Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of Jaxin International Resources (03858), which has increased over 7% and is currently trading at 74.5 HKD, with a market capitalization nearing 35 billion HKD [1] - Recent data from Zhongtung Online indicates that the prices of key products in the tungsten industry continue to rise, with black tungsten concentrate prices surpassing 500,000 RMB per ton, an increase of 10.87% since the beginning of the year [1] - The price of domestic APT (Ammonium Paratungstate) is reported at 750,000 RMB per ton, reflecting an 11.94% increase year-to-date, while tungsten powder prices have exceeded 1,200 RMB, currently at 1,210 RMB per kilogram, marking a 12.04% rise since the start of the year [1] Group 2 - According to Zhito Finance APP, Jaxin International Resources is projected to experience over tenfold growth in net profit attributable to shareholders from 2025 to 2027, transitioning into a growth stock [1] - Given the high explosiveness of its performance and the scarcity of pure tungsten mining assets, if a 30x valuation is applied for 2026, the market capitalization of Jaxin International Resources could potentially reach 100 billion RMB, indicating a threefold growth potential from its current market value [1]

Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of Jaxin International Resources (03858), which has increased over 7% and is currently trading at 74.5 HKD, with a total market capitalization nearing 35 billion HKD [1] - The latest monitoring data from Zhongtung Online indicates that the prices of key products in the tungsten industry continue to rise, reaching new highs. The price of 65% black tungsten concentrate has surpassed 500,000 RMB per ton, up 10.87% since the beginning of the year [1] - The price of domestic APT (Ammonium Paratungstate) is reported at 750,000 RMB per ton, reflecting an increase of 11.94% year-to-date, while tungsten powder prices have exceeded 1,200 RMB, currently quoted at 1,210 RMB per kilogram, marking a 12.04% rise since the start of the year [1] Group 2 - The article suggests that from 2025 to 2027, Jaxin International Resources is expected to see a more than tenfold increase in net profit attributable to shareholders, indicating a transition to a growth stock [1] - Given the high explosive potential of its performance and the scarcity of pure tungsten mining assets, if a valuation of 30 times is applied for 2026, the market capitalization of Jaxin International Resources could potentially reach the trillion RMB level, representing a threefold growth compared to its current market value [1]

Group 1 - The core viewpoint of the report is that Jaxin International Resources (03858) is focused on the operation of the Bakuta tungsten mine in Kazakhstan and is expected to perform well, with an initial coverage rating of "outperform" and a target price of HKD 95.00 based on P/E valuation methods, corresponding to 22.6x and 14.8x P/E for 2026-2027 [1] Group 2 - The global tungsten supply-demand pattern is expected to remain tight, with tungsten prices likely to steadily increase. The supply side shows a strong scarcity of global tungsten supply, with China consistently holding the largest share of production. Domestic supply is facing contraction pressures due to declining ore grades and stricter production regulations, while overseas tungsten mine development is generally slow. The forecast for global tungsten supply from 2023 to 2028 is a CAGR of +2.4% [2] - On the demand side, emerging needs from photovoltaic tungsten wires, AI PCBs, and large infrastructure projects are expected to boost domestic tungsten consumption. Additionally, ongoing geopolitical conflicts may trigger strategic stockpiling demands. The forecast for global tungsten consumption from 2023 to 2028 is a CAGR of +2.7% [2] - The company has four core advantages that position it as a highly competitive mining leader in the Central Asian region: 1) High-quality resources with large reserves and low costs at the Bakuta tungsten mine; 2) Favorable location with excellent transportation and a supportive business environment in Kazakhstan; 3) Effective operational mechanisms through a mixed ownership structure and management team; 4) Strong growth potential in capacity expansion, deep processing, and resource accumulation [3] Group 3 - The company’s earnings per share (EPS) are projected to be HKD 0.63, HKD 4.18, and HKD 6.56 for 2025-2027, 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 period. The current stock price corresponds to 16.5x and 10.5x P/E for 2026-2027, with an initial coverage rating of "outperform" and a target price of HKD 95, indicating a potential upside of 38% [4]

Group 1 - The core viewpoint of the report is that Jaxin International Resources (03858) is focused on the operation of the Bakuta tungsten mine in Kazakhstan and is expected to perform well, with an initial coverage rating of "outperform" and a target price of HKD 95.00, based on a P/E valuation method corresponding to 22.6/14.8x P/E for 2026-2027 [1] - The global tungsten supply-demand pattern is expected to remain tight, with tungsten prices likely to steadily increase. The supply side shows strong scarcity and high concentration, with China's tungsten production consistently ranking first globally. Domestic supply faces contraction pressure due to declining ore grades and stricter production regulations, while overseas tungsten mine development is generally slow. The forecast for global tungsten supply CAGR from 2023 to 2028 is +2.4% [1] - On the demand side, the overall consumption of tungsten in China is expected to improve due to emerging demands from photovoltaic tungsten wire, AI PCBs, and large infrastructure projects. Additionally, ongoing geopolitical conflicts may trigger strategic stockpiling demand. The forecast for global tungsten consumption CAGR from 2023 to 2028 is +2.7% [1] Group 2 - Jaxin International Resources has four core advantages that position it as a highly competitive mining leader in the Central Asian region: 1) Good resources with large reserves and low costs at the Bakuta tungsten mine; 2) Good location with favorable transport conditions and benefits from the China-Kazakhstan strategic partnership and the Belt and Road Initiative; 3) Good mechanism with a mixed ownership structure and management team; 4) Good growth potential in capacity expansion, deep processing, and resource accumulation [2] - The company is expected to achieve significant earnings growth, with projected EPS of HKD 0.63, 4.18, and 6.56 for 2025-2027, representing a CAGR of 221.6%. The net profit attributable to the parent company is forecasted to be RMB 2.6 billion, 17.2 billion, and 26.3 billion for the same period. The current stock price corresponds to a P/E of 16.5 and 10.5 for 2026-2027, with a target price of HKD 95, indicating a potential upside of 38% [3]

机构：中金公司 首次覆盖佳鑫国际资源（03858）给予跑赢行业评级，目标价95.00港元，基于P/E 估值法，对应2026- 2027e 22.6/14.8xP/E。公司专注于哈萨克斯坦巴库塔钨矿运营，我们坚定看好公司，理由如下： 全球钨供需格局或维持紧缺，钨价中枢有望稳步抬升。供给侧，全球钨供给的稀缺性强，集中度高，中 国钨产量占比长期位列全球第一。国内供给因矿山品位下降+规范化生产要求趋严面临收缩压力。海外 钨矿开发进程总体偏慢。我们预计2023-2028 年全球原钨供给CAGR+2.4%。需求侧，受益于光伏钨 丝、AI PCB 等新兴需求，以及大型基建工程，国内钨消费整体向好。海外地缘冲突不断背景下，战略 囤库需求有望开启。我们预计2023-2028 年全球原钨消费量CAGR+2.7%。我们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。 四大核心优势有望成就中亚地区极具国际竞争力的矿业领先者。一是好资源。巴库塔钨矿储量大，成本 低，规模化开发条件优异。二是好区位。巴库塔项目位置优越，交通便利。 研究员：王畅舟/齐丁/陈彦/王政/何曼文 投资亮点 产量不及预期；全球钨 ...

Group 1 - The core viewpoint is that Jiaxin International Resources (03858) is positioned as a "10x stock" with significant tungsten mining resources, showing strong price performance in correlation with rising tungsten prices, and is expected to continue its growth trajectory towards a market capitalization of HKD 100 billion [1][5][9] - Since its debut on August 28, 2025, Jiaxin's stock price has surged by over 591.39%, reaching a peak of HKD 75.5 per share, significantly outperforming the initial offering price of HKD 10.92 [1][5] - The company is currently in the second phase of its growth cycle, where rising product prices are driving stock performance, with expectations that tungsten prices will reach HKD 55,000 per ton, further boosting Jiaxin's stock price [5][7] Group 2 - Tungsten prices have experienced a remarkable bull market in 2025, with a cumulative increase of over 220% for major tungsten products, reflecting a fundamental shift in supply-demand dynamics [2][3] - As of January 16, 2026, the price of 65% black tungsten concentrate has surpassed HKD 51,000 per ton, while ammonium paratungstate (APT) and tungsten powder prices have also seen significant increases [2][3] - Analysts predict that the global tungsten supply-demand relationship will remain tight, with long-term price levels expected to stabilize between HKD 45,000 and HKD 50,000 per ton, potentially rising to HKD 55,000 per ton due to various market factors [3][4] Group 3 - Jiaxin International Resources is focused on the Bakuta tungsten mine project in Kazakhstan, which has a substantial resource base of 1.07 billion tons of ore and is the largest open-pit tungsten mine globally [6][7] - The company has outlined a clear production plan, with an expected output of 4,843 tons of tungsten concentrate in 2025, increasing to 9,612 tons in 2026 and 15,105 tons in 2027 [7][8] - Forecasts indicate that Jiaxin's net profit could exceed HKD 3.17 billion in 2026 and HKD 5.34 billion in 2027, representing a potential tenfold increase in net profit from 2025 to 2027 [8][9]

Group 1: Company Overview - Jaxin International Resources (03858) is positioned as a "10x stock" with significant tungsten mining resources, accelerating towards its growth targets [1] - Since its debut on the Hong Kong Stock Exchange, Jaxin's stock price has surged by over 591.39%, reaching a peak of 75.5 HKD per share [1] - The company is expected to enter the "billion-dollar club" as tungsten prices remain high and production capacity is released [1] Group 2: Tungsten Market Dynamics - The tungsten market in China experienced a rare bull market in 2025, with prices rising over 220% for major tungsten products, marking the largest annual increase in over a decade [2][3] - As of January 16, 2026, tungsten prices have continued to rise, with black tungsten concentrate exceeding 510,000 CNY per ton, APT at 750,000 CNY per ton, and tungsten powder at 1,210 CNY per kilogram [2] - The supply-demand relationship is expected to remain tight, with global tungsten production projected to increase from 79,500 tons to 89,900 tons, while demand is expected to rise from 96,200 tons to 110,000 tons by 2028 [3] Group 3: Production Capacity and Financial Projections - Jaxin's Bakuta tungsten mine has a resource of 1.07 billion tons of ore, with a production target of 4,843 tons of tungsten concentrate in 2025, increasing to 9,612 tons in 2026 and 15,105 tons in 2027 [6][7][8] - The company anticipates a net profit of approximately 4.38 billion HKD in 2025, with projections of 31.7 billion HKD and 53.4 billion HKD for 2026 and 2027, respectively, assuming tungsten prices stabilize at 500,000 CNY per ton [7][8] - If the company achieves its production and pricing targets, it could see a tenfold increase in net profit from 2025 to 2027, potentially elevating its market valuation significantly [8] Group 4: Investment Considerations - Key factors for investors include whether Jaxin's 2025 performance meets expectations, the sustainability of the 500,000 CNY tungsten price level, and the successful execution of production targets [9] - Achieving stability in both price and production will significantly enhance the likelihood of Jaxin reaching its billion-dollar valuation goal [9]

Group 1 - The core viewpoint of the article highlights the strong performance of Jaxin International Resources (03858), with its stock price increasing by over 8% and reaching 74.4 HKD, resulting in a market capitalization nearing 35 billion HKD [1] - Tungsten prices are expected to maintain a strong trend into 2026, with black tungsten concentrate prices exceeding 500,000 RMB per ton, APT prices surpassing 730,000 RMB, and tungsten powder prices approaching 1,200,000 RMB [1] - A report from Western Securities indicates that the domestic tungsten industry will enter its last long-term pricing window in December 2025, with multiple companies expected to announce price increases for the year [1] Group 2 - First Shanghai's report emphasizes that Jaxin International Resources' core asset is the Bakuta tungsten mine project, covering the entire value chain from exploration to processing and sales, with tungsten concentrate as the main product [1] - The company is considered to be at a critical value release inflection point, possessing world-class core assets that lay the foundation for long-term growth [1] - Jaxin International Resources is identified as a rare pure tungsten mining stock in the market, with its current share price offering a high margin of safety and attractiveness [1]

每经AI快讯，佳鑫国际资源(03858.HK)涨超7%。截至发稿，涨7.5%，报68.8港元，成交额2808.72万港 元。 ...

Group 1 - The core viewpoint of the article highlights that Jaxin International Resources (03858) has seen a significant increase in stock price, rising over 7% to reach a historical high of 68.8 HKD, with a trading volume of 28.09 million HKD [1] - Tungsten prices are expected to maintain a strong upward trend into 2026, with black tungsten concentrate prices exceeding 500,000 RMB per ton, APT prices surpassing 730,000 RMB, and tungsten powder prices approaching 1,200,000 RMB [1] - Major tungsten companies and industry organizations, including Zhangyuan Tungsten Industry, Xianglu Tungsten Industry, and Ganzhou Tungsten Association, have recently raised their new pricing, further boosting market bullish sentiment [1] Group 2 - Jaxin International Resources is a tungsten mining development company headquartered in Kazakhstan, with its core asset being the Bakuta tungsten project [1] - First Shanghai believes that 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 considered a rare pure tungsten mining target in the market, with its current stock price offering a high margin of safety and attractiveness [1]