重塑钨权：供需趋紧叠加战略属性强化，资源价值重估正当时

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the tungsten industry, highlighting supply constraints and strategic importance due to geopolitical factors [1][3]. Core Insights and Arguments - Supply Tightening: The mining quotas for tungsten concentrate have been reduced year-on-year, leading to a significant decrease in supply. The Ministry of Natural Resources allocated 58,000 tons in April 2025, down by 4,000 tons from the previous year [2][20]. - Export Controls: China's export controls on tungsten-related products have resulted in a 17% year-on-year decline in export volumes from January to July 2025, exacerbating global shortages and widening the price gap between domestic and international markets to approximately $30 [2][19]. - Strategic Demand Growth: The strategic importance of tungsten is increasing, with the EU and the US classifying it as a critical mineral. This has led to initiatives aimed at increasing reserves and reducing dependency on foreign sources, which is expected to drive long-term price increases [3][20]. - Limited New Production: New tungsten mining projects in China, such as the Bohai Cobalt Mine and the Shizhu Garden project, are expected to add only about 5,000 tons of output, insufficient to offset declines from aging mines [5][6]. - Global Supply Challenges: The slow progress of overseas tungsten mining projects, such as the Monty-owned Sandongwu mine, further intensifies global supply constraints [8][20]. Additional Important Content - Tungsten Industry Chain: The tungsten industry consists of upstream mining, midstream smelting, and downstream processing, with China holding 52% of global reserves and 83% of production [4]. - Recycling and Secondary Supply: The development of recycled tungsten is gaining attention, especially in regions with limited primary resources. China aims to increase its recycling rate from 20% to over 30% to mitigate supply shortages [9][10]. - Demand in Downstream Applications: The demand for tungsten in various sectors is expected to grow significantly, particularly in hard alloys, photovoltaic applications, and integrated circuits, with projected increases in consumption across these areas [15][16][18]. - Investment Recommendations: Companies such as Zhonggao High-tech and Zhangyuan Tungsten Industry are highlighted as potential investment opportunities due to their strong market positions and comprehensive industry chains [21]. - Risk Factors: Investors are advised to be cautious of price volatility, unexpected declines in ore grades, slower-than-expected manufacturing growth, and project delays, which could impact profitability [22].