CITIC Construction Investment: Benefiting from military industrial replenishment/safety stockpiling, we remain optimistic about investment opportunities in strategic metals

CITIC Construction Investment Securities Research pointed out that global resource supply security is under threat, and countries are increasing inventories to cope with potential supply disruptions, especially with a significant increase in demand for strategic metals in the military industry. The price of tungsten concentrate has temporarily adjusted, with the domestic and international price gap widening; the price of molybdenum concentrate has slightly increased, with steady demand growth; and the price of antimony remains stable. Overall, investment opportunities in strategic metals continue to be optimistic