Group 1 - Jaxin International Resources (03858) saw a rise of over 7%, reaching a historical high of 68.8 HKD, with a trading volume of 28.0872 million HKD [1] - Tungsten prices continue to show a strong trend entering 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 (002378), Xianglu Tungsten Industry (002842), 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 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 that Jiaxin International Resources (03858) has seen its stock price rise over 5%, reaching a new high of 63.15 HKD, which is nearly five times its IPO price of 10.62 HKD [1] - As of the report, the stock is up 5.36%, trading at 62.9 HKD with a transaction volume of 36.73 million HKD [1] - The price increase is attributed to tightening supply and demand dynamics in the tungsten market, with tungsten prices surpassing 480,000 RMB per ton, setting a new historical high [1] Group 2 - Jiaxin International Resources is a tungsten mining development company headquartered in Kazakhstan, with its core asset being the Bakuta tungsten project [1] - The company's business model encompasses the entire value chain of tungsten mining, including exploration, extraction, processing, and sales, with tungsten concentrate as its main product [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 noted as a rare pure tungsten mining target in the market, with its current stock price offering a high margin of safety and attractiveness [1]

Core Viewpoint - Jiaxin International Resources (03858) has seen its stock price increase by over 5%, reaching a new high of 63.15 HKD, which is nearly five times its IPO price of 10.62 HKD [1] Group 1: Company Overview - Jiaxin International Resources is a tungsten mining company headquartered in Kazakhstan, with its core asset being the Bakuta tungsten project [1] - The company's business model encompasses the entire value chain of tungsten mining, including exploration, extraction, processing, and sales, with tungsten concentrate as its main product [1] Group 2: Market Dynamics - On January 5, Zhangyuan Tungsten announced an increase in long-term procurement prices for its 55% grade black tungsten concentrate, 55% grade white tungsten concentrate, and national standard zero-grade ammonium paratungstate, compared to the second half of December 2025 [1] - Huayuan Securities noted that the tightening supply-demand dynamics have led tungsten prices to exceed 480,000 RMB per ton, setting a new historical high [1] Group 3: Investment Potential - First Shanghai believes that the company is at a critical value release inflection point and possesses world-class core assets, which 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]

第一上海发布研报称，鑫国际资源核心资产为巴库塔钨矿项目，公司业务模式覆盖钨矿的勘探、开采、 加工及销售全链条，主要产品为钨精矿。该行认为公司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。 消息面上，佳鑫国际资源发布公告，附属公司ZV透过公开招标与CCECC哈萨克斯坦分公司订立该等采 矿服务采购协议，附属公司ZV将于巴库塔钨矿项目的生产阶段向CCECC哈萨克斯坦分公司采购露天采 矿中的剥采和开采工作，总合约价格为149亿坚戈(含税)(相当于约2.27亿港元)。 智通财经APP获悉，佳鑫国际资源(03858)再涨超4%，高见57.9港元，再创上市新高。截至发稿，涨 4.47%，报5295.62万港元。 ...

Core Viewpoint - Jiaxin International Resources (03858) has seen its stock price rise over 4%, reaching a new high of 57.9 HKD, driven by a significant mining services procurement agreement [1] Group 1: Company Developments - Jiaxin International Resources announced that its subsidiary ZV has entered into a mining services procurement agreement with CCECC Kazakhstan for the Bakuta tungsten mine project, with a total contract value of 14.9 billion tenge (approximately 227 million HKD) [1] - The core asset of Jiaxin International Resources is the Bakuta tungsten mine project, which encompasses the entire value chain of tungsten exploration, mining, processing, and sales, with tungsten concentrate as the main product [1] Group 2: Market Analysis - First Shanghai has published a report indicating that Jiaxin International Resources 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]

Core Viewpoint - Jiaxin International Resources (03858) has seen a significant stock price increase following the announcement of a mining services procurement agreement with CCECC Kazakhstan, indicating positive market sentiment towards the company's operational developments [1] Group 1: Stock Performance - Jiaxin International Resources' stock rose over 6% in the morning session, with a current increase of 4.9%, trading at HKD 54.55, with a transaction volume of HKD 42.24 million [1] Group 2: Contract Details - The company announced that its subsidiary ZV entered into a mining services procurement agreement with CCECC Kazakhstan, effective January 6, 2026, for the Bakuta tungsten mine project [1] - The total contract value for the procurement agreement is 14.9 billion tenge (approximately HKD 227 million), which includes taxes [1] Group 3: Business Relationship - The company has a long-term stable business relationship with CCECC and its subsidiaries, which are familiar with the mining processes, quality standards, and requirements for the Bakuta tungsten mine project [1] - The board believes that maintaining a stable and high-quality business relationship with CCECC will contribute positively to the production phase of the Bakuta tungsten mine project [1]

Core Viewpoint - Jiaxin International Resources (03858) has seen a stock price increase of over 6%, currently trading at 54.55 HKD, with a transaction volume of 42.24 million HKD, following the announcement of a significant mining services procurement agreement [1] Group 1: Company Announcement - Jiaxin International Resources announced that its subsidiary ZV has entered into a mining services procurement agreement with CCECC Kazakhstan branch through public bidding, with a total contract price of 14.9 billion tenge (approximately 227 million HKD) for the Bakuta tungsten mine project [1] - The agreement involves ZV procuring stripping and mining work during the production phase of the Bakuta tungsten mine project [1] - The company has a long-term stable business relationship with CCECC and its subsidiaries, which are familiar with the mining processes, quality standards, and requirements for the Bakuta tungsten mine project [1]

格隆汇1月6日丨佳鑫国际资源(03858.HK)宣布，于2026年1月6日，附属公司ZV(公司的间接非全资附属 公司)透过公开招标与CCECC哈萨克斯坦分公司订立该等采矿服务采购协议，据此，附属公司ZV将于巴 库塔钨矿项目的生产阶段向CCECC哈萨克斯坦分公司采购露天采矿中的剥采和开采工作，总合约价格 为14,900,664,000坚戈(含税)(相当于约2.27亿港元)。 公司与CCECC哈萨克斯坦分公司订立该等安排，乃由于后者拥有工业采矿活动的专业知识且其提供服 务的质量。此外，集团与CCECC及其附属公司拥有长期稳定的业务关系，因此，CCECC及其附属公司 熟悉巴库塔钨矿项目生产阶段的采矿流程及需要、质量标准及要求，并能够持续提供采矿服务。 董事相信，与CCECC及其附属公司维持稳定及优质的业务关系将有助于巴库塔钨矿项目的生产阶段。 在巴库塔钨矿项目的生产阶段，集团外包部分采矿服务并根据由第三方选出的四名专家及公司代表组成 的委员会进行的评估及甄选程序，通过公开招标甄选供应商，并考虑多项因素，包括其业务需求、所收 取的合约价格、服务质量、供应商的牌照及资格、往绩记录及行业经验。 公司已就供应商的甄选刊发公 ...

此外，本集团与CCECC及其附属公司拥有长期稳定的业务关系，因此，CCECC及其附属公司熟悉巴库 塔钨矿项目生产阶段的采矿流程及需要、质量标准及要求，并能够持续提供采矿服务。董事相信，与 CCECC及其附属公司维持稳定及优质的业务关系将有助于巴库塔钨矿项目的生产阶段。 在巴库塔钨矿项目的生产阶段，本集团外包部分采矿服务并根据由第三方选出的四名专家及本公司代表 组成的委员会进行的评估及甄选程序，通过公开招标甄选供应商，并考虑多项因素，包括其业务需求、 所收取的合约价格、服务质量、供应商的牌照及资格、往绩记录及行业经验。本公司已就供应商的甄选 刊发公告。外包采矿服务并不罕见，且符合行业惯例。附属公司ZV拥有采矿管理及技术人员，负责根 据适用法规管理及监督采矿作业、编制剥采和开采工作计划、委派剥采和开采任务、评估及管理剥采量 以及评估开采和剥采工作。CCECC哈萨克斯坦分公司负责在附属公司ZV的监督下按计划完成开采和剥 采任务。本公司与 CCECC哈萨克斯坦分公司订立该等安排，乃由于后者拥有工业采矿活动的专业知识 且其提供服务的质量。 智通财经APP讯，佳鑫国际资源(03858)发布公告，于2026年1月6日，附属 ...

佳鑫国际资源(03858)发布公告，于2026年1月6日，附属公司ZV(本公司的间接非全资附属公司)透过公 开招标与CCECC哈萨克斯坦分公司订立该等采矿服务采购协议，附属公司ZV将于巴库塔钨矿项目的生 产阶段向CCECC哈萨克斯坦分公司采购露天采矿中的剥采和开采工作，总合约价格为149亿坚戈(含税) (相当于约2.27亿港元)。 在巴库塔钨矿项目的生产阶段，本集团外包部分采矿服务并根据由第三方选出的四名专家及本公司代表 组成的委员会进行的评估及甄选程序，通过公开招标甄选供应商，并考虑多项因素，包括其业务需求、 所收取的合约价格、服务质量、供应商的牌照及资格、往绩记录及行业经验。本公司已就供应商的甄选 刊发公告。外包采矿服务并不罕见，且符合行业惯例。附属公司ZV拥有采矿管理及技术人员，负责根 据适用法规管理及监督采矿作业、编制剥采和开采工作计划、委派剥采和开采任务、评估及管理剥采量 以及评估开采和剥采工作。CCECC哈萨克斯坦分公司负责在附属公司ZV的监督下按计划完成开采和剥 采任务。本公司与CCECC哈萨克斯坦分公司订立该等安排，乃由于后者拥有工业采矿活动的专业知识 且其提供服务的质量。 此外，本集团与CC ...