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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]

Summary of Eddie Precision's Conference Call Company Overview - Eddie Precision specializes in high-end hydraulic components (main pumps, main valves, travel motors, swing motors) primarily used in excavators, accounting for over 50% of the company's overall business [2][5][6]. Industry Insights - The excavator market experienced a growth rate of approximately 16% in the first half of 2025, while Eddie Precision's high-end hydraulic components grew by 30%-40%, attributed to increased market share among OEMs and enhanced core competitiveness [2][5][6]. - The hydraulic breaker, Eddie Precision's second-largest business segment, constitutes about 35% of the company's operations. Its growth was limited in the first half of 2025 due to low operating rates of large excavators in China, but overseas exports performed well [2][7]. Key Products and Performance - **Travel Motors**: This is Eddie Precision's leading product, with the company being the only domestic supplier to OEMs, resulting in a continuous increase in market share [2][6]. - **Hydraulic Breakers**: These are widely used in mining, municipal engineering, and hydropower projects. The demand for hydraulic breakers is significant, especially in complex geological environments [3][5]. - **Overall Growth**: Hydraulic components saw an overall growth of 30%-40% in the first half of 2025, driven by domestic substitution of imports and increased market share among OEMs [2][6]. Financial Performance - The gross profit margin for hydraulic components and hydraulic breakers was stable at around 30%-32% [12][13]. - The company has faced pressure to reduce prices from OEMs, but has managed to maintain profitability through automation and process improvements [13]. International Expansion - Eddie Precision's overseas sales account for approximately 20%-25%, with major markets including the USA, Russia, the Middle East, India, and Southeast Asia. Caterpillar in the USA is the largest customer, accounting for over 20% of sales [14][15]. - A new factory in Thailand is expected to start production in September or October 2025, aiming to increase overseas sales to 50% within the next three to five years [14]. New Business Ventures - Eddie Precision is incubating new industries, including industrial robots and RV reducers, which previously incurred annual losses of about 50 million yuan but are now showing improvement [8][10]. - The company aims for each new venture to achieve over 100 million yuan in sales and break even [8][9]. - The new products are expected to have a broad customer base across various manufacturing sectors, relying on both distribution and direct sales [17]. Challenges and Future Outlook - The company anticipates continued strong growth in the hydraulic components sector, with expectations of maintaining robust performance in the next couple of years [2][6]. - The focus on automation and process improvements is expected to enhance overall profitability as the company scales up its operations and diversifies its product offerings [13][16].

Investment Rating - The report maintains an "Overweight" rating for the tungsten industry, indicating a forecasted investment return exceeding the market benchmark index by 5% to 15% over the next 6-12 months [5]. Core Insights - The tungsten market is experiencing a significant demand surge driven by the launch of the Yajiang hydropower project, which is expected to substantially increase the demand for tungsten in shield tunneling applications [1]. - The price of tungsten concentrate has reached a historical high of 182,500 RMB per ton as of July 21, 2025, with continuous price increases since May 13, 2025 [1]. - Future demand for tungsten is anticipated to grow from multiple sectors, including photovoltaic tungsten wire, military applications, and controlled nuclear fusion, alongside the demand from the Yajiang hydropower project [2]. - The supply of tungsten ore is constrained due to a significant reduction in mining quotas, with the first batch for 2024 set at 62,000 tons, a decrease of 1,000 tons from 2023, and a further reduction to 58,000 tons for 2025, marking a 6.45% decline [2][14]. - Export control policies have tightened the overseas tungsten market, leading to price increases in international markets, with European tungsten prices significantly higher than domestic prices [3]. Summary by Sections Demand Drivers - The Yajiang hydropower project, with a total investment of approximately 1.2 trillion RMB, is expected to significantly boost the demand for tungsten used in tunnel boring machines and other mining tools, which account for about 26.33% of total tungsten demand [1]. - The military sector is projected to see a 42% year-on-year increase in tungsten product orders, including hard alloy tools and armor-piercing projectiles [2]. Supply Constraints - The tightening of mining quotas reflects stricter regulatory measures in China's mining industry, which may further limit the production capacity of smaller mining enterprises [2]. - The first batch of tungsten mining quotas for 2024 and 2025 indicates a trend of decreasing supply, which is expected to maintain a tight balance in the tungsten market [2][14]. Price Trends - The report anticipates that while tungsten prices may experience some fluctuations, they are likely to remain at elevated levels over the next three years due to ongoing supply constraints and increasing demand from various sectors [4]. - The price disparity between domestic and international tungsten markets is notable, with European prices significantly higher, influenced by recent export control measures [3].

Core Points - The company is named Zhuzhou Oke Precision Cutting Tools Co., Ltd., established as a joint-stock company under Chinese law, with a registered capital of RMB 158.781708 million [1][2] - The company focuses on the domestic production and import substitution of high-precision CNC cutting tools, aiming to become a leading enterprise in intelligent CNC tools [3][4] - The company was approved for public offering of 25 million shares and listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 10, 2020 [1][2] Company Structure - The company is a permanent joint-stock company, with the chairman serving as the legal representative [2] - The company has a total of 158.781708 million shares issued, all of which are ordinary shares [5][6] - The company prohibits financial assistance for acquiring its shares, except for employee stock ownership plans [6][7] Share Issuance and Management - Shares are issued based on principles of openness, fairness, and justice, with equal rights for each share of the same category [4][5] - The company can increase capital through various methods, including issuing shares to unspecified objects or existing shareholders [6][7] - The company can reduce registered capital following legal procedures [6][7] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, attend meetings, supervise management, and request information [9][10] - Shareholders are obligated to comply with laws and the company's articles of association, and they cannot withdraw their capital except as legally permitted [14][15] - Major shareholders and actual controllers must exercise their rights in accordance with laws and regulations, ensuring the protection of the company's interests [42][43] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with specific procedures for calling and conducting these meetings [48][49] - Shareholder proposals must be submitted within a specified timeframe, and the company must provide adequate notice of meetings [58][60] - Decisions at shareholder meetings require a majority or two-thirds majority vote, depending on the nature of the resolution [80][82]

Group 1 - The core viewpoint of the article highlights the ongoing competition between China's resource advantages in tungsten and the West's efforts to protect domestic industries, leading to a restructuring of the global supply chain [2][3][6] - The global tungsten industry is characterized by a simultaneous struggle for resource control and technological upgrades, reflecting the broader industrial competition among developed nations [3][7][9] Group 2 - China's tungsten industry policy aims for transformation and upgrading, with a focus on controlling exports and enhancing technological capabilities [10][12][14] - The U.S. seeks to reduce dependency on Chinese tungsten through tariffs and by rebuilding critical industry nodes, facing challenges in cost, technology, and coordination with allies [17][21][23] Group 3 - The overall export volume of tungsten from China is declining, with a shift towards high-value-added products [33][34] - The concentration of tungsten resource flows is high, with differentiated export demands across markets [48][49] Group 4 - The article emphasizes the strategic significance of hard alloy tools in the tungsten industry, with a focus on emerging markets like Russia and ASEAN countries, as well as the impact of geopolitical factors on regional procurement [61][62][71] - The demand for cutting tools, particularly hard alloy tools, is expected to grow due to their essential role in high-end manufacturing sectors [61][62]

Investment Rating - The report rates the tungsten industry as "Positive" [4] Core Insights - The global tungsten industry is experiencing a complex situation characterized by resource control competition and technological upgrades, with supply chain camp formation [2][12] - China's tungsten industry is undergoing a transformation towards high-value-added products, driven by domestic upgrades and international market expansion [3][39] - The geopolitical landscape is influencing regional procurement trends, particularly in emerging markets like Russia and ASEAN countries [3][51] Summary by Sections 1. Background of the Game: Strategic Value of Tungsten Resources and Supply System - 80% of global tungsten resources come from China, while high-end application technologies are dominated by Europe and the US, leading to a clash between China's outward industrial upgrade and the US's protection of its domestic industries [12][13] - The US aims to reduce dependency on Chinese tungsten through tariffs and domestic mining initiatives, while China seeks to maintain its resource advantages and expand its international market share [2][12] 2. Policy Duel: China's and the US's Dual Strategies - China's tungsten industry policies focus on transformation and control, implementing measures such as export tariffs and quotas to manage production and sales [16][22] - The US is working to lower its reliance on Chinese tungsten by diversifying import sources and increasing domestic production through the Defense Production Act [25][30] 3. Export Trends: Acceleration of Transformation in the Tungsten Industry - China's tungsten exports are experiencing a decline in overall volume but are shifting towards high-value products, with significant growth in exports to Russia and ASEAN countries [39][51] - The export structure is changing, with a focus on high-end products like hard alloy tools, which have seen price increases and growing demand [45][43] 4. Industry Opportunities: Focus on Regional Markets in Russia, Europe, and ASEAN - The geopolitical situation is driving regional procurement, with Russia emerging as a significant market for Chinese tungsten exports, showing a compound annual growth rate of nearly 70% from 2018 to 2024 [3][51] - The EU's rearmament plans are expected to stimulate demand for tungsten products, particularly in Germany, creating opportunities for Chinese manufacturers [3][51]

Group 1 - The article highlights the critical importance of tungsten, noting that the U.S. holds over 30% of the world's proven reserves while China relies on imports for 95% of its tungsten needs [3][5] - The potential impact of U.S. supply disruptions on various sectors, including military, automotive, machinery, and chemicals, is discussed, emphasizing that such disruptions could lead to increased prices for consumers [3][5][7] Group 2 - The article proposes three strategies for China to address its tungsten dependency: diversifying procurement sources, accelerating domestic production and technology development, and establishing strategic reserves [5][7] - It suggests that China should deepen cooperation with countries like Vietnam and African nations for tungsten sourcing and processing, while also encouraging domestic research and development to enhance tungsten processing capabilities [5][7] - The establishment of strategic reserves is recommended to ensure a buffer against supply disruptions, similar to reserves for food and oil [5][7]

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 Viewpoint - Tungsten prices have surged, with ammonium paratungstate (APT) reaching a historical high of 250,000 yuan/ton, driven by tight supply conditions and decreasing ore grades [1][2][3] Group 1: Price Trends - On May 29, 2023, the price of 65% black tungsten concentrate reached 171,000 yuan/ton, up 19.6% year-to-date and 22.1% from the lowest price this year [1] - The price of 65% white tungsten concentrate was 170,000 yuan/ton, reflecting a 19.7% increase year-to-date and a 22.3% rise from the year's lowest price [1] - The average grade of tungsten ore is projected to decline from 0.42% in 2024 to 0.28% in 2025, increasing mining costs to over 100,000 yuan/ton [2] Group 2: Supply Dynamics - Global tungsten resources are concentrated, with China holding 55% of the 4.4 million tons of tungsten reserves [1] - The first batch of tungsten mining quotas for 2025 is set at 58,000 tons, a decrease of 4,000 tons (6.45%) from 2024 [1] - Major producing regions in China, such as Jiangxi and Yunnan, will see significant reductions in mining quotas, while low-producing areas will have their quotas set to zero [1] Group 3: Demand Drivers - Tungsten is essential in various industries, including aerospace, automotive, and electronics, with over 40% of tungsten demand coming from hard alloy tool production [2] - The military sector is experiencing rapid growth in tungsten demand, alongside increasing needs in high-end fields like aerospace, industrial robotics, and medical devices [2][3] - A report from CITIC Securities forecasts a supply-demand gap of 4,679 tons in the tungsten industry by 2025, which will support tungsten prices [3]