佳鑫国际资源(03858)涨超7%，截至发稿，涨7.08%，报87.7港元，成交额8128.9万港元。 消息面上，据中钨在线消息，钨市依旧一派火热景象，自钨原料到钨材、钨合金，再到钨废料的全产业 链价格屡创新高。1月26日，以人民币吨价计，钨精矿价格逼近55万关口，仲钨酸铵价格站上80万高 位，钨粉价格突破130万大关。第一上海此前认为，公司稀缺钨矿资源开启商业化，估值重构在即。该 行指出，佳鑫国际资源正处在一个关键的价值释放拐点，且坐拥世界级核心资产，资源禀赋奠定长期增 长基石。公司是市场上稀缺的纯钨矿标的，当前股价具备极高的安全边际和吸引力。 ...

智通财经APP获悉，佳鑫国际资源(03858)涨超7%，截至发稿，涨7.08%，报87.7港元，成交额8128.9万 港元。 消息面上，据中钨在线消息，钨市依旧一派火热景象，自钨原料到钨材、钨合金，再到钨废料的全产业 链价格屡创新高。1月26日，以人民币吨价计，钨精矿价格逼近55万关口，仲钨酸铵价格站上80万高 位，钨粉价格突破130万大关。第一上海此前认为，公司稀缺钨矿资源开启商业化，估值重构在即。该 行指出，佳鑫国际资源正处在一个关键的价值释放拐点，且坐拥世界级核心资产，资源禀赋奠定长期增 长基石。公司是市场上稀缺的纯钨矿标的，当前股价具备极高的安全边际和吸引力。 ...

Group 1 - The core stock of Jaxin International Resources (03858) has increased over 7%, with a cumulative increase of over 80% in the month [1] - As of the report, the stock price is at 85.05 HKD, with a trading volume of 71.99 million HKD [1] - The average price of tungsten powder reached 1.2 million CNY per ton on January 19, marking a daily increase of 15,000 CNY, setting a historical high [1] Group 2 - Jianghai Securities indicates a "rush for goods" in the spot market, with some downstream companies needing to increase prices by 20% to secure supplies, highlighting extreme supply-demand tension [1] - The market is exhibiting a "stair-step increase" characteristic, reflecting strong expectations for medium to long-term shortages [1] - Guojin Securities suggests that tungsten may have a higher priority as overseas strategic stockpiling intensifies [1] Group 3 - Jaxin International Resources is a tungsten mining company headquartered in Kazakhstan, with its core asset being the Bakuta tungsten mine project [1] - First Shanghai believes the company is at a critical value release inflection point, possessing world-class core assets that lay the foundation for long-term growth [1] - The company is a rare pure tungsten mining target in the market, with its current stock price offering high safety margins and attractiveness [1]

Core Viewpoint - Jaxin International Resources (03858) has seen its stock price increase by over 80% this month, with a current price of 85.05 HKD and a trading volume of 71.99 million HKD, reflecting strong market interest in tungsten resources [1] Group 1: Market Dynamics - On January 19, the average price of tungsten powder reached 1.2 million CNY per ton, marking a daily increase of 15,000 CNY, which is a historical high [1] - A "rush for goods" has emerged in the spot market, with some downstream companies needing to increase prices by 20% to secure supplies, indicating extreme tension in supply and demand [1] - The market is exhibiting a "stair-step" price increase pattern, reflecting strong expectations for medium to long-term shortages [1] Group 2: Company Insights - Jaxin International Resources is a tungsten mining company headquartered in Kazakhstan, with its core asset being the Bakuta tungsten project [1] - First Shanghai believes the company is at a critical value release inflection point, possessing world-class core assets that lay the foundation for long-term growth [1] - The company is a rare pure tungsten mining target in the market, and its current stock price offers a high margin of safety and attractiveness [1]

Group 1 - The core viewpoint of the article highlights the strong performance of Jiexin International Resources (03858), with its stock price increasing by over 4% and currently trading at 79.85 HKD, supported by a trading volume of 195 million HKD [1] - Tungsten prices remain robust, with the price of 65% black tungsten concentrate reported at 520,000 RMB per standard ton, reflecting a 13.0% increase since the beginning of the year, while 65% white tungsten concentrate is priced at 519,000 RMB per standard ton, also up by 13.1% [1] - The company is identified as a rare pure tungsten mining target in the market, with its current stock price offering a high margin of safety and attractiveness [1] Group 2 - The company focuses on the operation of the Bakuta tungsten mine in Kazakhstan and is viewed positively due to the anticipated tight global tungsten supply and demand dynamics, which are expected to support a steady increase in tungsten prices [1] - Four core advantages are expected to position the company as a leading player in the mining sector in Central Asia with significant international competitiveness [1]

Core Viewpoint - The price of tungsten remains strong, with significant increases in the prices of tungsten concentrate, supporting the high prices of tungsten products [1] Company Summary - Jaxin International Resources (03858) has seen its stock price rise over 4%, currently trading at 79.85 HKD with a trading volume of 195 million HKD [1] - The company is identified as a rare pure tungsten mining target in the market, with its current stock price offering high safety margins and attractiveness [1] Industry Summary - As of January 20, tungsten prices continue to rise, with 65% black tungsten concentrate priced at 520,000 RMB per standard ton, up 13.0% since the beginning of the year, and 65% white tungsten concentrate priced at 519,000 RMB per standard ton, up 13.1% [1] - The overall availability of tungsten resources is tight, as miners are reluctant to sell, which supports the high prices of tungsten products [1] - The global supply-demand dynamics for tungsten are expected to remain tight, with prices likely to steadily increase [1] - The company focuses on the operation of the Bakuta tungsten mine in Kazakhstan, which is expected to position it as a leading player in the mining industry in Central Asia due to its four core competitive advantages [1]

中金预计公司2025至2027年每股盈利分别为0.63港元、4.18港元及6.56港元，CAGR为221.6%；归母净 利润分别为2.6亿、17.2亿、26.3亿元人民币。 中金看好该公司理由包括，全球钨供需格局或维持紧缺，钨价中枢有望稳步抬升，预计2023至2028年全 球原钨供应年均复合增长(CAGR)仅2.4%；预计2023至2028年全球原钨消费量CAGR增2.7%；预计全球 钨的供需关系或长期紧缺，叠加全球钨库存已去化至低位，钨价中枢有望持续抬升。 中金发布研报称，首次覆盖佳鑫国际资源(03858)予"跑赢行业"评级，目标价95港元，基于市盈率估值 法，分别对应今明两年22.6倍、14.8倍市盈率。又指公司专注于哈萨克斯坦巴库塔钨矿营运，坚定看好 该公司。 ...

中金看好该公司理由包括，全球钨供需格局或维持紧缺，钨价中枢有望稳步抬升，预计2023至2028年全 球原钨供应年均复合增长(CAGR)仅2.4%；预计2023至2028年全球原钨消费量CAGR增2.7%；预计全球 钨的供需关系或长期紧缺，叠加全球钨库存已去化至低位，钨价中枢有望持续抬升。 中金预计公司2025至2027年每股盈利分别为0.63港元、4.18港元及6.56港元，CAGR为221.6%；归母净 利润分别为2.6亿、17.2亿、26.3亿元人民币。 智通财经APP获悉，中金发布研报称，首次覆盖佳鑫国际资源(03858) 予"跑赢行业"评级，目标价95港 元，基于市盈率估值法，分别对应今明两年22.6倍、14.8倍市盈率。又指公司专注于哈萨克斯坦巴库塔 钨矿营运，坚定看好该公司。 ...

Core Viewpoint - CICC has initiated coverage on Jaxin International Resources (03858), focusing on its operations at the Bakuta tungsten mine in Kazakhstan, and has given it an "outperform" rating with a target price of HKD 95.00, based on a P/E valuation method corresponding to 22.6x and 14.8x P/E for 2026-2027 [2][10] Industry Overview - The global tungsten supply-demand balance is expected to remain tight, with tungsten prices likely to steadily increase. The supply side shows strong scarcity and high concentration, with China consistently holding the largest share of global tungsten production. Domestic supply is facing contraction pressures due to declining ore grades and stricter production regulations, while overseas tungsten mine development is generally slow. CICC forecasts a CAGR of +2.4% for global tungsten supply from 2023 to 2028. On the demand side, emerging needs from photovoltaic tungsten wire, AI PCBs, and large infrastructure projects are expected to boost domestic tungsten consumption. Additionally, ongoing geopolitical conflicts may trigger strategic stockpiling demand. CICC anticipates a CAGR of +2.7% for global tungsten consumption during the same period [3][11][12] Company Advantages - Jaxin International Resources possesses four core advantages that could establish it as a leading player in the mining sector in Central Asia. 1. **Good Resources**: The Bakuta tungsten mine has large reserves, low costs, and favorable conditions for large-scale development. 2. **Good Location**: The Bakuta project is strategically located with convenient transportation, benefiting from Kazakhstan's rich resources and favorable business environment, supported by the comprehensive strategic partnership between China and Kazakhstan and the Belt and Road Initiative. 3. **Good Mechanism**: The mixed ownership structure and management team are expected to empower the company. 4. **Good Growth**: The company shows strong growth potential in capacity expansion, deep processing, and resource replenishment, positioning it to become a leading non-ferrous company in Central Asia with global sales [4][13] Profit Forecast and Valuation - CICC projects the company's EPS for 2025-2027 to be HKD 0.63, HKD 4.18, and HKD 6.56, respectively, with a CAGR of 221.6%. The net profit attributable to the parent company is expected to be RMB 2.6 billion, RMB 17.2 billion, and RMB 26.3 billion for the same years. The current stock price corresponds to a P/E of 16.5x and 10.5x for 2026-2027. The initial coverage gives an "outperform" rating with a target price of HKD 95, indicating a potential upside of 38% [6][14]

每经AI快讯，佳鑫国际资源(03858.HK)再涨超7%，截至发稿，涨4.93%，报74.5港元，成交额3170.19万 港元，总市值已近350亿港元。 ...