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 ...

（於香港註冊成立的有限公司） （股份代號：3858） 關連交易 該等採礦服務採購協議 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Jiaxin International Resources Investment Limited 佳鑫國際資源投資有限公司 該等採礦服務採購協議 董事會欣然宣佈，於2026年1月6日（聯交所交易時段後），附屬公司ZV（本公司的 間接非全資附屬公司）透過公開招標與CCECC哈薩克斯坦分公司訂立該等採礦服 務採購協議，據此，附屬公司ZV將於巴庫塔鎢礦項目的生產階段向CCECC哈薩 克斯坦分公司採購露天採礦中的剝採和開採工作，總合約價格為14,900,664,000堅 戈（含稅）（相當於約227.0百萬港元）。該等採礦服務採購協議的主要條款概述如 下： 附屬公司ZV（作為買方）。 1 日期 ： 2026年1月6日 訂約方 ： CCECC哈薩克斯坦分公司（作為供應商）；及 主題事項 ： 於巴庫塔鎢礦項目的生產階段向CCECC哈 ...

Group 1 - CITIC Securities maintains a "Buy" rating for Huahong Semiconductor (01347.HK) with a target price of HKD 100, highlighting its leading position in specialty process wafer foundry and strong growth potential from capacity expansion and acquisitions [1] - CITIC Securities also maintains a "Buy" rating for SiHuan Pharmaceutical (00460.HK) with a target price of HKD 1.6, noting rapid growth in its medical aesthetic products and strong sales performance of new regenerative products [1] - GF Securities maintains a "Buy" rating for Yum China (09987.HK) with a target price of HKD 453.62, citing improved same-store sales and growth driven by new product iterations and marketing strategies [1] Group 2 - GF Securities initiates coverage on Laoputang Gold (06181.HK) with a "Buy" rating and a target price of HKD 775.64, emphasizing its leading position in handcrafted gold jewelry and strong growth potential from store expansion [2] - GF Securities initiates coverage on Yue Yuen Industrial (00551.HK) with a "Buy" rating and a target price of HKD 19.99, highlighting its status as the largest athletic shoe manufacturer and expected performance recovery [3] Group 3 - Cinda International maintains a "Buy" rating for Hesai Technology (02525.HK), noting its leadership in the global LiDAR market and significant growth in production and market share [4] - Zhongtai Securities initiates coverage on China Resources Land (01109.HK) with an "Accumulate" rating, reporting strong revenue and profit growth along with a healthy financial structure [5] Group 4 - First Shanghai initiates coverage on Jaxin International Resources (03858.HK) with a "Buy" rating and a target price of HKD 82.4, highlighting its world-class tungsten resources and strong profit growth potential [6] - Kaiyuan Securities initiates coverage on Beautiful Pastoral Medical Health (02373.HK) with a "Buy" rating, emphasizing its differentiated business model and effective customer acquisition strategies [7] Group 5 - CICC maintains an "Outperform" rating for Standard Chartered Group (02888.HK), noting better-than-expected Q2 2025 performance driven by significant growth in non-interest income [8]

Group 1 - The core viewpoint is that Jiaxin International Resources (03858) is at a critical value release point, possessing world-class core assets, and is a rare pure tungsten mining target in the market, with a high safety margin and attractiveness in its current stock price [1] - The company is headquartered in Kazakhstan and focuses on tungsten mining, with its core asset being the Bakuta tungsten project. Its business model covers the entire chain of exploration, mining, processing, and sales of tungsten concentrate [2] - The company plans to explore more investment opportunities in non-ferrous metal resources in Central Asia, following the commencement of commercial production at the Bakuta tungsten mine in April 2025 [2] Group 2 - The company has a unique integrated model in its biomass business, which includes biomass direct combustion power generation, biomass heating, and integrated biomass and waste power generation, effectively reducing overall development and operational costs [3] - The company currently handles 42 types of hazardous waste, with a project IRR exceeding 20%. The hazardous waste disposal prices range from 2,000 to 17,000 yuan per ton, with an average price of 2,732 yuan per ton in 2017, reflecting a year-on-year increase of 13.4% [4]

Group 1 - The core viewpoint of the report is that Jiaxin International Resources (03858) is at a critical value release point, possessing world-class core assets, which lays the foundation for long-term growth [1] - The company is a rare pure tungsten mining entity, with its current stock price offering a high margin of safety and attractiveness [1] - The company is headquartered in Kazakhstan and its core asset is the Bakuta tungsten project, covering the entire value chain from exploration to sales of tungsten concentrate [2] Group 2 - The company plans to use funds raised from its IPO for capacity expansion, deep processing layout, and debt repayment [2] - The Bakuta tungsten mine commenced commercial production in April 2025, and the company aims to explore more investment opportunities in non-ferrous metal resources in Central Asia [2] - The company has a unique integrated model in its biomass business, which effectively reduces overall project development and operational costs [3] Group 3 - The company currently handles 42 types of hazardous waste, with projects primarily located in regions with abundant hazardous waste production [4] - The internal rate of return (IRR) for hazardous waste projects exceeds 20%, with disposal prices ranging from 2,000 to 17,000 yuan per ton [4] - The average hazardous waste disposal price in 2017 was 2,732 yuan per ton, reflecting a year-on-year increase of 13.4% [4]

| 截至月份: | 2025年12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: | 2026年1月2日 | | | | I. 法定/註冊股本變動 不適用 | | | | FF301 第 1 頁 共 10 頁 v 1.1.1 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 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 ...

因董事会对ESG委员会组成作出相应调整，邱怀智先生不再为ESG委员会成员，自2025年12月31日起生 效。 汪中伟先生已由公司执行董事调任为非执行董事及获委任为调任审核委员会成员，且其已不再为ESG委 员会成员及公司首席执行官，自2025年12月31日起生效。 佳鑫国际资源(03858)发布公告，查克兵先生已因工作调动原因辞任非执行董事及公司审核委员会成 员，自2025年12月31日起生效。谢文波先生已获委任为公司执行董事及公司环境、社会及管治委员会 (ESG委员会)主席，并同时担任公司首席执行官，自2025年12月31日起生效。公云帆先生已获委任为非 执行董事及ESG委员会成员，自2025年12月31日起生效。 ...