JIAXIN INTERNATIONAL RESOURCES INVESTMENT(03858.HK)：A RISING WORLD-CLASS STAR IN THE TUNGSTEN MINING INDUSTRY
JIAXIN INTL RESJIAXIN INTL RES(HK:03858) Ge Long Hui·2026-01-21 19:00

机构：中金公司 研究员：Changzhou WANG/Ding QI/Yan CHEN/Zheng WANG/Manwen HE Investment positives We initiate coverage on Jiaxin International Resources Investment (Jiaxin) with an OUTPERFORM rating and a target price of HK$95.00, implying 22.6x 2026e and 14.8x 2027e P/E. Jiaxin focuses on tungsten mine operations in Boguty, Kazakhstan, and we are firmly upbeat on the firm. Why an OUTPERFORM rating? Global tungsten supply and demand conditions to remain tight; average tungsten prices to rise steadily. On the supply sid ...