On September 28, Zhejiang Hengcheng Hard Alloy Co., Ltd.'s '1,000-ton high-performance cemented carbide product workshop intelligent upgrade project' completed filing on the Zhejiang Provincial Investment Project Online Approval and Supervision Platform. The project type is enterprise investment technological transformation filing, and the local administrative authority is the Dongyang Economic and Information Bureau. The project involves implementing intelligent upgrades to the existing high-performance cemented carbide product workshop, with an annual production capacity of 1,000 tons. Cemented carbide is produced from tungsten carbide, cobalt, and other powders through pressing and sintering, and is a pillar product of the powder metallurgy industry, used in cutting tools, molds, wear-resistant parts, and other fields. Its raw materials, tungsten carbide powder and cobalt powder, belong to the same refractory metal powder industry chain as additive manufacturing tungsten-based powders. The acceleration of intelligent equipment upgrades in the traditional powder metallurgy (PM) sector reflects the trend of enterprises reducing costs and improving efficiency through automation and intelligence amid recovering demand for downstream cutting tools and molds. The upgrading of the cemented carbide industry cluster in Dongyang and central Zhejiang places higher demands on the quality consistency of upstream powder raw materials. Value to powder buyers: ① The scaling up of intelligent upgrades in cemented carbide will drive stable procurement demand for raw material powders such as tungsten carbide powder and cobalt powder; ② There is synergy between traditional PM and additive manufacturing in tungsten-based and cobalt-based powder raw materials, so attention should be paid to opportunities for centralized raw material procurement in regional industry clusters; ③ Risk note: The investment scale and implementation progress of the filed project are subject to the company's subsequent disclosures.