Addressing the main concern of resources and technological progress

Freigabezeit：

2023-04-19

1. status tungsten industry is to focus on the distribution of profits at both ends - the front and rear ends of the tungsten concentrate carbide tool: Hand resources upstream, midstream and downstream through smelting and primary processing industry consolidation, grab their profit margins; and the back end tool deep processing enterprises, through continuous product development and innovation, consolidate their oligopolistic position, while improving their upstream bargaining power, maintain and improve product margins.

 We believe that the future changes in industry profits come from three aspects: First, upstream downstream in the low-end enterprise resource carbide erodes corporate profits; the second is a new business cycle due to industry demand, supply and demand imbalance depress the price of tungsten; third, technological advances deep processing enterprises share part of the back-end profits.
1) the distribution of profits in the industry, profits downstream low-end tungsten enterprises were forced to shift to the upstream resource enterprises. Subject to government regulation, the impact of small-scale mining capacity constraints, upstream industry concentration will continue to increase. Through pre-industry consolidation, "tungsten concentrate - carbide" compound on the prices of upstream resources already rapid response, but the "carbide - tool" compound is still weak bargaining power, carbide industry profits upstream resources will be seized enterprises.
2) Profit growth in the industry, promising tungsten demand recovery driven price increases. Final demand has a strong cyclical tungsten, domestic and foreign co-led two important functions. We believe that under the current circumstances in the foreseeable improvement in global liquidity, foreign demand trough, tungsten due to the larger proportion of external demand, therefore, the elasticity of demand is stronger than copper and other domestic demand-led metal; We are also optimistic about the recovery in the global manufacturing economy, business cycle trough, therefore, have strong demand for tungsten cycle characteristics should also be optimistic, supply and demand imbalance to promote tungsten prices rose, the upstream resource companies benefit the most.
3) In the long run, strengthening the back-end processing products (tool), and be able to participate in international competition, it is the only way to share profits from the back end of the industrial chain. Global carbide deep-processing back-end is oligopoly market, the international giant virtual monopoly on the global high-end 3 tool market, 

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