Summary of Tungsten Market Insights and Future Outlook Industry Overview - The tungsten supply structure has undergone a fundamental transformation, with the recycling rate of tungsten scrap increasing from 10% in 2010 to over 40% by 2025, becoming a core method to compensate for the gap in primary tungsten ore supply [1][2][3]. - By 2025, the supply of primary tungsten ore is expected to decrease to 136,000 tons due to resource depletion, while total demand will rise to 266,000 tons, resulting in a substantial supply-demand gap of 18,000 tons that will drive prices significantly higher [1][2]. Key Demand Drivers - Tungsten consumption in cutting tools accounts for 42.8% of total tungsten consumption, serving as a primary engine for demand growth. Other sectors such as diamond wire tungsten, industrial robots, and military applications are also experiencing triple-digit growth [1][4][5]. - The demand for tungsten has shown significant growth in both traditional and emerging sectors, with notable increases in automotive production (9.69%), integrated circuits (115%), and industrial robots (278%) from 2021 to 2025 [4]. Supply Dynamics - China has transitioned from a net exporter to a net importer of tungsten, with net imports expected to reach approximately 28,000 tons by 2025. This shift, coupled with stricter export controls, has intensified global supply constraints, with reliance on overseas tungsten scrap increasing to 65.8% [1][12]. - The supply of primary tungsten ore has been declining since 2023, with projections indicating a drop from 163,300 tons in 2023 to 136,500 tons in 2025. This decline is attributed to the closure of older mines due to resource depletion [6][19]. Price Trends and Market Behavior - The initial price surge in early 2026 was driven by downstream companies stockpiling materials, creating a "false demand." This adjustment is expected to last 2-3 weeks, with prices anticipated to rise slowly and healthily throughout the year [1][8][19]. - Recent fluctuations in tungsten scrap prices have mirrored those of primary tungsten ore, indicating a close relationship between the two markets. The price volatility is not indicative of a fundamental change in the recycling environment [8][10]. Future Outlook - The tungsten market is expected to maintain a supply gap in 2026-2027, but this gap is projected to narrow compared to 2025. New domestic mines and increased imports from sources like the Bakuta tungsten mine in Russia are anticipated to contribute to supply growth [7][20]. - By 2028, with the release of new capacities from projects like Xiamen Tungsten's and Zhongtung High-Tech's upgrades, the supply-demand balance may improve [1][20]. Global Context - Globally, the recycling rate of tungsten scrap is high due to the scarcity of primary ore resources. By 2025, the actual utilization of tungsten scrap in foreign markets is expected to exceed 50% of total demand, with significant reliance on scrap from China [11][12]. - The absolute recovery amounts of tungsten scrap in China are projected to be higher than those in foreign markets, with domestic recovery expected to reach 109,000 tons by 2025 compared to approximately 79,000 tons abroad [13][14]. Market Participation and Challenges - The tungsten scrap market is characterized by numerous small participants, making it susceptible to price fluctuations. Recent market conditions have led to a scarcity of available scrap due to speculative behaviors among buyers and sellers [18]. - The recovery rates for different tungsten products vary significantly, with some applications yielding low recovery rates, while others, such as high-speed tool steel, have higher recovery potential [22][23]. Conclusion - The tungsten market is poised for continued growth driven by increasing demand across various sectors, despite challenges in primary ore supply. The dynamics of scrap recovery and market behavior will play crucial roles in shaping future price trends and supply stability.

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metals sectors [5] Core Insights - The London gold spot price has dropped significantly by 10.49% week-on-week, marking the largest weekly decline in six years, with the current price at $4,492 per ounce [10] - The financing environment index for small and medium enterprises (SMEs) is at 48.66 for February 2026, reflecting a month-on-month decrease of 3.20% [15] - The cumulative year-on-year sales area of commercial housing in China for January-February 2026 is down by 13.50% [18] Liquidity - The total liabilities of the Federal Reserve are reported at $6.61 trillion, with a week-on-week increase of 0.15% [10] - The M1 and M2 growth rate difference in February 2026 is -3.1 percentage points, showing a month-on-month increase of 1.0 percentage points [15] Infrastructure and Real Estate Chain - The cumulative year-on-year new construction area of commercial housing for January-February 2026 is down by 23.10% [18] - The national average price index for cement has increased by 1.58% week-on-week, with a current operating rate of 46.95% [59] Industrial Chain - The operating rate for semi-steel tires is at a five-year high of 78.25%, with a week-on-week increase of 0.54 percentage points [2] - The price of electrolytic aluminum is reported at 24,030 yuan per ton, reflecting a week-on-week decrease of 4.26% [9] Price Relationships - The price ratio of rebar to iron ore is currently at 3.94, indicating a significant price relationship [3] - The price difference between hot-rolled and rebar steel is 90 yuan per ton, with a week-on-week increase of 40 yuan [3] Export Chain - The new export orders PMI for China in February 2026 is at 45.00%, down by 2.8 percentage points month-on-month [3] - The CCFI composite index for container shipping rates is at 1,120.61 points, reflecting a week-on-week increase of 4.52% [3] Valuation Levels - The CSI 300 index has decreased by 2.19%, with the steel and industrial metals sectors showing a PB ratio of 30.19% and 63.67% relative to the CSI 300 [4] - The current PB ratio for the steel sector is 0.49, which is near its historical high of 0.82 [4] Investment Recommendations - The report suggests a long-term positive outlook for the non-ferrous metals and steel sectors, while short-term observations should focus on oil price performance and steel production policies [4]

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry, indicating an expected performance that exceeds the broader market by over 10% [2][14]. Core Insights - The report emphasizes the importance of monitoring low-level investment opportunities amidst pressured macroeconomic sentiment [1]. - It highlights the potential for recovery in demand as seasonal factors come into play, particularly in the context of geopolitical tensions affecting aluminum prices and the increasing value of gold allocations [4][6]. Summary by Sections Copper - The report notes that macroeconomic sentiment is under pressure, with a focus on downstream demand support. Recent prices for LME copper and SHFE copper were $12,022 and $94,740 per ton, reflecting week-over-week declines of 5.8% and 5.6% respectively. The copper concentrate processing fee has dropped significantly, indicating tight supply [6][10]. Precious Metals - The report suggests that there are opportunities for reallocation following recent adjustments in precious metals. SHFE gold and London spot gold prices were reported at ¥1,039.2 per gram and $4,595.1 per ounce, with week-over-week declines of 8.3% and 8.6% respectively. The volatility of gold has decreased, suggesting a potential stabilization in prices [6][10]. Aluminum - The aluminum sector is experiencing a pullback, with LME aluminum and SHFE aluminum prices at $3,329 and $24,020 per ton, down 5.4% and 3.8% week-over-week. The report indicates a high operating rate for electrolytic aluminum and a slight increase in processing rates, suggesting a recovery trend [6][10]. Minor Metals - Tungsten prices remain firm, while rare earths are under short-term pressure. The report notes that tungsten concentrate prices were at ¥1.025 million per ton, down 1.9% week-over-week. The Ministry of Commerce's new export controls on rare earths may lead to increased demand for non-restricted products [6][10]. Steel - The steel sector is seeing improvements in demand due to increased new home transactions and a faster resumption of construction activities. SHFE rebar and hot-rolled coil prices were reported at ¥3,123 and ¥3,297 per ton, with a slight decrease in rebar prices and a marginal increase in hot-rolled coil prices [7][10].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the strategic value of rare earths, tungsten, and uranium, highlighting their market dynamics and investment opportunities in the context of geopolitical tensions and macroeconomic conditions [1][2][3][4]. Tungsten Market Insights - Tungsten concentrate prices have stabilized around 1.03 million CNY per ton, driven by war narratives and consistent demand for ammunition and inventory replenishment [1][2]. - Despite a price increase of 7 to 8 times over the past year, the demand driven by war-related consumption is expected to sustain the high price levels for the next 2-3 years [2][3]. - The supply side is anticipated to see some incremental increases in 2026-2027, but these are unlikely to offset the demand driven by military spending [2][3]. - Companies to watch include Zhongtung High-tech and Xiamen Tungsten, which have resource growth expectations, as well as China Uranium and CGN Mining, which are entering a favorable valuation range [1][3]. Rare Earth Market Dynamics - After the Spring Festival in 2026, prices for praseodymium and neodymium oxide have retreated due to increased downstream operating rates and the conclusion of proactive inventory replenishment [3]. - Despite the price drop, processing fees for medium and heavy rare earths remain strong, indicating a scarcity in the smelting segment rather than at the mining level [3]. - The long-term upward trend in rare earth prices remains intact, supported by strong demand in high-tech sectors and overseas inventory replenishment needs [3]. - Key companies to consider include Northern Rare Earth, China Rare Earth, and Shenghe Resources, particularly in the context of macroeconomic hedging against geopolitical uncertainties [3]. Uranium Market Analysis - The spot price of natural uranium has stabilized around $86, with a backwardation situation compared to the long-term price of approximately $90 [4]. - 2026 is projected to be a pivotal year for the uranium industry, marked by capital expenditure expansion, inventory replenishment, and price increases [4]. - The adjustment in stock prices is attributed to both commodity price pressures and valuation concerns, but companies like China Uranium and CGN Mining are expected to enter a highly favorable valuation range if stock prices continue to adjust [4]. - Investment opportunities are highlighted in the context of the upcoming nuclear power projects in China, with a focus on the strong resource growth potential of CGN Mining [4]. Additional Considerations - The overall sentiment in the tungsten market remains cautious, with a focus on the balance between supply and demand amid ongoing geopolitical tensions [2][3]. - The rare earth sector is seen as a macro hedge against the backdrop of de-globalization and U.S.-China relations, emphasizing the importance of strategic resource allocation [3].

Investment Ratings - The report does not explicitly provide investment ratings for the industries discussed. Core Insights - The report highlights significant price declines across various metals, including copper, aluminum, and gold, driven by macroeconomic factors and geopolitical tensions. The overall sentiment indicates a cautious outlook for the near term, with potential recovery in specific sectors anticipated due to underlying demand dynamics [12][15][62]. Summary by Sections Copper - LME copper price decreased by 7.07% to $11,834.5 per ton, while Shanghai copper fell by 5.55% to ¥94,700 per ton. The processing fee for imported copper concentrate dropped to -$67.32 per ton. National copper inventory decreased by 8.85% week-on-week, but increased by 17.67% year-on-year. The operating rate of waste anode plate enterprises fell to 58.31%, with expectations of further decline to 54.65% next week. Cable enterprises saw a slight increase in orders, but overall operating rates only rose by 3.93% to 70.52% due to cautious purchasing sentiment [13][14]. Aluminum - LME aluminum price fell by 7.18% to $3,192.0 per ton, and Shanghai aluminum decreased by 3.77% to ¥24,000 per ton. Domestic aluminum rod inventory decreased to 369,500 tons. The operating rate of downstream aluminum processing enterprises slightly increased by 1% to 62.9%, indicating a slight recovery in demand. The operating rate for aluminum foil enterprises rose to 73.6%, supported by strong orders for battery and packaging foils [14]. Gold - COMEX gold price dropped by 10.36% to $4,492.0 per ounce, with SPDR gold holdings decreasing by 13.72 tons to 1,056.99 tons. Geopolitical risks, particularly related to the ongoing conflict involving Israel and Iran, have contributed to market volatility. The report notes that the situation remains fluid, with potential implications for energy supply and prices [15]. Rare Earths - The price of praseodymium-neodymium oxide decreased by 12.44% to ¥702,800 per ton. The report anticipates a gradual recovery in prices due to improved demand and easing export restrictions. Key companies to watch include China Rare Earth, Northern Rare Earth, and Baotou Steel Rare Earth [39][40]. Tungsten - Tungsten prices fell by 3.00%, attributed to profit-taking by traders rather than a fundamental downturn. The report suggests that tungsten remains a priority due to increased strategic stockpiling overseas [42]. Lithium - The average price of lithium carbonate decreased by 2.2% to ¥154,300 per ton, while lithium hydroxide fell by 2.8% to ¥153,500 per ton. Lithium production increased to 24,200 tons, with a slight rise in inventory levels. The market is characterized by cautious purchasing behavior, with upstream suppliers reluctant to sell at lower prices [63]. Cobalt - Cobalt prices decreased by 0.2% to ¥431,000 per ton, with stable demand expected to support prices in the medium term. The report highlights a steady upward trend in cobalt's market dynamics [64].

Investment Rating - The industry is rated as "Outperform" [5] Core Insights - Precious metals are under pressure due to rising inflation expectations and the Federal Reserve's decision to delay interest rate cuts, leading to a continued decline in gold prices [9][10] - Industrial metals, particularly copper, are facing downward pressure due to escalating geopolitical tensions and inflation warnings, resulting in significant price drops [12][13] - The lithium carbonate market is experiencing a price decline while maintaining low inventory levels, with a gradual recovery in production expected [18][21] - The tungsten market remains in a tight balance between supply and demand, with ongoing negotiations between buyers and sellers [22][23] Summary by Sections Precious Metals - Inflation expectations are rising, and the Federal Reserve has maintained interest rates, contributing to a downward trend in gold prices [9][10] - Gold prices have seen declines of approximately 10.49% to 10.57% across various markets [9] - Key stocks to watch include Zhaojin Mining, Zijin Mining, and others in both A-shares and H-shares [11] Industrial Metals - The copper market is under pressure due to geopolitical tensions and rising energy prices, leading to a significant drop in prices [12][13] - The price of copper has decreased by 5.6% this week, with concerns about supply disruptions [12] - Key stocks to monitor include Jiangxi Copper, Luoyang Molybdenum, and others [17] New Energy Metals - Lithium carbonate prices are declining, with production expected to recover steadily [18][21] - The demand for lithium remains strong, particularly in the energy storage sector, despite some market disruptions due to geopolitical issues [21] - Key stocks in this sector include Ganfeng Lithium and others [21] Other Minor Metals - The tungsten market is characterized by a tight supply-demand balance, with prices remaining stable amid ongoing negotiations [22][23] - The market is gradually shifting towards high-end and green transformation, with various segments showing differentiated development [23] - Key stocks to watch include Jinxin International Resources and others [23]

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the industry, indicating an expected increase in performance relative to the benchmark index by over 10% [15]. Core Insights - Geopolitical tensions are likely to benefit aluminum prices, while the value of gold as an investment is becoming increasingly apparent [1]. - The report emphasizes the importance of seasonal demand recovery across various metals, including copper and aluminum, amidst ongoing supply chain challenges [7]. - The "14th Five-Year Plan" is expected to optimize the steel industry, promoting high-quality production and reducing excess capacity, which may enhance steel demand in infrastructure and construction sectors [8]. Summary by Sections Aluminum Sector - The aluminum prices have shown a week-on-week increase, with LME aluminum rising by 4.0% to $3,520 per ton, and SHFE aluminum increasing by 1.0% to ¥24,960 per ton [7]. - The report highlights the ongoing impact of Middle Eastern supply issues and the seasonal recovery in demand [7]. Copper Sector - The copper market is experiencing slight inventory accumulation, with LME copper prices at $12,758 per ton, reflecting a week-on-week decrease of 0.4% [7]. - The report suggests focusing on companies with rich copper resource reserves, such as Zijin Mining and China Gold International [11]. Precious Metals - The report notes a decline in gold prices, with SHFE gold at ¥1,133.0 per gram and London spot gold at $5,018.1 per ounce, indicating a week-on-week decrease of 0.7% and 2.4% respectively [7]. - It suggests that the current volatility in gold prices may stabilize as market conditions improve [7]. Minor Metals - Tungsten prices have increased by 15.5% week-on-week, with the price reaching ¥1,045,000 per ton [7]. - The report indicates potential growth in export demand for non-restricted rare earth products due to new regulations [7]. Steel Sector - The report notes a week-on-week increase in steel prices, with SHFE rebar and hot-rolled coil prices rising by 1.7% and 2.0% respectively [8]. - The "14th Five-Year Plan" is expected to drive demand for steel through infrastructure projects and urban development [8]. Investment Recommendations - The report recommends focusing on companies in the aluminum sector such as Shenhuo Group and China Aluminum, as well as steel companies like Baosteel and Shougang [11].

Summary of Conference Call for Dawi Co., Ltd. Industry and Company Overview - **Company**: Dawi Co., Ltd. - **Industry**: Semiconductor storage and lithium mining Key Points from the Conference Call Semiconductor Storage Business - Revenue from semiconductor storage exceeded 1 billion yuan, with a year-on-year increase of over 25%, accounting for more than 90% of total revenue [2][16] - Gross margin for the semiconductor storage business is approximately 6.5% [2][16] - The company successfully introduced products to major clients such as Sichuan Jiuzhou, Konka, and leading domestic server ODM manufacturers, enhancing its market penetration in key industries [2][4] - The core growth logic for 2025 includes the super price increase cycle in the industry, domestic substitution trends, and the explosive demand from AI scenarios [3][16] - The company is transitioning from a module supplier to an integrated design and manufacturing entity by establishing a subsidiary focused on high-end storage chip R&D [2][7] Product Development and Client Expansion - The company is optimizing its product structure, maintaining stable sales of DDR4, LPDDR4X, and eMMC series while increasing the sales proportion of server memory and enterprise SSDs [3] - New key clients include Youxian Technology, Sichuan Jiuzhou, and Guangdong Chaoge, which diversify the client structure and enhance strategic cooperation [4] Supply Chain and Risk Management - The company has established a dual-driven supply system combining international and domestic suppliers to mitigate risks from core material price fluctuations [5] - Strategic inventory management and supplier relationships are in place to ensure material supply and counteract price volatility [5] Future Plans and Market Positioning - In 2026, the focus will be on high-end storage applications in AI, with plans to accelerate the production of large-capacity eMMC and LPDDR5 products [6] - The company aims to deepen collaboration with upstream and downstream partners to optimize product performance and reliability [6] Lithium Mining Projects - The company has invested 150 million yuan in the Chenzhou lithium project, with a key milestone achieved in the exploration report approval [9] - The Guizhou Dachong lithium mine has significant resources, including 200 million tons of feldspar and 320,000 tons of lithium oxide, with a potential value in the hundreds of billions [11][12] - The mining strategy includes a combined recovery process for lithium, tungsten, and tin, maximizing resource utilization and reducing costs [11][15] Brand Development - The company's self-owned brand "Dawi Innovation" (DW Micro) has made significant progress in product development and market entry, focusing on high-end and domestic products [8] - The brand has received recognition and certifications, enhancing its market presence [8] Financial Strategy - The company is launching a targeted private placement to fund embedded storage R&D, with an expected post-tax internal rate of return of 14% [2][17] - The financing aims to capitalize on the current AI-driven market demand and support the company's long-term strategic goals [16][17] Competitive Advantages - The company possesses advanced equipment and a solid R&D team, ensuring high-quality product development and market competitiveness [16][18] - Established relationships with major clients and a robust supply chain position the company well for future growth [18][19] Tungsten Mining Strategy - The company plans to develop tungsten resources alongside lithium mining, utilizing a comprehensive recovery approach to enhance economic efficiency [20] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's growth trajectory in the semiconductor storage and lithium mining sectors.

Liquidity - SPDR Gold ETF holdings decreased week-on-week [4] - BCI small and medium enterprise financing environment index for February 2026 is 48.66, down 3.20% month-on-month [4] - M1 and M2 growth rate difference in February 2026 is -3.1 percentage points, up 1.0 percentage points month-on-month [4] - Current London gold spot price is $5018 per ounce [4] Infrastructure and Real Estate Chain - Blast furnace capacity utilization rate for January-February is at the highest level in five years [5] - Price changes this week: rebar +2.84%, cement price index -0.27%, rubber +3.89%, coke +0.00%, coking coal +0.22%, iron ore +3.67% [5] - National blast furnace capacity utilization rate, cement, and asphalt operating rates changed by +0.03 percentage points, +0.32 percentage points, and -6.5 percentage points respectively [5] Real Estate Completion Chain - Titanium dioxide and glass prices are at low levels [6] - This week, titanium dioxide and glass prices increased by 0.75% and 0.37% respectively, with titanium dioxide gross profit at -1901 yuan/ton and flat glass operating rate at 70.81% [6] Industrial Products Chain - National PMI new orders index for February is 48.60% [7] - Major commodity price performance this week: cold-rolled +0.87%, copper -0.57%, aluminum +2.83%, with corresponding gross profit changes of -70.77%, +19.53%, and +7.51% [7] - National semi-steel tire operating rate is 77.71%, up 3.68 percentage points month-on-month [7] Subcategories - Orientation silicon steel price increased for the first time since October 12, 2024 [8] - Graphite electrode price for ultra-high power is 19000 yuan/ton, unchanged, with a comprehensive gross profit of 1653.64 yuan/ton, down 6.45% [8] - Electrolytic aluminum price is 25100 yuan/ton, up 2.83%, with estimated profit at 7728 yuan/ton (excluding tax), up 7.51% [8] - Electrolytic copper price is 100630 yuan/ton, down 0.57% [8] - Tungsten concentrate price is 1050000 yuan/ton, up 14.25% from last week [8] Price Comparison - Hot-rolled and rebar price difference is at the lowest level in five years [9] - Rebar and iron ore price ratio this week is 4.02 [10] - Price difference between hot-rolled and rebar steel is 50 yuan/ton this week [10] - Price difference between Shanghai cold-rolled steel and hot-rolled steel is 390 yuan/ton, up 120 yuan/ton month-on-month [10] - Price ratio of stainless steel hot-rolled to electrolytic nickel is 0.10 [10] - Price difference between small rebar (mainly used in real estate) and large rebar (mainly used in infrastructure) is 150 yuan/ton this week, down 6.25% from last week [10] - Price difference between medium-thick plate and rebar steel is 100 yuan/ton this week [10] Export Chain - February PMI new export orders for China is 45.00%, down 2.8 percentage points month-on-month [11] - China export container freight index CCFI composite index this week is 1072.16 points, up 1.70% [11] - US crude steel capacity utilization rate is 77.40%, down 0.90 percentage points month-on-month [11] - Announcement No. 79 jointly issued by the Ministry of Commerce and the General Administration of Customs on December 12, 2026, will implement export license management for certain steel products starting January 1, 2026, aiming to further regulate China's steel product exports [11] Valuation Percentiles - This week, the CSI 300 index increased by 0.19%, with the best-performing cyclical sector being coal mining (+5.13%) [12] - The PB ratio of ordinary steel and industrial metals relative to the PB ratio of the Shanghai and Shenzhen markets are 38.60% and 75.51% respectively [12] - The current PB ratio of the ordinary steel sector relative to the Shanghai and Shenzhen markets is 0.53, with the highest value since 2013 being 0.82 (reached in August 2017) [12]

Summary of Conference Call on Tungsten Tooling Industry Industry Overview - The tungsten concentrate price has increased sixfold since 2025, with expectations of supply contraction supporting high prices until mid-2026 [1] - Companies like Zhongtung High-tech, Oke Yi, Huarui Precision, and Xinxin Co. have significant low-cost tungsten carbide inventories, with costs below 1 million CNY/ton compared to the current price of 2.3 million CNY/ton [1][2] Key Company Insights Zhongtung High-tech - Current mining capacity is 12,000 to 13,000 tons, with profit expectations reaching tens of billions in 2026 [1][3] - Future capacity is expected to double with the addition of three new mines, providing solid support for its current market valuation of approximately 150 billion CNY [3] Huarui Precision - Anticipates a year-on-year shipment increase of over 30% in Q1 2026, following a price increase of 25-30% and further expected increases of at least 40% [1][8] - Established a joint venture to extend its reach into upstream hard alloy products and tungsten recycling, enhancing its profit potential [8][9] Oke Yi - Expected to see significant growth in 2026, driven by performance elasticity and potential expansion into PCB drilling needle markets [4][5] - Holds over 1,000 tons of low-cost tungsten carbide inventory, with costs around 1 million CNY/ton [7] Xinxin Co. - Has a substantial inventory of 2,000 to 3,000 tons of low-cost raw materials, with expected revenue and profit growth in 2026 [7] - The acquisition of Huilian Electronics for PCB drilling is expected to contribute to performance in mid-2026 [1][7] Market Dynamics - The price of tungsten-related products has seen a significant increase from early 2025 to Q1 2026, with tungsten concentrate prices rising from approximately 140,000 CNY/ton to 1,040,000 CNY/ton, a sixfold increase [2] - The price increase has directly driven stock price increases for related companies, particularly those with low-cost inventories [2] - Current market consensus indicates that recent price fluctuations are temporary, with no signs of a peak in tungsten prices [6] Performance Expectations - Companies are expected to see substantial profit releases in 2026 due to their low-cost inventory, with Oke Yi and Huarui Precision projected to support market capitalizations of 13 to 15 billion CNY, corresponding to annual profits of 400 to 600 million CNY [5][6] - Xinxin Co. is expected to support a market cap of 18 to 20 billion CNY, with annual profits of 700 to 1,000 million CNY [6] Conclusion - The tungsten tooling industry is poised for significant growth driven by rising prices and strategic inventory management by key players. The anticipated performance in 2026 is expected to exceed market expectations, particularly for companies with robust low-cost inventories and strategic acquisitions [6][7]