. It is recommended to participate cautiously at low levels [38][39]. - **Bottle Chips**: Last trading day, bottle - chip futures fell. The raw material price has adjusted, and the supply - demand fundamentals have improved. It is recommended to participate cautiously and pay attention to the cost price changes [40]. - **Soda Ash**: Last trading day, soda ash futures fell. The supply is at a high level, and the demand is weak. It is expected to run weakly and stably in the short term, and long positions should not be chased during short - term rebounds [41][42]. - **Glass**: Last trading day, glass futures fell. The supply - demand fundamentals have no obvious drive. The market sentiment is weak, and long positions should not be chased during short - term rebounds [43]. - **Caustic Soda**: Last trading day, caustic soda futures were flat. The overall supply - demand is relatively loose, and there are regional differences. Long - position holders should control their positions [44][45]. - **Pulp**: Last trading day, pulp futures rose. The supply - demand is weak, and the inventory is high. The market is waiting for a turning point, which may occur in August [47][48]. - **Lithium Carbonate**: Last trading day, lithium carbonate futures rose. The supply - demand surplus situation has not changed significantly, and the price is difficult to reverse before the large - scale clearance of mine capacity [49]. Agricultural Products - **Soybean Oil and Soybean Meal**: Last trading day, soybean meal futures rose and soybean oil futures fell. The supply of soybeans is expected to be loose, and it is recommended to wait and see for soybean meal. For soybean oil, long positions in out - of - the - money call options can be considered at the bottom [56][57]. - **Palm Oil**: Last trading day, palm oil futures fell. The inventory increased in May, but the export data in June is strong. It is recommended to consider widening the spread between rapeseed oil and palm oil [58][59]. - **Rapeseed Meal and Rapeseed Oil**: Last trading day, rapeseed meal futures were flat and rapeseed oil futures rose. It is recommended to look for opportunities to go long after the correction of rapeseed meal [61][62]. - **Cotton**: Last trading day, domestic cotton futures oscillated. Pay attention to the Sino - US trade negotiation and the USDA supply - demand report. Currently, the industry is in an off - season, and it is recommended to wait and see [64][65]. - **Sugar**: Last trading day, domestic sugar futures oscillated at a low level. The domestic inventory is low, and the import volume will gradually increase. It is recommended to go long in batches [68][70]. - **Apple**: Last trading day, apple futures oscillated. The new - year domestic apple production is uncertain. It is recommended to look for opportunities to go long after the correction [72]. - **Live Pigs**: Last trading day, the national average price of live pigs rose. The short - term price is affected by the slaughtering rhythm and weight. It is recommended to consider long positions in the peak - season contracts [73][74]. - **Eggs**: Last trading day, egg futures rose. The supply of eggs is expected to increase in June, and it is recommended to hold short positions [76][77]. - **Corn and Starch**: Last trading day, corn and corn starch futures rose. The domestic corn supply - demand is approaching balance, but there is short - term supply pressure. Corn starch follows the corn market, and it is recommended to wait and see [78][80]. - **Logs**: Last trading day, log futures fell. The fundamentals have no obvious drive, and the market transaction is light. Be vigilant against the disturbance of long - position sentiment [81][82].

Core Viewpoint - The tungsten market is entering a bull market phase, driven by supply constraints and increasing demand from emerging industries and geopolitical tensions, leading to a significant rise in tungsten prices and highlighting the strategic value of global tungsten industry leaders [1][3][7]. Group 1: Price Trends and Market Dynamics - As of June 6, the price of 65% WO3 tungsten concentrate in China has surpassed 173,000 yuan per ton, marking an increase of 31,000 yuan since the beginning of the year, with a cumulative growth of 21.8% [1][7]. - The price of tungsten has been on an upward trend since mid-March, reaching a historical high of 166,500 yuan per ton on May 16, and further increasing to 173,000 yuan by June 6 [7][8]. - The global supply of tungsten is expected to grow at a CAGR of 2.57% from 2023 to 2028, while global tungsten consumption is projected to grow at a CAGR of 2.61% during the same period [3][36]. Group 2: Policy Impacts and Strategic Value - The strategic value of tungsten is increasingly recognized amid de-globalization, with China tightening mining quotas and enhancing export controls, particularly affecting upstream products like APT and tungsten carbide [3][15]. - The U.S. and Europe are restructuring their supply chains and increasing strategic stockpiling of tungsten, with the U.S. imposing tariffs and planning to boost tungsten inventory levels [3][23][27]. - China's export controls on tungsten products are expected to limit the export of midstream products, while downstream high-value tungsten products may see increased export opportunities [3][30]. Group 3: Supply Constraints and Demand Growth - China's tungsten production growth is slowing, with a significant drop in the over-extraction rate from 32% in 2020 to 14% in 2024, indicating a tightening supply [16][36]. - Emerging industries, such as photovoltaic tungsten wire and robotics, are driving domestic demand, while geopolitical conflicts are stimulating overseas demand for tungsten [41][45]. - The global tungsten supply is expected to face constraints, with only Kazakhstan and South Korea likely to contribute significant supply increases in the short term [36][38].