Advantages & Disadvantages of Large Tungsten Enterprises

MARKET & PRICE TREND OF TUNGSTEN CHINA, 2021

PART V of VII

Advantages & Disadvantages of Large Tungsten Enterprises

The first part of this paper analyzes the impact of macroeconomic environment factors on the processing and production of tungsten products. The second part further analyzes various cost factors that directly and deeply affect the production and operation links of tungsten product prices, and reveals the deep-seated causes of price fluctuations since June and the irreversible impact on the future. The third part analyzes the spillover effect of tungsten product price rise Future opportunities and risks, the fourth part of China Tungsten online makes a superficial analysis on the future opportunities and possible tuyeres of China's tungsten products industry, and the fifth part hopes to make a superficial analysis on the advantages and disadvantages of China's large tungsten products enterprises according to myself.

At present, China's tungsten products industry is mainly dominated by several large tungsten products enterprises such as Xiamen Tungsten, China Moly, China Tungsten High tech, Jiangxi Tungsten Group, China Minmetals, Rising Nonferrous Metals, ZhangYuan Tungsten, Xianglu Tungsten. They have a large share in the tungsten products market, export market, investment and financing capacity, human resources and scientific and technological R & D Profitability and market leading ability play a leading role. Through comprehensive research and judgment, its advantages come from the historical inheritance of China's early discovery and mining history of tungsten products and the planned economy constitution in the early days of the founding of the people's Republic of China, as well as the results of the efforts of enterprises represented by Xiamen tungsten industry in the market tide since the reform and opening up.

The so-called "its prosperity is also vigorous and its death is also sudden". On the contrary, several major tungsten products enterprises in China have absolute advantages in natural and social resources and occupy the leading position in the industry, but their disadvantages also stem from this under the tide of the rapid development of contemporary platform economy and industrial Internet.

1. Advantages of Large Tungsten Enterprises

China's tungsten resources occupy an absolute dominant position in the world, while several large tungsten products enterprises in China occupy half of the country, and have an absolute dominant position in the tungsten products industry. Not only in terms of tungsten ore resources, the resource ownership of several large tungsten enterprises also lies in their inherent social resource capacity and dominant position in state-owned enterprises, It lies in its human resources, technology and part of the market monopoly and customer acquisition ability based on its strong financial advantages.

1.1 Capital Advantages of Large Tungsten Enterprises

At present, China's typical large-scale tungsten products listed enterprises take several tungsten products enterprises on the A-share main board as examples, which basically represent the overall situation of China's tungsten products industry: compared with other non-ferrous metal enterprises such as copper, aluminum, lead and zinc, China's tungsten products industry generally has a small volume and narrow industrial layout (except for the new energy plate laid out by Xiamen Tungsten for many years), The profitability is low (the P / E ratio of listed companies is generally close to or higher than 50 times), and the performance in the stock market is also very low in total market value, net assets and profit margin. On the one hand, this situation shows that most products in the tungsten products industry are concentrated in primary products, such as tungsten chemicals and other traditional products, with low technical content, CNC cutting tools, nano materials There are few high-end products such as spherical tungsten powder suitable for 3D printing technology, and the market competitiveness and profitability are insufficient, resulting in many problems such as insufficient R & D investment in new products and new technologies; Within the tungsten products industry, these large tungsten products enterprises have strong financing ability, and have obvious capital advantages compared with small and medium-sized enterprises.

Capital advantages not only give large tungsten enterprises advantages in exploration rights, tungsten mine development and human resource attraction, but also give large tungsten enterprises a better ability to sell high and absorb low, adjust the market and inventory, and have a more favorable market and cost control ability in the process of market game with large market fluctuations.

1.2 Tungsten Mines & Ores Resource advantages of Large Tungsten Enterprises

In terms of tungsten resources, the 2019 negative list of market access issued by the national development and Reform Commission and the Ministry of Commerce stipulates that new and expanded tungsten mining projects with tungsten metal reserves of less than 10000 tons and annual mining scale of less than 300000 tons (except for deep and edge resource mining and expansion projects of existing tungsten mines) are included in the prohibited access projects. The "ban on small-scale and large-scale" tungsten mining is conducive to the replacement of old mine resources, promote large-scale and intensive exploitation of tungsten resources and protect the ecological environment, but it also puts pressure on the total amount control of tungsten mining.

After the implementation of the new deal, three tungsten mine development and utilization plans have been reviewed by the Ministry of natural resources. For new mines and projects of tungsten products, more and more strict environmental protection and other policy controls, more and more capital investment requirements and improved development technology make large tungsten enterprises have certain advantages and opportunities in obtaining tungsten resources. The advantageous position of large tungsten enterprises at the source of tungsten industry chain makes them have cost advantages in integrating subsequent processing of tungsten products.

1.3 Export License Advantages of Large Tungsten Enterprises

The Ministry of Commerce and the General Administration of Customs continue to implement license management on tungsten and tungsten products. The export of tungsten and tungsten alloys (particles < 500 microns) can be exempted from applying for export license, but it is necessary to apply for the export license of dual-use items and technologies of the people's Republic of China in accordance with regulations. The Ministry of Commerce continued to implement the state-owned trade policy for tungsten export, and the number of state-owned trading enterprises for tungsten export increased from 14 to 16. At present, in addition to the processed metal tungsten products, such as tungsten wire, tungsten electrode, tungsten alloy, cemented carbide products and other intermediate products belong to the scope of license control. The license is only granted to a few large tungsten products enterprises, which actually gives them an inherent competitive advantage in the international market, although to some extent, it has prevented China's tungsten products from competing with each other and competing for the market at low prices in the international market, it has also formed an incomplete and fair competition pattern in the domestic market and a situation of insufficient marketization.

1.4 Marketing Game Advantages of Large Tungsten Enterprises

China's large tungsten products enterprises have many advantages such as capital, tungsten resources, human resources and export license. These advantages are superimposed, which makes them have great advantages over small and medium-sized enterprises in terms of government investment and financing policies, industrial land supply, water and power supply, tax preference and human resources in the process of market game, Especially for local governments in remote areas where tungsten resources are located, large tungsten products enterprises have obvious advantages in bidding, environmental assessment, tax preference and new_; Similarly, its dominant position is more prominent in the market game with small and medium-sized tungsten products enterprises.

The price in the market is determined not only by the scarcity of tungsten products, the relationship between market supply and demand, the actual needs of both buyers and sellers, capital capacity and many other factors, but also by the psychological factors of both buyers and sellers. Therefore, any fluctuation in the market price of tungsten products will go up or down, Insiders generally pay close attention to the short-term quotation policies and medium and long-term price expectations of several large tungsten products enterprises. Almost every price fluctuation is basically the final result of the game between several large enterprises in the market.

The head advantages of large tungsten products enterprises have their own advantages and disadvantages, so that China's tungsten products industry can better participate in international market competition and compete for the international voice of tungsten products industry. At the same time, it also limits and hinders the benign competition and rapid development of China's tungsten products industry. Some enterprises use their own resource advantages to obtain market game advantages, it may also make them competitive, especially in technology and market R & D investment enthusiasm and investment in projects with certain risks, with a natural preference to protect vested interests and dominant positions and avoid uncertain risks.

2. Disadvantages of Large Tungsten Enterprises

2.1 Disadvantages of Large Tungsten Enterprises in International Market

At present, most of China's large tungsten products enterprises are listed companies or state-controlled enterprises dominated by state-owned enterprises. Most of them have inherent advantages in resources, manpower and capital. Therefore, they enjoy a high reputation and historical accumulation in the tungsten products industry, and most of them are "dominant" in the fields of mining, smelting and finishing. But the so-called big tail is also an unavoidable problem. It also has its own difficulties and historical burden. In the face of the new and complex international market competition environment, China's tungsten products enterprises, especially the leading enterprises, may face various fierce competitive environments, especially some unpredictable new market and non market resistance and problems.

(A) The G20 Proposes to Set a Global Minimum Tax Rate of 15%

On July 10, the G20 Finance Ministers and Central Bank Governors issued a communiqué and reached a historic agreement on a more stable and fair international tax framework. The G20 supports measures such as profit redistribution of multinational enterprises and setting the global minimum corporate tax rate. In principle, 131 countries agreed to ensure that the minimum corporate tax rate is at least 15%, and ensure that large enterprises pay taxes in the place where they sell. The minimum tax rate is designed to prevent multinational enterprises from transferring profits around the world in order to pay as little tax as possible. Previously, the group of seven (G7) also expressed support for setting the global minimum corporate tax rate at least 15%. It is estimated that if this tax rate is set to 15%, it will generate about $150 billion more taxes every year at the global level. The international consensus on the minimum tax rate has basically eliminated the tax preference advantages of the previously popular offshore tax-free island countries, which will pose new challenges to the future global layout, tax regulation, financing and fund-raising in the international market of China's large tungsten products enterprises, it brings new variables and uncertainties to many large private enterprises with plans to go to sea and financing and listing at home and abroad.

(B) G20 Supports Carbon Pricing Collectively for the First Time

On July 12, G20 finance ministers collectively supported carbon pricing for the first time after the global tax agreement talks, saying that this once controversial idea was one of the "a wide range of means" to deal with climate change. "Addressing climate change and biodiversity loss and promoting environmental protection remain the most urgent priorities." these solutions may include "using carbon pricing mechanisms and incentives". They expressed their support for carbon pricing in the communique for the first time. It also emphasizes the importance of "effective carbon pricing reflecting the real carbon cost". "A key element of reducing emissions is high carbon pricing."

On July 16, the national carbon emission trading was officially launched in Shanghai environment and energy exchange. The success of the first national carbon trading at the price of 52.78 Yuan per ton means that China's carbon emission trading market will become the largest carbon market covering greenhouse gas emissions in the world. Carbon tax and carbon pricing. Although the national carbon market is only included in the power generation industry at present, during the 14th Five Year Plan period, The eight high energy consuming industries, such as steel, nonferrous metals, petrochemical, chemical industry, building materials, papermaking, electric power and aviation, may all be included in the national carbon trading market. This approach is more in line with international experience. In the future, the quota allocation method may be based on the baseline method, that is, it is allocated according to unit output, and energy consumption efficiency rather than total output may become the key factor.

The policy formulation and refinement of carbon tax and carbon emission right will gradually enter the market-oriented operation, which will also become another kind of non-tariff trade barriers and policy tools available to the West. The tungsten products industry, which is a high energy consuming industry, will face a new round of industry reshuffle challenges. For large tungsten products enterprises, they will not only face more stringent emission policies of the environmental protection department and pay higher environmental protection costs, but also face a new round of survival of the fittest in management and technical competition.

Enterprises should not only compete with their domestic counterparts, Enterprises with sufficient hydropower and photovoltaic power in remote areas may have advantages in carbon tax; On the other hand, to stand on the same starting line with international peers, resource advantages may also become some disadvantages under the carbon tax policy, which is a major change in the future that China's large tungsten products enterprises have to think deeply and actively plan.

2.2 Short term Interest Driven by Large Tungsten Enterprises

Recently, according to the statistics of SASAC, central enterprises achieved an operating revenue of 17.1 trillion Yuan, a total profit of 1.31 trillion Yuan and a net profit of 1.02 trillion Yuan in the first half of the year, with an average growth rate of 8.7%, 17.9% and 20.6% respectively, of which the net profit of central enterprises exceeded 1 trillion Yuan for the first time in the first half of the year. This shows the important role and leading position of China's central enterprises in the national economy, and also shows that profit is an important hard index in the national assessment and evaluation system for central enterprises and large enterprises.

China's large tungsten products enterprises are not only large central and state-owned enterprises, but also mostly listed companies, which makes most large tungsten enterprises not only face the performance evaluation of relevant national departments, which will be directly related to the promotion of senior managers, but also face the pursuit of profits by all shareholders of listed companies and the expectations of shareholders for stock prices, So they have to do everything possible to pursue annual short-term profits, and it is difficult to make long-term plans focusing on R & D and based on long-term strategies, which can be continuously implemented and smoothly implemented.

In recent years, China's tungsten concentrates output accounts for about 80% of the global total, and its consumption accounts for more than 50% of the global total. However, more than 60% of exported tungsten products are primary products, with low technical content and profitability. China's high-end cemented carbide cutting tools have not yet reached the international advanced level, while digital control cutting tools have only about 20% self-sufficiency, and more than 70% need to be imported, With the improvement of the localization of China's IT industries such as chips and the acceleration of industrial upgrading, the gap of high-end tools will continue to expand. This trend is also reflected in the lack of profitability of China's Tungsten enterprises.

The R & D and production of high-end cutting tools is a long-term process, which requires a strategic stage of sustained high investment for a long time, which means that the enterprise can not obtain benefit new_ in the short term with a large amount of investment in the long term, which makes the executives of listed companies or state-owned enterprises have to face a dilemma between shareholder benefit new_ and technology R & D investment. Many enterprises continue to invest heavily in the production of raw materials with more technology accumulation and mature technology, which fully shows that many enterprises prefer to invest in intermediate products with high revenue and low risk in the short term, but do not have high enthusiasm for medium and long-term technical research. Therefore, the annual profit data pursuit of large tungsten products enterprises offsets the power of long-term technical investment.

2.3 Sensitivity of Some Product R & D

In terms of the current political, economic and trade relations between Europe, America and China, most of the large tungsten products listed enterprises must disclose their data and business operations, so they are in a sensitive area in participating in the development of military and civil dual-use projects and product production in China, and may conflict with their market competition in the international market, Therefore, large listed tungsten products enterprises may not enjoy an advantageous position compared with private enterprises and unlisted enterprises in the research and development of some products.

2.4 Management & Human Resources Issues

Large tungsten products enterprises, especially large listed tungsten enterprises or large state-owned enterprises, generally have problems such as overlapping institutions, complex structure, high allocation of human resources and failure to give full play to their actual effects, and there is a waste of human resources in varying degrees. Due to the high verticality of institutions, there are certain promotion expectations, which also limits the liquidity and is easy to form the phenomenon of "cocoon room" and involution, A large human resource barrier lake is formed, which makes the human resource cost of large enterprises high, the personnel environment complex, easy to produce internal friction and low operation efficiency.

Cocoon room was originally a concept in the field of information. Information cocoon room means that people's attention to the information field will be habitually guided by their own interests, so as to shackle their life to the "cocoon room" like a cocoon. The public living in cocoon houses can hardly be considerate, because their own views of their ancestors will gradually take root. Some countries or enterprises go to disaster for this reason. For leaders and others living in relatively fixed "cocoon houses", this is a warm and friendly place, but the major mistake is the price of comfort. Relatively comfortable "cocoon houses" may become a terrible nightmare for private people, public institutions, or public and private enterprises.

China's tungsten products enterprises are easy to form two normal. If the treatment is not high and there is no hope of promotion, such as private enterprises, personnel mobility is large and it is difficult to form a relatively fixed team and combat effectiveness; The other is that if the treatment is high and there is a certain rising space, it is easy to form a serious involution phenomenon. From a macro perspective, China's tungsten products industry as a whole seems to have formed a huge cocoon room, and some enterprises have also formed a cocoon room to a certain extent, which will seriously hinder fresh blood from entering the tungsten products industry, or an enterprise personnel flows internally and forms a self-centered cocoon room, and it is difficult for external talents or internal bottom employees to obtain benign flow or competition, It seriously limits the innovation and breakthrough development of industries and enterprises.

2.5 Serious Involution in Tungsten Enterprises

Involution refers to the phenomenon that the same industry competes to make more efforts to compete for limited resources, resulting in the decline of individual "income effort ratio", which can be regarded as the "inflation" of effort, or the phenomenon that a certain model stagnates or cannot be transformed into another advanced model after reaching a certain form at a certain stage of development. For the economy, a certain production mode has no revolutionary development for a long time, is in simple repeated reproduction, can not improve the unit per capita output value, and the production or industrial mode with diminishing marginal benefits is the growth without development, that is, "Involution".

The profitability of China's tungsten products enterprises has been low for a long time, and the investment of employees and their own resources has been growing rapidly. In most cases, enterprises only invest more funds to obtain more tungsten resources, process primary products and sell them to obtain enterprise cost compensation, which is still in an invisible "life economy" mode. The development of tungsten products industry over the past few years has not fundamentally broken this operation mode. The highest single revenue of China's tungsten products enterprises is about 20 billion Yuan (2019-2020), which is only equivalent to the lowest revenue level of several large international tungsten products enterprises. Compared with Sandvik, its revenue in 2020 is still 65 billion Yuan with a decline of nearly 20%, while that of China's tungsten products industry increased by 4% in the same period is only 74.5 billion Yuan, The realized profit was only 3.5 billion Yuan, while Sandvik still obtained a net profit of 8.4 billion Yuan when it decreased by 16% year-on-year in 2020; The more severe reality is that the revenue of Sandvik processing solutions business segment exceeds 50% of the whole tungsten products industry in China, and the profit of this business also reaches the total profit of our whole industry (3.45 billion Yuan).

(The data related to the tungsten products industry in this paper are mostly from the data in China Tungsten Industry Yearbook 2020 and China Tungsten Industry Development Report 2020 issued by China Tungsten Industry Association in March 2021. In case of improper use or mis reproduction, the author of this paper shall bear the responsibility, which has nothing to do with the original author's data and the original intention)

The high input, low output, low technology and low profitability of China's tungsten products industry are not only the lack of simple operation and management, micro governance ability and macro management, but also the potential and secretive involution phenomenon. Just as the concept of involution has become complex and ambiguous and produced more tangled related concepts, the involution of China's tungsten products industry exists not only in the industry as a whole, but also in various business segments (such as cemented carbide industry); It exists not only in the low-level repeated construction of resource utilization and smelting processing, but also in the serious internal stacking loss and ineffective allocation of human resources; It exists not only in large tungsten products enterprises, but also in many private and family enterprises.

A survey of China's major investment projects in 2020 shows our industrial development level and involution. China's newly invested and expanded production capacity from 2019 to 2020 is basically concentrated in APT, waste tungsten recovery, tungsten oxide, meta tungstic acid and other intermediate products, or cemented carbide bars and profiles, cemented carbide and hard surface materials, high-performance tungsten carbide powder, etc., some of which are the so-called high-end CNC tool parks in the planning The actual technical content and production capacity of NC tool project have not been recognized by the market, and its effect has not been shown.

2.6 Crisis of 6G Smart Workshop

By the end of 2020, China has opened more than 718,000 5G base stations and more than 200 million terminal connections. The 5G network with high rate, large capacity and low delay is unique in the world. The digitization, networking and intelligence based on 5G technology are the core characteristics. The fourth industrial revolution represented by intelligent manufacturing is gradually launched in China. According to the author's observation on China's tungsten products industry for many years and the research on the public data of listed companies of large tungsten products enterprises, China's tungsten products industry has not kept up with the pace of Intelligent Manufacturing in the 5G era, and it may be more difficult to keep up with the pace of smart factories under the 6G network in the future.

When China's tungsten products industry has not embedded 5G technology and cloud computing into production and operation links to deeply create intelligent manufacturing, 6G technology has come at an extraordinary speed, and the smart workshop based on the concept of 6G technology will be a more intense and rapid industry subversive revolution. If relevant enterprises do not timely track the application of the latest communication and computing technologies and their related software and hardware systems in production and operation management, they will most likely be subverted and quickly distanced in the near future, and will be defeated by enterprises and platforms with advanced manufacturing systems and market adaptability, China's tungsten products industry will also become a situation of relying only on the resources left by our ancestors.

In 2019, the Ministry of science and technology, the national development and Reform Commission, the Ministry of education, the Ministry of industry and information technology, the Chinese Academy of Sciences and the natural science foundation of China established a national 6G technology R & D promotion working group and an overall expert group to officially launch 6G technology R & D. in 2020, it is required to further promote innovative breakthroughs in key technologies, focusing on the integration of terahertz communication, communication perception Research on 6G application scenarios such as 6G potential technologies such as communication and artificial intelligence integration. At the same time, the United States has launched the research on the next generation (NextG) wireless broadband network with flexibility and intelligence; Nokia of Finland and Ericsson of Sweden led the establishment of hexa-x alliance; Set up the "6G flagship" organization to conduct early research on 6G communication technology; Japan has cooperated with the United States to formulate a b5G development roadmap for b5G / 6G technology research; South Korea has more radically put forward the vision of commercializing 6G technology in 2028 and defined the requirements of 6G services three for "performance, architecture and trustworthiness". The South Korea's "future mobile communications R & D strategy in the era of 6G" has clearly identified five pilot areas, including digital medical, immersive content, self driving cars, smart city and intelligent factory.

The popularization of 5G technology and the R & D and promotion of 6G technology are great benefits for the tungsten products industry in the field of hardware construction: (a) the rapid upgrading of the communication industry will lead to more hardware updates and applications, which is a huge stock demand and incremental expectation for cemented carbide tools and molds; (b) The opportunity and power of technological upgrading will profoundly change the state of China's tungsten products industry. The market driven and led by communication technology will promote the enterprise's market immediate response ability, transform the production process and process, and shift from the traditional production and marketing mode to the 2C flexible intelligent manufacturing mode based on platform and data.

However, if we follow the traditional management concept and thinking and the traditional production and supply and marketing mode, we will not be able to keep up with the needs of the rapidly developing industrial chain, adapt to the market response mechanism of rapid change, deploy the industrial Internet production mechanism in time or even in advance, and surpass modern production with intelligent workshop, which will be defeated by the new production mode.

3. Opportunities for Tungsten Enterprises

3.1 Tungsten Products Intelligent Manufacturing Platform Industrial Internet

The so-called emerging industries, from Alibaba, Taobao to Amazon, to live e-commerce and social e-commerce, are actually a kind of Internet B2C business model, the transformation of the Internet to the de intermediation of the surface layer of the industry, and the result of the continuous evolution of the Internet. So far, these can not change the basic industrial structure and deep-seated problems, that is, the dominant market of traditional industrial production, what producers produce, consumers choose. E-commerce with all kinds of gimmicks has not changed and reconstructed the factors of production. Only the industrial Internet can really change the mode of production of the industry and people's consumption habits and consumption patterns.

The Internet of tungsten products industry should reshape and transform the vertical industrial chain and value chain of tungsten products industry or local products based on Internet technology and ecology, make full use of information technology and Internet platform, give full play to the optimization and integration role of large tungsten products enterprises in the allocation of production factors under Network ecology, and realize the deep integration of the Internet and China's tungsten products industry, Form a unique Internet Ecology and industrial form of tungsten products.

Large tungsten products enterprises should combine their own advantages with tungsten products industry information and platform enterprises to launch and promote the Internet platform of tungsten products industry, and build an industrial level productive sharing platform for tungsten products industry through the opening of the platform, Empower various enterprises upstream and downstream of the tungsten products industry chain step by step, drive the common development of small and medium-sized enterprises in the tungsten products industry chain, and realize the overall improvement of the tungsten products industry. Large tungsten products head enterprises can also be the head of tungsten products enterprises that have evolved into a new model based on the Internet, so as to realize their own fission growth, it can also surpass the advantageous enterprises in the current international market.

China's large tungsten products enterprises should, in combination with China's current policies to encourage industrial Internet construction, actively layout the industrial Internet construction of tungsten products industry, integrate the industry and their own resources, and prepare to build an automatic adaptive business demand and process based on intention, virtualization, programmability and open platform network controller; The five technical fields of network technology automation, Al, multi cloud network, wireless and network security are integrated into the tungsten products industry internet based on the new network mode, and the industrial experience and technical advantages are used to build a large-scale, flexible and secure industrial Internet platform for the whole industry or for its own industrial chain, using artificial intelligence (AI) technology Capital and human resources capabilities build their own multi cloud network, gradually accumulate a large number of tungsten products industry and production and operation data, and obtain a series of possible options and find the best results and solutions in all links of management, market, user and production, product, technology selection, defects and improvement schemes through machine learning (ML) and machine reasoning (MR), With the passage of time and the accumulation of experience, we can make use of and improve knowledge, make our machines link all links such as production, supply and marketing and interact with each other, make automatic judgment and reasoning, improve production technology and process flow through systematic self-learning and training, and improve product quality and stability.

For more complex tungsten products, various data, such as particle size, pressure Purity, temperature and time are interrelated, and China's tungsten products industry will gradually build its own industrial Internet to realize customized services, intelligent manufacturing and flexible manufacturing, so as to subvert the domestic and international industrial pattern of tungsten products industry, strengthen and consolidate the dominant position in the international market, and make China become a powerful country of tungsten products from a large country of tungsten products resources.

If China's tungsten products industry can successfully build an industrial Internet and cluster based on 5G / 6G, it can realize the unity and coordination of online and offline, virtual and reality, physical resources and data resources with existing natural resource advantages, and realize the transformation and upgrading of China's tungsten products industry.

3.2 Patent technology & Standard Formulation

Large tungsten products enterprises should make use of China's resource advantages, large-scale production time, years of accumulated experience and huge domestic market advantages, make use of their own talent advantages, increase R & D capital investment, actively strive for the support of national industrial policies and local governments, actively develop and apply for relevant patented technologies, and combine with China Tungsten Industry Association Non ferrous metal industry associations and other industry organizations actively formulate industry standards and strive to promote them in production and marketing events, so as to make the standards of China's tungsten products industry become internationally accepted standards and bear important responsibilities for the development of China's tungsten products industry. At the same time, China's large tungsten products enterprises can help China Tungsten Industry Association actively participate in the affairs of the international tungsten Association, make practical use of its own resources and market dominant position, occupy a leading position in the international market, play a leading role, and create a good domestic and foreign business environment for China's tungsten products industry, It can also resist unfair competition from western developed countries and the exclusion and pressure of non market factors.

3.3 Leading the Industrial Chain to Sail to Sea of Global Markets

At present, China's tungsten resources are gradually exhausted, the pressure of environmental protection is greatly increased, the cost of human resources is high, and the carbon tax policy is gradually implemented, China's large tungsten enterprises with capital and technical advantages can take advantage of the comprehensive advantages such as technical cost in the development of tungsten resources, Lead the relevant enterprises and surrounding supporting industrial chains in various processing links of China's tungsten products to actively seek the development of tungsten resources in the international market and the production and processing close to the market, which not only shortens the carbon footprint of tungsten products, reduces the environmental pollution of China's tungsten products industry, but also enhances the international participation and competitiveness of China's tungsten products industry.

END OF THE PART V OF VII OF THIS PAPER.

THE 6TH PART OF THIS PAPER ,THE AUTHOR WILL PUTS FORWARDS HIS OPINIONS ON THE PLIGHT & BREAKTHROUGH OF CHINA’S SMALL, MEDIUM-SIZE TUGNSTEN ENTERPRISES.

(to be continued)

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