Investment Ratings - The report does not explicitly provide investment ratings for the industries discussed [2][3][4][5][6]. Core Insights - The copper market shows a stable upward trend with expectations of demand recovery in mid-September, despite current seasonal weakness [15]. - The aluminum sector is stabilizing at the bottom, with a slight increase in processing rates among leading companies [16]. - The gold market remains highly active, influenced by international geopolitical developments and trade agreements [17]. - The rare earth sector is experiencing significant price increases and regulatory changes, indicating a bullish outlook [35]. - The antimony market is expected to see price recovery due to improved export expectations and domestic production cuts [36]. - The molybdenum market is witnessing price increases driven by rising demand from steel manufacturers [37]. Summary by Sections 1. Base and Precious Metals Market Overview - Copper prices decreased slightly, with LME copper at $9734.50 per ton and SHFE copper at ¥78,700 per ton [15]. - Aluminum prices also fell, with LME aluminum at $2593.00 per ton and SHFE aluminum at ¥20,600 per ton [16]. - Gold prices showed a minor increase, with COMEX gold at $3383.50 per ounce [17]. 2. Base and Precious Metals Fundamental Updates 2.1 Copper - The copper processing fee index dropped to -$41.15 per ton, and domestic copper inventory decreased by 0.2 thousand tons to 13.17 thousand tons [15]. - The operating rate in the copper industry fell by 7.39% to 52.1% due to raw material shortages [15]. 2.2 Aluminum - Domestic aluminum ingot inventory decreased by 1.1 thousand tons to 596 thousand tons, while the operating rate for aluminum processing companies rose by 0.5% to 60.0% [16]. - The complete cost of electrolytic aluminum is ¥16,718 per ton, with industry profits around ¥3,960 per ton [16]. 2.3 Precious Metals - The gold market is influenced by international trade agreements and geopolitical tensions, maintaining a volatile trading environment [17]. 3. Minor Metals and Rare Earth Market Overview - The rare earth sector is seeing price increases, with praseodymium-neodymium oxide at ¥622,300 per ton, up 11.61% [35]. - Antimony prices are expected to recover due to improved export conditions and domestic production cuts [36]. - Molybdenum prices are rising as demand from steel manufacturers increases, with molybdenum concentrate prices at ¥4,420 per ton [37]. 4. Minor Metals and Rare Earth Fundamental Updates 4.1 Rare Earth - Regulatory changes in the rare earth industry are expected to enhance market conditions, with significant price increases anticipated [35]. 4.2 Antimony - The antimony market is poised for recovery, supported by export expectations and production cuts [36]. 4.3 Molybdenum - Molybdenum prices are on the rise due to increased demand from the steel sector, with a notable recovery in steel procurement volumes [37].

SDICSI 2025 年 8 月 22 日 佳鑫国际 (3858.HK) 佳鑫国际（3858.HK）IPO 点评报告 报告摘要 公司概览 佳鑫国际是扎根于哈萨克斯坦的钨矿公司，专注于开发巴库塔钨矿。公司此次寻求在香港 以及哈萨克斯坦的阿斯塔纳国际交易所（AIX）双重主要上市。根据招股书弗若斯特沙利文 资料，截至2024年底，巴库塔钨矿是一个全球最大型三氧化钨矿产资源量露天钨矿，也是全 球第四大WO3 矿产资源量钨矿（包括露天钨矿及地下钨矿）。公司产品包括含65% WO3的白钨 精矿。巴库塔钨矿项目于2025年4月开始一期商业生产，2025年的目标年度采矿及矿物加工 能力为3.3百万吨钨矿石，预计2027年第一季度就巴库塔钨矿项目展开二期商业生产，预期 达到4.95百万吨/年的目标产量。目前公司已与江西铜业香港和江西钨业就2025年及2026年 订立白钨精矿销售协议。公司预计在钨矿石精矿生产稳定后，计划使用全球发售所得款项 作进一步加工步骤，以生产仲钨酸铵及碳化钨。 根据招股书，公司2025年前未产生收入， 2025年截至6月底收入为1.26亿港币。 2022/2023/2024年度公司的归母净利为-93.6 ...

Investment Rating - The investment rating for the small metals industry is "Positive" (maintained) [5] Core Views - The report highlights that the export improvement has driven the continuous rise in praseodymium and neodymium oxide prices, with a recent increase of 4.99% to 557,500 CNY/ton. Meanwhile, dysprosium oxide and terbium oxide prices have decreased by 1.83% and 1.90%, respectively [6][13] - The report emphasizes the strong demand for rare earths, particularly in the context of the U.S. Department of Defense's investment in MP Materials and its collaboration with Apple, which is expected to support the supply of key raw materials for electronic products [6] - The report suggests that the small metals sector is experiencing a high level of activity and potential growth, particularly in the context of controlled nuclear fusion materials, which are expected to benefit from ongoing technological breakthroughs and commercialization efforts [7] Summary by Sections Rare Earths - In the last two weeks, praseodymium and neodymium oxide prices increased by 4.99% to 557,500 CNY/ton, while dysprosium and terbium oxide prices decreased by 1.83% to 1.61 million CNY/ton and by 1.90% to 6.975 million CNY/ton, respectively [6][13] Molybdenum - Molybdenum concentrate prices rose by 1.87% to 4,365 CNY/ton, and molybdenum iron (Mo60) prices increased by 1.28% to 277,000 CNY/ton [25] Tungsten - Black tungsten concentrate prices increased by 3.63% to 200,000 CNY/ton, and ammonium paratungstate prices rose by 5.26% to 300,000 CNY/ton [33] Tin - SHFE tin prices rose by 0.71% to 266,800 CNY/ton, while LME tin prices increased by 1.70% to 33,750 USD/ton [48] Antimony - Antimony ingot prices decreased by 2.67% to 182,500 CNY/ton, and antimony concentrate prices fell by 1.54% to 16,000 CNY/ton [50] Nuclear Fusion New Materials - The report notes that the commercialization of controlled nuclear fusion is accelerating, with significant advancements in technology and potential benefits for upstream materials [7]

Investment Rating - Industry rating: Recommended [3] Core Insights - The lithium carbonate price increased by 0.91% to 72,000 CNY/ton as of August 8, 2025, indicating a supply-demand imbalance in the industry that may be difficult to resolve [6][42] - Nickel prices rose, with LME nickel closing at 212,232 USD/ton, up 1.51% from August 1, 2025, while domestic nickel prices also increased by 1.05% to 121,000 CNY/ton [21][24] - Cobalt prices showed mixed trends, with electrolytic cobalt down 1.48% to 266,000 CNY/ton, while cobalt oxide rose by 2.54% to 203.50 CNY/kg [25][30] - Antimony prices decreased, with antimony ingot averaging 185,000 CNY/ton, down 1.33% from July 31, 2025, amid tight supply conditions [31][35] - The nickel industry faces potential supply disruptions due to the suspension of production lines by Chinese mining giant Tsingshan in Indonesia, which may impact local nickel mining and support nickel prices [12][24] Summary by Sections Nickel and Cobalt Industry Updates - Nickel prices increased, with LME nickel at 212,232 USD/ton and domestic nickel at 121,000 CNY/ton, while supply remains stable despite weather conditions [21][24] - Cobalt prices fluctuated, with electrolytic cobalt down and cobalt oxide up, influenced by raw material shortages from the Democratic Republic of Congo [25][30] Antimony Industry Update - Antimony prices fell, with domestic antimony ingot at 185,000 CNY/ton, as supply remains tight and production is limited due to many manufacturers being offline [31][35] Lithium Industry Update - Lithium carbonate prices rose to 72,000 CNY/ton, with high inventory levels and slow de-stocking, indicating ongoing supply challenges [6][42] Rare Earth Industry Update - The rare earth market remains stable, with domestic production indicators not showing significant growth, and the U.S. government is working to rebuild its rare earth supply chain [15][42] Tin Industry Update - Tin prices increased, with LME tin at 33,900 USD/ton, as supply from Myanmar remains constrained due to production issues [9][15] Tungsten Industry Update - Tungsten prices rose slightly, with white tungsten at 193,500 CNY/ton, as supply remains tight due to reduced mining quotas [10][11] Investment Recommendations - Recommended companies include Tianhua New Energy, Yahua Group, and Ganfeng Lithium, which are expected to benefit from the current market dynamics in lithium supply [42]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The financial support for the continuous improvement of the economy has increased. China's central bank implements a moderately loose monetary policy, aiming to maintain ample liquidity and promote a decline in financial market interest rates and social comprehensive financing costs [2]. - The US labor market has slowed down rapidly, with the July non - farm payrolls increasing by only 73,000, the lowest in 9 months, and the unemployment rate rising slightly to 4.2%, which may trigger new recession concerns [3]. - The real estate industry policy implementation rhythm is expected to accelerate, and the policy flexibility of first - tier cities and core areas may exceed expectations [29]. - The macro - policy may focus more on monetary policy relaxation in the third quarter, considering the low possibility of short - term fiscal incremental policies [29]. Summary by Directory 1. Macro Data Overview - In Q2 2025, GDP at constant prices had a year - on - year quarterly increase of 5.2%, slightly lower than the previous quarter's 5.4% but higher than the same period last year's 4.7% [1]. - In July 2025, the manufacturing PMI was 49.3%, down from 49.7% in the previous month; the non - manufacturing PMI for business activities was 50.1%, down from 50.5% in the previous month [1]. - In June 2025, the year - on - year growth rates of M0, M1, and M2 were 12.0%, 4.6%, and 8.3% respectively, with M1 and M2 showing significant increases compared to the same period last year [1]. 2. Commodity Investment Reference Comprehensive - China's central bank will implement a moderately loose monetary policy in the second half of 2025, including reducing the deposit reserve ratio and lowering policy interest rates [2]. - The US President Trump modified "reciprocal tariffs" for dozens of countries, with rates ranging from 10% to 41%, and postponed the effective date to August 7 [2]. Metals - The price of tungsten has reached a new high due to supply contraction and an increase in long - term contract prices. In the past two weeks, the price of black tungsten concentrate has risen by 7.82% to 193,000 yuan/ton, and the price of ammonium paratungstate has risen by 7.95% to 285,000 yuan/ton [5]. - Three major steel enterprises jointly opposed the speculation of high molybdenum prices, as the profit of the industrial chain is highly concentrated in the mining end [5]. Coal, Coke, Steel, and Minerals - The China Coking Industry Association decided to raise the price of coke on July 31, with different price increases for different types of coke [9]. - In July 2025, India's coal production was 46.4 million tons, a year - on - year decrease of 16%; sales were 53.7 million tons, a year - on - year decrease of 11% [9]. Energy and Chemicals - China plans to reform the pricing mechanism of provincial natural gas pipelines, transitioning from "one - line, one - price" and "one - enterprise, one - price" to regional pricing or unified provincial pricing [11]. - OPEC+ core members will decide whether to fully exit the 2.2 million barrels per day crude oil production cut plan in September or take a more cautious approach [12]. Agricultural Products - On August 3, the average price of live pigs was 14.29 yuan/kg, with a daily decline of 0.01 yuan/kg. The price increase at the beginning of the month failed to meet expectations [14]. - On August 1, the average price of pork in the national agricultural product wholesale market was 20.60 yuan/kg, a 1.3% decrease from July 25 [15]. 3. Financial News Compilation Open Market - This week, 1.6632 trillion yuan of reverse repurchases in the central bank's open market will expire. Last week, the central bank conducted 1.6632 trillion yuan of reverse repurchase operations, with a net investment of 6.9 billion yuan [16]. Important News and Information - Starting from August 8, 2025, the interest income from newly issued national bonds, local government bonds, and financial bonds will be subject to value - added tax [17]. - The central bank requires steady and solid progress in the internationalization of the RMB, including expanding the use of RMB in trade and enhancing its financing currency function [19]. Bond Market Summary - China's bond market showed narrow - range fluctuations, with treasury bond futures rising and falling unevenly, and the yield of major interest - rate bonds in the inter - bank market fluctuating within 1 bp [23]. Foreign Exchange Market Express - The on - shore RMB closed at 7.2106 against the US dollar on August 4, down 176 basis points from the previous trading day [28]. Research Report Highlights - CICC Fixed Income believes that the policy focus will shift from fiscal to monetary policy in the second half of the year, and monetary policy relaxation will help reduce the fiscal interest burden [29]. - Huatai Securities believes that the policy implementation rhythm of the real estate industry is expected to accelerate, and the policy flexibility of first - tier cities may exceed expectations [29]. 4. Stock Market Important News - The new - share market of the Beijing Stock Exchange continues to be booming. The first - day increase of Dingjia Precision on July 31 was 479.12%, and the funds frozen in the online subscription exceeded 60 billion yuan for the first time [33]. - The Hong Kong Stock Exchange's IPO pricing mechanism has been reformed, with new rules taking effect on August 4, including optimizing the new - share allocation ratio and reducing the public shareholding threshold [34].

Investment Rating - Investment Rating: Positive (Maintained) [4] Core Views - The report highlights that the price of praseodymium and neodymium oxide has entered an upward channel, with a recent increase of 10.97% to 531,000 CNY/ton. Meanwhile, dysprosium oxide has decreased by 2.38% to 1,640,000 CNY/ton, and terbium oxide has dropped by 0.97% to 7,110,000 CNY/ton. The positive sentiment is driven by supply constraints and strong demand for end-use magnetic materials [3][4][12]. - The molybdenum market is experiencing a price increase, with molybdenum concentrate prices rising by 7.53% to 4,285 CNY/ton. However, downstream demand is weak, leading to expectations of price fluctuations [4][24]. - Tungsten prices have reached a historical high due to supply reductions and price adjustments in long-term contracts, with black tungsten concentrate prices increasing by 7.82% to 193,000 CNY/ton [4][34]. - The tin market is characterized by a supply-demand imbalance, with SHFE tin prices rising by 0.15% to 265,000 CNY/ton, while LME tin prices increased by 0.08% to 33,185 USD/ton [4][40]. - Antimony prices are experiencing fluctuations, with antimony ingot prices decreasing by 1.32% to 187,500 CNY/ton, attributed to low smelting output and tight raw material supply [4][56]. - The report emphasizes the accelerating commercialization of controlled nuclear fusion materials, with significant investments from state-owned enterprises, indicating a promising outlook for upstream materials [6]. Summary by Sections Rare Earths - Recent price movements show praseodymium and neodymium oxide prices increased by 10.97% to 531,000 CNY/ton, while dysprosium and terbium prices decreased [12][4]. Molybdenum - Molybdenum concentrate prices rose by 7.53% to 4,285 CNY/ton, with expectations of price stabilization due to weak downstream demand [24][4]. Tungsten - Black tungsten concentrate prices increased by 7.82% to 193,000 CNY/ton, driven by supply constraints and price adjustments in long-term contracts [34][4]. Tin - SHFE tin prices rose by 0.15% to 265,000 CNY/ton, while LME tin prices increased by 0.08% to 33,185 USD/ton, reflecting a supply-demand imbalance [40][4]. Antimony - Antimony ingot prices decreased by 1.32% to 187,500 CNY/ton, influenced by low smelting output and tight raw material supply [56][4]. Nuclear Fusion Materials - The commercialization of controlled nuclear fusion is accelerating, with significant investments indicating a positive outlook for upstream materials [6].

Industry Overview - The ammonium paratungstate (APT) industry in China has seen significant development driven by national policy support and market demand, with China being the largest producer and seller of tungsten globally [1][7] - As of June 2025, the price of APT in China reached 251,500 yuan per ton, marking a year-on-year increase of 19.19% [1][7] - The Chinese government has implemented strict total control and quota management on tungsten mining to ensure sustainable resource utilization, with the first batch of tungsten mining indicators for 2025 being tightened, reducing the total control indicator by 4,000 tons, a decrease of 6.45% compared to 2024 [1][7] Supply and Demand Dynamics - The supply of tungsten concentrate is limited due to government policies, which in turn affects APT production [1][7] - There is a continuous increase in demand for APT driven by rapid global manufacturing and infrastructure development, particularly in downstream industries such as hard alloys, tungsten material processing, and petrochemicals [1][7] Production and Profitability - As of June 2025, the operating rate of APT in China was 74.95%, an increase of 9.76 percentage points year-on-year, driven by high APT prices that expanded profit margins for producers [9] - The gross profit margin for APT in the last week of June 2025 was 0.08 yuan per ton, a decrease of 52.94% year-on-year, indicating challenges in maintaining profitability due to raw material price fluctuations and increased competition [11] Export Trends - China has historically been a major exporter of APT, with export volumes significantly exceeding imports. However, in 2025, the implementation of export control policies led to a notable decline in export quantities, with a 52.78% year-on-year decrease in the first five months of 2025 [12] Key Players in the Industry - Major companies in the APT market include Xiamen Tungsten Industry Co., Ltd., Zhangyuan Tungsten Industry Co., Ltd., and Jiangxi Tungsten Industry Group, which are leaders in production scale, technology, and market share [14] - Xiamen Tungsten Industry has an annual APT production capacity of 45,000 tons and is recognized for its high-purity APT production technology [16] - Zhangyuan Tungsten Industry has a production capacity of 22,000 tons per year and has achieved significant improvements in production efficiency through advanced technologies [18] Industry Development Trends - The APT industry is expected to focus on technological innovation and green production methods to enhance product quality and production efficiency while minimizing environmental impact [20] - Companies are likely to accelerate the integration and extension of the industrial chain to enhance competitiveness and reduce risks, potentially through mergers and acquisitions [21] - The demand for APT is anticipated to expand further due to the acceleration of global industrialization and the growth of high-end manufacturing sectors such as renewable energy and aerospace [22]

Summary of Tungsten Industry Conference Call Industry Overview - The tungsten mining indicators in China have been tightened for two consecutive years, with the first batch of 2025 indicators decreasing by 6.5% to 58,000 tons, alongside increased efforts to combat illegal smuggling and enhance environmental inspections, aimed at controlling production and consolidating policy effects [2][4][6] - The global supply-demand relationship for tungsten is tightening, with an expected gap to continue expanding from 2026 to 2028 [2][3] - The price of tungsten concentrate in China has surged to 193,000 yuan per ton, marking a cumulative increase of 36% since the beginning of the year, reaching a historical high [2][5] Key Points and Arguments - **Export Controls**: China has implemented export controls on heavy tungsten acid, tungsten oxide, and tungsten carbide, leading to a short-term decline in export volumes. However, due to high overseas premiums, some products have seen a recovery, with ammonium paratungstate exports increasing by 70% year-on-year [2][4][6] - **Geopolitical Factors**: Conflicts between India and Pakistan have highlighted tungsten's strategic metal value, contributing to price increases [4] - **Supply Constraints**: Domestic and international supply constraints are expected to drive long-term price increases, with the market entering a bullish phase [3][4][17] - **Price Disparity**: There is a significant price disparity between domestic and overseas tungsten prices, with overseas APT prices significantly higher than domestic prices. Chinese companies can maintain growth by increasing exports to regions not subject to the 301 tariffs [2][16][20] Policy Measures - **Mining Quota Control**: China has a history of controlling tungsten mining quotas since 1991, with the first batch for 2025 set at 58,000 tons, a decrease from previous years [6] - **Export Control Implementation**: Export controls were strengthened in February 2025, leading to a drop in overall tungsten product exports, although certain downstream products like tools and blades have seen growth [22][23] - **Environmental and Smuggling Crackdown**: Increased efforts to combat illegal smuggling and enhance environmental inspections have been noted, effectively reducing over-extraction rates [6] Global Responses - **EU and US Initiatives**: Both the EU and the US have taken measures to secure critical metal supplies, with the EU setting local mining, processing, and recycling targets, and the US enhancing domestic production capabilities through legislation and international cooperation [7][9][12] - **US Tariffs**: The US has imposed a 25% tariff on Chinese tungsten concentrate and downstream products, aiming to restructure the supply chain and increase tungsten stockpiles in the fiscal years 2024-2025 [13][14][15] Future Supply and Demand Dynamics - **Supply Growth Limitations**: Global supply growth remains constrained, with emerging industries and geopolitical security demands driving long-term demand growth [17][19] - **Production Forecasts**: Global tungsten production is expected to rise from 81,000 tons in 2023 to 90,300 tons by 2028, with a compound annual growth rate of 2.57% [18][24] - **Chinese Market Drivers**: Demand in China is driven by manufacturing upgrades and large infrastructure projects, with significant growth in hard alloy tungsten material consumption [19] Price Trends and Predictions - **Short-term Price Outlook**: In the short term, the tightening supply-demand relationship and low global inventories are expected to benefit Chinese tungsten concentrate prices, potentially leading to new historical highs [24] - **Long-term Price Projections**: Long-term projections indicate that the global supply-demand gap will further widen, driving prices upward and indicating a bullish market trend [24] Investment Insights - **Company Performance Trends**: Analysis of major listed companies indicates stable profit growth driven by resource injection and downstream product price increases [26] - **Investment Selection Criteria**: Investors are advised to focus on companies with strong upstream resource development potential and robust downstream pricing capabilities, particularly those benefiting from high overseas premiums [27][28]

Group 1: Price Trends - Tungsten prices have been rising continuously this year, with black tungsten concentrate (≥65%) reaching 190,000 yuan/ton, up 32.9% since the beginning of the year [1] - White tungsten concentrate (≥65%) is priced at 189,000 yuan/ton, an increase of 33.1% year-to-date [1] - Ammonium paratungstate (APT) is at 280,000 yuan/ton, reflecting a 32.7% rise since the start of the year [1] Group 2: Market Performance - The A-share tungsten sector has seen a cumulative increase of over 60% as of July 25 this year [1] - Market funds are beginning to reassess investment opportunities in tungsten, which has been undervalued compared to other non-ferrous metals like copper and aluminum [1] Group 3: Supply Dynamics - The Ministry of Natural Resources has set a total tungsten mining quota of 58,000 tons for the first batch in 2025, a decrease of 4,000 tons or 6.45% from the previous year [1] - Major tungsten-producing provinces, Jiangxi and Yunnan, have reduced their mining volumes by 2,370 tons and 400 tons, respectively [1] - The natural decline in tungsten ore grades is providing strong support for tungsten prices [1] Group 4: Demand Drivers - The demand for tungsten products is increasing due to the accelerated transformation and upgrading of China's manufacturing sector, particularly in photovoltaic and hard alloy fields [2] - The market size for tungsten wire used in photovoltaic cutting is projected to grow from 719 million yuan in 2022 to 6.659 billion yuan by 2025 [2] - Companies like Guangdong Xianglu Tungsten Industry Co., Ltd. are ramping up production capabilities, with plans for an annual output of 30 billion meters of ultra-fine tungsten wire [2] Group 5: Industry Responses - Companies are actively responding to the challenges and opportunities presented by rising tungsten prices, with upstream mining firms leveraging resource advantages and downstream firms optimizing product structures [2] - Changyi Zhangyuan Tungsten Industry Co., Ltd. is enhancing its resource base through the integration of mining rights and increased exploration efforts [2] - Xiamen Tungsten Co., Ltd. aims to increase its tungsten resource assurance rate from 20% to 70% in the future [3] Group 6: Innovation and Cost Management - Companies are improving processes to manage cost pressures and enhance product value, such as Zhongtung High-tech Materials Co., Ltd. extending APT into micro-drill production for printed circuit boards [3] - The focus on high-value-added products is seen as a strategy to mitigate risks associated with raw material price fluctuations [3] - The impact of rising tungsten prices varies across the industry, with upstream companies benefiting from higher prices while downstream firms need to invest in product upgrades and innovation capabilities [3]

Investment Rating - Investment rating: Positive (maintained) [5] Core Views - The rare earth sector is experiencing price increases driven by overseas catalysts, with neodymium oxide rising 7.29% to 478,500 CNY/ton, dysprosium oxide up 2.44% to 1,680,000 CNY/ton, and terbium oxide increasing 0.84% to 7,180,000 CNY/ton [5][12] - Molybdenum prices are fluctuating at high levels due to increased steel demand, with molybdenum concentrate prices rising 4.46% to 3,985 CNY/ton [5][24] - Tungsten prices are at new highs due to supply contraction expectations, with black tungsten concentrate prices increasing 4.07% to 179,000 CNY/ton [5][29] - Tin prices are under pressure with SHFE tin down 1.01% to 264,500 CNY/ton, influenced by raw material shortages from Myanmar [5][37] - Antimony prices are adjusting downwards, with antimony ingot prices falling 1.30% to 190,000 CNY/ton due to reduced smelting output [5][48] - The controllable nuclear fusion materials sector is in a high-growth phase, with significant opportunities for upstream materials [6] Summary by Category Rare Earths - Recent price increases: neodymium oxide up 7.29% to 478,500 CNY/ton, dysprosium oxide up 2.44% to 1,680,000 CNY/ton, terbium oxide up 0.84% to 7,180,000 CNY/ton [5][12] Molybdenum - Molybdenum concentrate price increased 4.46% to 3,985 CNY/ton, while molybdenum iron (Mo60) rose 3.49% to 252,000 CNY/ton [5][24] Tungsten - Black tungsten concentrate price increased 4.07% to 179,000 CNY/ton, and ammonium paratungstate rose 4.35% to 264,000 CNY/ton [5][29] Tin - SHFE tin price decreased 1.01% to 264,500 CNY/ton, and LME tin fell 1.82% to 33,160 USD/ton [5][37] Antimony - Antimony ingot price decreased 1.30% to 190,000 CNY/ton, and antimony concentrate price fell 1.49% to 16,500 CNY/ton [5][48] Nuclear Fusion Materials - The controllable nuclear fusion industry is accelerating commercialization, with significant benefits expected for upstream materials [6]