CITIC Securities: Optimistic about the strategic and investment value of tungsten in the medium and long term.

CITIC Securities research report stated that in terms of tungsten, with the first batch of quotas for domestic tungsten concentrates being reduced and the second batch of quotas being delayed, the supply side is extremely scarce, leading to a continuous rise in prices along the tungsten industry chain. In the short term, the magnitude of the second batch of quotas will be the determining factor for the direction of tungsten prices. In the medium to long term, the protective attitude towards domestic tungsten concentrates mining is clear, while the progress of resuming production of overseas tungsten concentrates is lower than expected. On the demand side, with the interest rate cut cycle determined, traditional industrial demand is steadily increasing, while new applications such as photovoltaic tungsten wire, nuclear radiation tungsten shielding materials, and solid-state battery tungsten-based cathode materials are emerging, maintaining a tight balance between supply and demand. Tungsten is seen as a strategic metal with long-term investment value.