消息面上，据中钨在线，11月25日，随着市场供需双方博弈加剧，钨价总体高位震荡运行。65%黑钨精 矿价格报33.4万元/标吨，较年初涨133.6%；65%白钨精矿价格报33.3万元/标吨，较年初涨134.5%。国 元证券认为，从供给端来看，近年全球储量逐步增加，我国实施开采总量控制，未来我国钨供给持续趋 紧；从需求端来看，下游需求多点开花，有望持续引领钨需求的增长。未来钨行业的供需格局的改善或 支撑钨价保持高位运行。招商证券此前指，公司核心资产为巴库塔钨矿，目前已投产，未来仍有增产预 期，受益钨价上行，公司利润有望高速增长。 智通财经APP获悉，佳鑫国际资源(03858)涨超8%，截至发稿，涨7.87%，报33.16港元，成交额2458.78 万港元。 ...

佳鑫国际资源(03858)盘中涨超5%，截至发稿，涨3.4%，报32.22港元，成交额3082.68万港元。 消息面上，据中钨在线，11月20日，钨市延续稳健行情。65%黑钨精矿价格报32.7万元/标吨，较年初涨 128.7%。65%白钨精矿价格报32.6万元/标吨，较年初涨129.6%。开源证券指出，作为我国优势战略金 属，钨矿供应受制于资源枯竭，环保等因素制约，叠加国家对钨矿开采实施总量控制，钨矿产量释放有 限。新兴增长领域拉动钨需求，供需持续偏紧，钨价重心有望继续向上。受益标的包括佳鑫国际资源 等。 佳鑫国际资源 分时图 日K线 周K线 月K线 32.02 -0.40 -1.23% 1.85% 1.23% 0.62% 0.00% 0.62% 1.23% 1.85% 31.82 32.02 32.22 32.42 32.62 32.82 33.02 09:30 10:30 12:00/13:00 14:00 16:10 0 5万 11万 16万 ...

智通财经APP获悉，佳鑫国际资源(03858)盘中涨超5%，截至发稿，涨3.4%，报32.22港元，成交额 3082.68万港元。 消息面上，据中钨在线，11月20日，钨市延续稳健行情。65%黑钨精矿价格报32.7万元/标吨，较年初涨 128.7%。65%白钨精矿价格报32.6万元/标吨，较年初涨129.6%。开源证券指出，作为我国优势战略金 属，钨矿供应受制于资源枯竭，环保等因素制约，叠加国家对钨矿开采实施总量控制，钨矿产量释放有 限。新兴增长领域拉动钨需求，供需持续偏紧，钨价重心有望继续向上。受益标的包括佳鑫国际资源 等。 ...

Group 1 - Jiaxin International Resources (03858.HK) saw an afternoon increase of over 6% [1] - As of the report, the stock rose by 6.52%, reaching HKD 38.22 [1] - The trading volume amounted to HKD 52.45 million [1]

Group 1 - The core viewpoint of the article highlights the significant increase in tungsten prices since October, with various tungsten products experiencing substantial price hikes, indicating a strong market demand and supply constraints [1] - As of October 28, the price of black tungsten concentrate reached 288,000 yuan per ton, up 3,000 yuan from the previous trading day, while APT (Ammonium Paratungstate) prices rose to 425,000 yuan per ton, an increase of 7,000 yuan [1] - Tungsten powder prices also saw an increase, reaching 635 yuan per gram, up 5 yuan from the previous day, with prices having doubled compared to the beginning of the year [1] Group 2 - Huaxi Securities projects that tungsten prices will continue to remain high, with historical peaks expected, despite potential new supply from overseas that may take time to impact the market [1] - The current tight supply situation for tungsten is expected to provide support for prices, with future attention needed on the annual tungsten concentrate quota issuance [1] - Jiaxin International Resources, based in Kazakhstan, focuses on developing the Bakuta tungsten mine project, positioning itself to benefit from the rising tungsten prices [1]

Core Viewpoint - The stock of Jiexin International Resources (03858) has risen over 6%, driven by a significant increase in tungsten prices since October, with prices doubling compared to the beginning of the year [1] Company Summary - Jiexin International Resources is focused on developing the Bakuta tungsten mine project in Kazakhstan [1] Industry Summary - Tungsten products have seen a rapid price increase, with black tungsten concentrate quoted at 288,000 yuan/ton, up 3,000 yuan/ton from the previous trading day, and APT quoted at 425,000 yuan/ton, up 7,000 yuan/ton [1] - Tungsten powder prices have also increased to 635 yuan/gram, up 5 yuan/gram [1] - According to Huaxi Securities, tungsten prices have been consistently high since early 2025, reaching historical highs, with tight supply conditions expected to support prices in the future [1] - Although there is potential new supply overseas, it will take time to impact the market, and the current tight supply situation is expected to persist [1]

Group 1 - Tungsten is experiencing a significant price increase, with prices doubling compared to the beginning of the year, including black tungsten concentrate rising by 101.4% to 143,000 CNY/ton [1] - The supply side is tightening due to reduced mining quotas and slower production rates, while domestic demand remains stable, primarily driven by essential purchases [1] - Major companies are managing cost pressures through diversified strategies, effectively transmitting costs without being passively affected [1] Group 2 - The Ministry of Commerce's announcement regarding the export conditions for tungsten, antimony, and silver indicates a positive signal for antimony exports, with expectations for a rebound in prices [2] - The rapid price increase of tungsten in the third quarter has enhanced the pricing power of downstream industries, leading to significant earnings growth for integrated companies [2] Group 3 - Jiaxin International Resources focuses on the Bakuta tungsten mine project in Kazakhstan, with expectations for profit growth due to rising tungsten prices [3] - Luoyang Molybdenum's production guidance for 2025 indicates an expected tungsten metal output of 6,500 to 7,500 tons [3]

FF301 II. 已發行股份及/或庫存股份變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 佳鑫國際資源投資有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03858 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 455,700,000 | | 0 | | 455,700,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 455,700,000 | | 0 | | 455,700,000 | ...

Core Viewpoint - The tungsten sector's third-quarter reports have exceeded market expectations, leading to a significant increase in the stock price of Jiaxin International Resources [1] Company Summary - Jiaxin International Resources (03858) saw its stock price rise over 7%, currently trading at 39.22 HKD with a transaction volume of 53.51 million HKD [1] - The company is focused on developing the Bakuta tungsten mine project in Kazakhstan [1] Industry Summary - Xiamen Tungsten's third-quarter net profit attributable to shareholders reached 810 million CNY, a year-on-year increase of 109.85% [1] - China Tungsten High-Tech's third-quarter net profit excluding non-recurring items was 297 million CNY, up 725.45% year-on-year [1] - Recent price increases in the tungsten market include a 3.73% rise in black tungsten concentrate prices to 278,000 CNY/ton and a 3.70% increase in ammonium paratungstate prices to 406,000 CNY/ton [1] - The supply side is experiencing a reduction in tungsten concentrate mining quotas, leading to a slowdown in production and tightening circulation in the industry [1] - Domestic demand remains stable, primarily driven by essential procurement [1] - In late October, major companies announced long-term contract prices, with 55% black tungsten concentrate prices around 273,000 CNY/standard ton, supporting high price fluctuations [1]

Group 1 - The core viewpoint of the article highlights the strong performance of the tungsten sector, with companies like Xiamen Tungsten and China Tungsten High-Tech reporting significant profit increases in their third-quarter results [1] - Jaxin International Resources (03858) saw its stock price rise over 7%, currently trading at 39.22 HKD, with a trading volume of 53.51 million HKD [1] - Xiamen Tungsten reported a net profit attributable to shareholders of 810 million CNY for Q3, representing a year-on-year increase of 109.85% [1] Group 2 - China Tungsten High-Tech announced a non-deductible net profit of 297 million CNY for Q3, marking a year-on-year increase of 725.45% [1] - The price of black tungsten concentrate has increased by 3.73% to 278,000 CNY per ton, while ammonium paratungstate prices rose by 3.70% to 406,000 CNY per ton [1] - The supply side is experiencing a reduction in tungsten concentrate mining indicators, leading to a general slowdown in production and tightening circulation within the industry [1]