Zhi Tong Cai Jing·2026-01-14 03:30Group 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]