消息面上，据华源证券，近两周，黑钨精矿价格上涨9.76%至37.10万元/吨，仲钨酸铵价格上涨12.12% 至55.50万元/吨。供给端，钨精矿开采指标缩减，矿山普遍放缓生产节奏，行业流通继续收紧为主。需 求端，国内需求基本保持稳定，刚需采购为主，PCB刀具需求景气。近期，国内钨主流企业上调12月上 半月长单价格，提振市场看涨情绪。中邮证券认为，短期看钨价供需矛盾难解，12月预计钨全产业链将 延续上涨行情。 中金此前指，据佳鑫国际资源公告，公司开发运营的哈萨克斯坦巴库塔钨矿已于2025年4月正式进入商 业化生产，公司计划于2H25、2026、2027年分别生产3638、10900、13665吨钨精矿（65%WO3口 径），该行测算哈萨克斯坦巴库塔钨矿占到2025-2027年全球原钨供给的比重有望达4%、7%、8%。 智通财经APP获悉，佳鑫国际资源(03858)涨超8%，截至发稿，涨8.29%，报41.8港元，成交额2870.73万 港元。 ...

海外供给方面，中金预计未来3-5年仅哈萨克斯坦、韩国或贡献主要增量。据佳鑫国际资源公告，公司 开发运营的哈萨克斯坦巴库塔钨矿已于2025年4月正式进入商业化生产，公司计划于2H25、2026、2027 年分别生产3638、10900、13665吨钨精矿（65%WO3口径），该行测算哈萨克斯坦巴库塔钨矿占到 2025-2027年全球原钨供给的比重有望达4%、7%、8%。 智通财经获悉，佳鑫国际资源(03858)涨超5%，截至发稿，涨5.25%，报37.68港元，成交额1279.65万港 元。 消息面上，中金指出，今年3月以来，中国钨精矿价格自14.2万元/吨上涨至9月10日28.8万元/吨高位， 随后回落至26.7万元附近企稳。10月中旬以来，钨价再度开启上涨行情，并连续创下历史新高。截至12 月5日，钨价达35.1万元/吨，年初至今涨幅高达147%。该行持续看好钨价牛市。未来3-5年全球钨供给 依然维持偏紧态势，但各国对钨资源的战略性动作值得关注。 本文源自：智通财经网 ...

每经AI快讯，佳鑫国际资源(03858.HK)涨超5%，截至发稿，涨5.25%，报37.68港元，成交额1279.65万 港元。 ...

消息面上，中金指出，今年3月以来，中国钨精矿价格自14.2万元/吨上涨至9月10日28.8万元/吨高位， 随后回落至26.7万元附近企稳。10月中旬以来，钨价再度开启上涨行情，并连续创下历史新高。截至12 月5日，钨价达35.1万元/吨，年初至今涨幅高达147%。该行持续看好钨价牛市。未来3-5年全球钨供给 依然维持偏紧态势，但各国对钨资源的战略性动作值得关注。 海外供给方面，中金预计未来3-5年仅哈萨克斯坦、韩国或贡献主要增量。据佳鑫国际资源公告，公司 开发运营的哈萨克斯坦巴库塔钨矿已于2025年4月正式进入商业化生产，公司计划于2H25、2026、2027 年分别生产3638、10900、13665吨钨精矿(65%WO3口径)，该行测算哈萨克斯坦巴库塔钨矿占到2025- 2027年全球原钨供给的比重有望达4%、7%、8%。 佳鑫国际资源(03858)涨超5%，截至发稿，涨5.25%，报37.68港元，成交额1279.65万港元。 ...

海外供给方面，中金预计未来3-5年仅哈萨克斯坦、韩国或贡献主要增量。据佳鑫国际资源公告，公司 开发运营的哈萨克斯坦巴库塔钨矿已于2025年4月正式进入商业化生产，公司计划于2H25、2026、2027 年分别生产3638、10900、13665吨钨精矿（65%WO3口径），该行测算哈萨克斯坦巴库塔钨矿占到 2025-2027年全球原钨供给的比重有望达4%、7%、8%。 智通财经APP获悉，佳鑫国际资源(03858)涨超5%，截至发稿，涨5.25%，报37.68港元，成交额1279.65 万港元。 消息面上，中金指出，今年3月以来，中国钨精矿价格自14.2万元/吨上涨至9月10日28.8万元/吨高位， 随后回落至26.7万元附近企稳。10月中旬以来，钨价再度开启上涨行情，并连续创下历史新高。截至12 月5日，钨价达35.1万元/吨，年初至今涨幅高达147%。该行持续看好钨价牛市。未来3-5年全球钨供给 依然维持偏紧态势，但各国对钨资源的战略性动作值得关注。 ...

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11月30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12月1日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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 market in China is showing a strong upward trend as of November 2025, driven by a tight supply-demand balance and various positive factors, leading to significant price increases for tungsten concentrates [1] Company Summary - Jaxin International Resources (03858) has seen its stock price rise over 5%, currently at HKD 34.82, with a trading volume of HKD 16.3983 million [1] - The company, which went public on August 28, has experienced a stock price increase of 29% year-to-date, and a remarkable 359% increase based on its initial offering price, benefiting from its Bakuta tungsten mine in Kazakhstan [1] Industry Summary - The average price of 65% black tungsten concentrate reached CNY 322,100 per ton in November 2025, marking a 15.79% increase from October 2025 and a 124.50% increase year-on-year [1] - The average price of 65% white tungsten concentrate also saw a significant rise, reaching CNY 321,100 per ton, with a 15.85% month-on-month increase and a 125.37% year-on-year increase [1] - Factors contributing to the price increase include export controls, quota reductions, and a strong performance of major listed companies in the tungsten sector, which have outperformed the CSI 300 index [1]

Core Viewpoint - Jiajin International Resources (03858) has seen a significant stock price increase, attributed to rising tungsten prices and positive market dynamics [3] Company Summary - Jiajin International Resources' stock price rose over 8%, currently trading at 33.16 HKD with a trading volume of 24.58 million HKD [3] - The company's core asset, the Bakuta tungsten mine, is already in production with expectations for future output increases, benefiting from rising tungsten prices [3] Industry Summary - Tungsten prices are experiencing high volatility, with 65% black tungsten concentrate priced at 334,000 CNY per standard ton, up 133.6% from the beginning of the year, and 65% white tungsten concentrate at 333,000 CNY per standard ton, up 134.5% [3] - The supply side is tightening due to increased global reserves and China's implementation of total mining control, while the demand side is expected to grow due to diverse downstream applications [3] - The improvement in the supply-demand balance in the tungsten industry is likely to support high tungsten prices in the future [3]

Core Viewpoint - Jaxin International Resources (03858) has seen its stock price increase by over 8%, currently trading at 33.16 HKD, with a trading volume of 24.58 million HKD, driven by rising tungsten prices and positive market sentiment [1] Company Summary - Jaxin International Resources' core asset is the Bakuta tungsten mine, which has already commenced production and is expected to increase output in the future, benefiting from the rising tungsten prices [1] - The company is anticipated to experience rapid profit growth due to the upward trend in tungsten prices [1] Industry Summary - Tungsten prices are experiencing high volatility, with 65% black tungsten concentrate priced at 334,000 RMB per standard ton, up 133.6% from the beginning of the year, and 65% white tungsten concentrate priced at 333,000 RMB per standard ton, up 134.5% [1] - The supply side is tightening due to increased global reserves and China's implementation of total mining control, while the demand side is expected to grow due to diverse downstream applications, potentially supporting high tungsten prices [1]

Group 1 - The stock of Jiexin International Resources (03858) rose over 5% during the trading session, currently up 3.4% at HKD 32.22, with a trading volume of HKD 30.83 million [2] - The tungsten market continues to show a stable trend, with the price of 65% black tungsten concentrate reported at CNY 327,000 per standard ton, an increase of 128.7% compared to the beginning of the year [2] - The price of 65% white tungsten concentrate is reported at CNY 326,000 per standard ton, reflecting a 129.6% increase since the start of the year [2] Group 2 - According to Kaiyuan Securities, tungsten is a strategic metal in China, and its supply is constrained by resource depletion and environmental factors, along with national total control on tungsten mining, limiting production release [2] - The demand for tungsten is expected to remain tight due to emerging growth areas, which may lead to a continued upward trend in tungsten prices [2] - Beneficiaries of this trend include companies like Jiexin International Resources [2]