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].

Core Insights - The recent US-China trade negotiations in London highlighted unexpected dynamics, with the US showing increased urgency to resolve trade issues, contrary to initial expectations that China would be more pressured [1][3] - The trade landscape has shifted, with China leveraging its control over rare earth exports as a counter to US technology restrictions, indicating a significant change in the power balance [3][5] - The US has struggled to form a coalition against China regarding tariffs, with limited support from other major trading partners, reflecting a broader discontent with protectionist policies [7] Group 1: Trade Negotiations - The first meeting of the US-China trade negotiation mechanism took place in London, focusing on deeper issues such as US export controls on AI and chips [1] - The US delegation included high-ranking officials, indicating the importance placed on these discussions [1] Group 2: Rare Earths and Technology - China holds over 90% of the rare earth refining industry, despite having about one-third of global reserves, giving it a strategic advantage in high-tech sectors [5] - Following the announcement of US tariffs, China implemented export controls on certain rare earths, directly impacting US military production capabilities [5] Group 3: International Trade Dynamics - The US has not successfully built a coalition against China for tariff actions, with only the UK showing alignment, which underscores the challenges of unilateral trade policies [7] - China's response to US tariffs has been framed as a defense of fair international trade practices, gaining some international support [7]

6月9日起，中方对沙特、阿曼、科威特、巴林持普通护照人员试行免签政策。至此，适用单方面免签政 策来华国家已扩展至47个。 自2025年6月9日至2026年6月8日，沙特、阿曼、科威特、巴林持普通护照人员来华经商、旅游观光、探 亲访友、交流访问、过境不超过30天，可免办签证入境。加上2018年全面互免签证的海合会成员国阿联 酋和卡塔尔，中方已实现对海合会国家免签"全覆盖"。 外籍旅客从上海口岸入境 北京外国语大学区域与全球治理高等研究院教授崔洪建认为，中国免签"名单"不断变长，体现了中国持 续推进高水平对外开放的坚定决心。 中国免签"名单"不断变长，体现了中国持续推进高水平对外开放的坚定决心 近两年，中国采取了很多措施进一步扩大开放。除了经贸领域，我们不断优化环境，不断开放内外资合 作领域。最具体的一个举措，就是逐渐扩大对部分国家单边免签，来体现我们要实现高水平对外合作的 决心。 我们看到现在单边免签的措施，开放的力度越来越大，范围越来越广。这一次主要针对海合会的成员国 开放免签，可以更好地密切中国和中东地区的国家在经贸、人员、文化方面的往来，可以更好地促进双 方在这些领域的相互合作。 崔洪建说，未来中国开放的 ...

Group 1 - The core viewpoint emphasizes the need for global asset allocation strategies centered around three main factors: de-globalization, debt cycles, and AI industry trends [1][2] - The proposed investment strategy is a "global barbell strategy," which includes stable assets on one end and high-yield, high-volatility assets on the other [1][2] - The current global economic uncertainty necessitates a focus on asymmetric pricing opportunities within various asset classes [2][3] Group 2 - The analysis indicates that the U.S. trade policy is unlikely to reverse the three underlying logics of the new investment paradigm, potentially increasing global political and economic uncertainty [2] - The recommendation includes a focus on defensive sectors in response to potential U.S. economic recession risks, alongside the necessity of gold as a sovereign credit asset [3] - The domestic market is currently in a debt contraction phase, transitioning from "passive leverage" to "active deleveraging," suggesting that domestic interest rate bonds hold long-term investment value [4] Group 3 - The "barbell strategy" is also applicable to strategic asset allocation in China, with a continued positive outlook on interest rate bonds and a focus on dividend assets and AI technology [4] - The AI sector, particularly represented by the "Tech Seven Sisters" in the U.S. market, has shown strong performance, but significant investment risks are present this year [4] - Recommended sectors include resilient dividend assets such as utilities, telecommunications, and banking, as well as industries benefiting from the AI trend, particularly those in the infrastructure to downstream application transition [4]

Core Viewpoint - The global asset allocation should focus on three core factors: de-globalization, debt cycles, and AI industry trends [1] Group 1: Investment Strategy - The current global economic uncertainty necessitates an investment strategy that adopts a "global barbell strategy," which includes both stable assets and high-yield, high-volatility assets [1] - The company maintains a positive outlook on investments in gold, short-duration U.S. Treasury bonds, Chinese interest rate bonds, and China's dividend assets combined with AI technology industries [1]

Core Viewpoint - Morgan Stanley analysts predict a steepening of the U.S. Treasury yield curve in 2025-2026, driven by a significant decline in short-term yields rather than a substantial rise in long-term yields [1][4][6] Group 1: Yield Curve Expectations - The yield curve is expected to steepen due to a downward trend in overall yields, particularly in short-term U.S. Treasury bonds [1] - Long-term yields may experience slight declines by the end of the year due to persistent high U.S. government budget deficits, while short-term yields are anticipated to decline significantly [1][4] - By the end of the year, the 10-year Treasury yield is projected to approach around 4% [4] Group 2: Inflation and Federal Reserve Policy - Morgan Stanley anticipates that inflation pressures related to tariffs will prevent the Federal Reserve from lowering interest rates in 2025, maintaining a hawkish stance [3] - The CME FedWatch Tool indicates that traders are betting on a rate cut in September and December, contrasting with Morgan Stanley's outlook [3] Group 3: Long-term Treasury Yields and Market Reactions - Long-term Treasury yields are expected to remain elevated due to expanding budget deficits, potentially leading to increased "term premiums" [6][7] - The term premium, which compensates investors for holding long-term bonds, is currently at its highest level since 2014, reflecting concerns over U.S. debt sustainability and inflation risks [7][8] - The anticipated increase in borrowing needs and government spending may exacerbate financing pressures in the market [8]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The macro - economic recovery momentum needs to be strengthened, and the monetary policy is expected to remain loose. Different investment strategies are recommended for various commodities based on their market conditions [6][9][11]. 3. Summary by Commodity 3.1 Fixed - Income and Equities - **Treasury Bonds**: The previous trading day saw a differentiated closing of treasury bond futures. The current macro - economic recovery momentum is weak, and the treasury bond yield is at a relatively low level. It is expected that there will be no trend - based market, and investors should remain cautious [5][6][7]. - **Stock Index Futures**: The previous trading day, stock index futures showed mixed performance. Although the domestic economic recovery momentum is not strong, the long - term performance of Chinese equity assets is still promising, and investors can consider going long on stock index futures [8][9][10]. 3.2 Precious Metals - **Precious Metals**: The previous trading day, gold and silver futures had different performances. Due to the complex global trade and financial environment and the trends of "de - globalization" and "de - dollarization", the long - term bull market trend of precious metals is expected to continue, and investors can consider going long on gold futures [11][12]. 3.3 Base Metals and Ferrous Metals - **Rebar and Hot - Rolled Coils**: The previous trading day, rebar and hot - rolled coil futures showed weak oscillations. The real - estate industry's downturn has led to a decline in rebar demand, and the market is in a slack season. Investors can focus on short - selling opportunities on rebounds and pay attention to position management [13][14]. - **Iron Ore**: The previous trading day, iron ore futures had a slight correction. The supply - demand pattern of the iron ore market has weakened marginally. Investors can focus on buying opportunities at low levels and set stop - loss points [16]. - **Coking Coal and Coke**: The previous trading day, coking coal and coke futures showed weak oscillations. The market is in a supply - surplus pattern, and investors can focus on short - selling opportunities on rebounds [18][19]. - **Ferroalloys**: The previous trading day, manganese silicon and silicon iron futures had small increases. The short - term demand for ferroalloys may peak, and the market is in a supply - surplus situation. If the spot losses increase significantly, investors can consider low - value call options [21][22]. - **Copper**: The previous trading day, Shanghai copper showed a strong upward trend. The upcoming Sino - US trade negotiations are positive for market sentiment, and investors can consider going long on Shanghai copper futures [56][57]. - **Tin**: The previous trading day, Shanghai tin showed an oscillating trend. The current shortage pattern in the real - world and the expectation of a loose supply are in a game, and it is expected that the upward pressure on tin prices is relatively large, with a bearish oscillating view [58][59]. - **Nickel**: The previous trading day, Shanghai nickel declined. The cost support is strong, but the downstream demand is weak, and it is expected that the price will run weakly [60]. 3.4 Energy and Chemicals - **Crude Oil**: The previous trading day, INE crude oil opened high and moved higher. The upcoming Sino - US trade negotiations are positive for market sentiment, and the OPEC's pressure on oil prices is expected to have passed the most severe stage. Investors can consider a long - position operation on the crude oil main contract [23][25][26]. - **Fuel Oil**: The previous trading day, fuel oil oscillated downward. The increase in Singapore's fuel oil inventory has put pressure on prices, but the rise in crude oil prices may drive fuel oil prices up. Investors can consider a long - position operation on the fuel oil main contract [27][28][29]. - **Synthetic Rubber**: The previous trading day, synthetic rubber showed a small increase. The supply pressure continues, and the demand improvement is limited. Wait for the market to stabilize and then participate in the rebound [30][31]. - **Natural Rubber**: The previous trading day, natural rubber futures had different performances. The market has concerns about future demand, and the inventory has increased against the season. Wait for the market to stabilize and then look for long - position opportunities [32][33][34]. - **PVC**: The previous trading day, PVC showed a small increase. The supply - demand drive is not strong, and it is in a traditional off - season. It is expected to be in a bottom - oscillating pattern [35][37]. - **Urea**: The previous trading day, urea declined. The short - term cost has decreased, and the agricultural demand has not been released. In the second half of the year, exports and agricultural demand may drive the price up, and investors can consider going long at low levels [38][39][40]. - **Para - Xylene (PX)**: The previous trading day, PX futures declined. The short - term supply - demand structure is tight, but the PXN spread has a downward trend. It is recommended to trade with an oscillating mindset and pay attention to cost and policy changes [41]. - **PTA**: The previous trading day, PTA futures declined. The short - term supply - demand structure has weakened, but the cost has support. It is expected to oscillate and adjust, and investors can consider trading in a low - level range [42][43]. - **Ethylene Glycol**: The previous trading day, ethylene glycol futures declined. The short - term supply - demand has weakened, but the inventory has decreased significantly. It is expected to oscillate and adjust, and investors should pay attention to port inventory and policy changes [44]. - **Short - Fiber**: The previous trading day, short - fiber futures declined slightly. The downstream demand has weakened, but the cost has support. It is expected to oscillate and adjust following the cost, and investors can consider participating cautiously at low levels [45][46][47]. - **Bottle Chips**: The previous trading day, bottle - chip futures declined. The raw material price has corrected, and the supply - demand fundamentals have improved. It is expected to oscillate following the cost, and investors should pay attention to cost price changes [48]. - **Soda Ash**: The previous trading day, soda ash futures declined. The supply is expected to increase slightly, and the long - term supply - demand pattern is oversupplied. The short - term rebound may not be sustainable, and investors should not chase the rise excessively [49]. - **Glass**: The previous trading day, glass futures increased. The actual supply - demand fundamentals have no obvious drive, and the market sentiment is weak. The short - term rebound may not be sustainable, and short - position investors should control their positions [50]. - **Caustic Soda**: The previous trading day, caustic soda futures declined. The overall supply - demand is relatively loose, with obvious regional differences. Long - position investors should control their positions [51][52]. - **Pulp**: The previous trading day, pulp futures increased. The market is in a supply - demand weak pattern, and the inventory is high. The real turnaround may occur in August [53]. - **Lithium Carbonate**: The previous trading day, lithium carbonate futures declined slightly. The supply - demand pattern is oversupplied, and the price is difficult to reverse before the large - scale clearance of mine capacity [54][55]. 3.5 Agricultural Products - **Soybean Oil and Soybean Meal**: The previous trading day, soybean meal and soybean oil futures increased. The U.S. soybean growing weather is good, and the supply is expected to be loose. It is recommended to wait and see for soybean meal, and investors can consider low - value call options for soybean oil [61][62]. - **Palm Oil**: The Malaysian palm oil inventory is expected to increase, and the domestic palm oil inventory is at a relatively low level in the past seven years. Investors can consider the opportunity to widen the rapeseed - palm oil spread [63][64]. - **Rapeseed Meal and Rapeseed Oil**: The Canadian rapeseed market lacks clear trading guidance. The domestic rapeseed and rapeseed oil inventories have different trends. Investors can consider long - position opportunities after the correction of rapeseed meal [65][66]. - **Cotton**: The previous trading day, domestic and foreign cotton futures increased slightly. The industry is in a traditional off - season, and new orders are limited. Investors should pay attention to Sino - US tariff policies and wait and see [67][68][69]. - **Sugar**: The previous trading day, domestic and foreign sugar futures had different performances. The domestic sugar inventory is low, and the import volume will gradually increase. It is recommended to go long in batches [70][71][72]. - **Apples**: The previous trading day, apple futures declined significantly. The new - year domestic apple production has high uncertainty. Investors can focus on long - position opportunities after the correction [73][74]. - **Hogs**: The previous trading day, hog futures declined slightly. The short - term price may decline, but the contract is at a discount. Investors can consider positive - spread opportunities for peak - season contracts [74][75]. - **Eggs**: The previous trading day, egg futures declined. The egg supply is expected to increase in June, and it is recommended to go short at high levels [76][79]. - **Corn and Corn Starch**: The previous trading day, corn and corn - starch futures increased. The domestic corn supply - demand is approaching balance, but the short - term supply pressure still exists. Corn starch follows the corn market, and it is recommended to wait and see [80][81][82]. - **Logs**: The previous trading day, log futures increased. The fundamental situation has no obvious drive, and the housing transaction improvement may stimulate market sentiment in the short term. Investors should be wary of long - position sentiment disturbances [83][85].

Group 1 - The core theme of the conference was "Heroes are revealed in turbulent times," focusing on the current global technological revolution and China's role as a key participant [1] - The conference featured a main forum and 12 sub-forums covering various topics such as asset allocation, artificial intelligence, financial innovation, and new consumption trends [1] - The event aimed to provide a platform for discussion on future development trends and investment strategies, analyzing the new global industrial competition landscape [1] Group 2 - The organization of the conference highlighted the unique business model of Shenwan Hongyuan, which integrates research, investment, and investment banking [2] - The company aims to create a more open dialogue platform for regulatory bodies and market institutions, fostering suggestions to enhance capital market vitality [2] - Shenwan Hongyuan is committed to promoting high-quality development in the capital market through collaborative discussions and innovative ideas [2]

Summary of Tungsten Industry Conference Call Industry Overview - **Tungsten Demand**: Global tungsten demand is robust, with hard alloys being the primary consumption area, accounting for 65% of total demand. Emerging industries such as electric vehicles, aerospace, and military applications are driving growth in tungsten demand [2][3][4]. - **China's Tungsten Resources**: China holds 51% of global tungsten reserves and produces 80% of the world's tungsten. The industry is highly concentrated, with Jiangxi, Hunan, and Henan provinces holding 80% of China's reserves, which is 40% of global reserves [2][5]. - **Price Dynamics**: Tungsten prices have risen due to multiple factors, including environmental regulations, export controls, and structural constraints. In 2025, tungsten prices reached their highest level since 2011, with a cumulative increase of 21.8% [2][9]. Key Insights - **Strategic Importance**: Tungsten is considered a strategic resource, essential for industrial manufacturing, often referred to as the "industrial tooth." The supply-demand dynamics are tightening, leading to higher prices in the context of de-globalization [3][6]. - **Supply Constraints**: The growth rate of tungsten supply is limited, with China's production growth slowing down and overseas increments being insufficient to offset the reduction in Chinese output. By 2025, overseas supply is expected to increase slightly, but long-term production levels may stabilize around 2013 levels [4][15]. - **Export Control Impact**: China's tightening of supply indicators and export controls has led to a split in domestic and international price systems. Despite overall declines in tungsten product exports, the export of high-value downstream products like tools and blades has continued to grow [8][22]. Market Changes - **Global Supply Chain Reconfiguration**: Countries are increasingly focusing on the security of the tungsten supply chain. The U.S. and Europe are restructuring their supply chains and supporting overseas tungsten mining projects while planning to build higher strategic inventories [2][10]. - **Investment Recommendations**: Investors are encouraged to understand the fundamentals of tungsten and consider stock allocations in related companies, as the current price increases and favorable market conditions may lead to significant benefits for listed companies [7][28]. Financial Performance - **Listed Companies' Growth**: Major Chinese tungsten companies have shown significant revenue growth from 18.75 billion yuan in 2019 to 37.25 billion yuan in 2024, with a compound annual growth rate (CAGR) of 14.7% [25]. - **Cash Flow Analysis**: Leading companies reported stable operating cash flows, with significant improvements in financing activities, indicating a strong financial position to capitalize on market opportunities [26]. Future Outlook - **Demand Projections**: The demand for tungsten is expected to grow due to the rise of new industries and increased military spending globally. The compound annual growth rate for tungsten consumption is projected to be 2.61% from 2025 to 2038 [19][24]. - **Price Trends**: Tungsten prices are anticipated to remain high in the short term, driven by tightening supply and increasing demand for high-end equipment. The market is expected to enter a prolonged bullish phase [29]. Conclusion - The tungsten industry is poised for significant growth driven by strategic demand from various sectors, supply constraints, and favorable pricing dynamics. Companies in this sector are well-positioned to benefit from these trends, making tungsten a critical area for investment consideration.