Group 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]

Core Viewpoint - Jiaxin International Resources (03858) has seen its stock price increase by over 5%, reaching a new high of 63.15 HKD, which is nearly five times its IPO price of 10.62 HKD [1] Group 1: Company Overview - Jiaxin International Resources is a tungsten mining 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] Group 2: Market Dynamics - On January 5, Zhangyuan Tungsten announced an increase in long-term procurement prices for its 55% grade black tungsten concentrate, 55% grade white tungsten concentrate, and national standard zero-grade ammonium paratungstate, compared to the second half of December 2025 [1] - Huayuan Securities noted that the tightening supply-demand dynamics have led tungsten prices to exceed 480,000 RMB per ton, setting a new historical high [1] Group 3: Investment Potential - First Shanghai believes that the company is at a critical value release inflection point and possesses world-class core assets, which lay the foundation for long-term growth [1] - The company is considered a rare pure tungsten mining target in the market, with its current stock price offering a high margin of safety and attractiveness [1]

未来几年内全球钨供应与需求情况如何？ 预计 26 年国内钨矿产量将继续下降，而海外产量有所增加，但总体增速仍较 为理性克制，大约在 2%到 3%之间。即使 27、28 年部分矿山开始释放，总供 给增速也仅为 4%到 5%。考虑再生料因素，总增长可能仅为 3%。另一方面， 12 月份国内 PMI 数据超预期达到 50 以上，同时数控机床和挖掘机等终端产品 产量增速较高。如果后续持续降息并保持 PMI 在 50 以上水平，那么硬质合金 等代表民用需求的增长将非常可观。在 16-18 和 20-22 两段时间内，中国硬质 合金产量年化增速达 10%-20%，预计未来这一趋势将继续。因此，从供需平 衡表来看，未来几年内全球范围内供应增速相对疲软，而民用与军用双轮驱动 下的强劲需求将推动物价持续上涨。 针对投资者而言，目前投资于哪些标的是比较有潜力的选择？ 美国总统特朗普提出的 2027 年军费提升至 1.5 万亿美元对钨市场有何影响？ 特朗普提出的 2027 年军费提升至 1.5 万亿美元，而不是此前预期的 1 万亿美 元，这一消息对小金属和关键金属，尤其是钨板块产生了显著拉动作用。历史 上，钨在战争时期价格曾高于黄 ...

光大证券认为，钨未来偏紧平衡的供需格局有望持续，叠加钨精矿开采成本的挺价，虽然钨精矿价格将 会出现一定回调，仍判断2026—2027年钨价将于高位运行。 据中钨在线，1月6日，钨价全线强势上扬，市场热度再度升温。截至发稿，钨精矿价格冲高至46.4万 元/标吨，APT价格重回68万元/吨高位，钨粉价格一举突破110万元/吨大关。 （文章来源：证券时报网） 华源证券认为，供给收缩叠加长单价格上调，钨价持续走强。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2025年12月上半月长单价格，提振市场看涨情绪；中期，一季度钨 市场供需预计仍会出现上游供应紧张局面，驱动钨市场维持高位震荡。 ...

Core Viewpoint - Tungsten prices have surged over 200% since the beginning of 2025, driven by supply constraints and increased demand in various industries, including high-end manufacturing and renewable energy [1][2][6] Group 1: Price Trends - In 2025, the price of black tungsten concentrate rose from approximately 143,000 CNY/ton to 459,000 CNY/ton, while ammonium paratungstate increased from about 210,500 CNY/ton to 675,000 CNY/ton, both exceeding 200% growth [2] - The international gold price saw a significant increase of over 70% in 2025, influencing the prices of other precious metals, including silver, which rose approximately 150% [1] Group 2: Supply Constraints - China accounted for 83% of global tungsten production in 2024, with a total output of 67,000 tons [4] - Since 1991, tungsten has been classified as a protected mining resource in China, with strict export controls and increased efforts to combat smuggling and illegal mining, leading to tighter domestic and international supply [6] - Analysts indicate that challenges such as declining mining years and lower ore grades are directly contributing to the significant price increases [8] Group 3: Demand and Market Dynamics - Despite rising tungsten prices, downstream companies, particularly in Hunan and Jiangxi, have not seen a decrease in orders; some sectors even report growth [12][14] - Companies are employing strategies such as long-term contracts for raw materials, cost reduction in production, and price increases for high-end products to mitigate the impact of rising costs [16] - The unique characteristics of tungsten and its applications in high-temperature and corrosion-resistant environments contribute to sustained demand, even amid rising material costs [20] Group 4: Future Outlook - The supply tightness is expected to persist in the short term, with limited downward price movement anticipated [22] - The recovery rate of tungsten resources is gradually improving, with global recycling rates reaching 30%-35%, while China's rate remains at 15.5%, indicating significant potential for growth [22] - The expansion of tungsten applications in emerging industries, such as AI and renewable energy, is expected to support long-term price stability [23][25][27] - Analysts predict that tungsten prices will maintain an upward trend, establishing a new normal of high prices due to a sustained supply-demand balance [29]

Core Viewpoint - Tungsten prices have experienced a rare surge this year, with major products like tungsten concentrate, ammonium paratungstate, and tungsten carbide seeing price increases exceeding 200% due to multiple factors, primarily supply constraints [1][5][19]. Group 1: Price Trends - In 2025, the price of black tungsten concentrate rose from approximately 143,000 yuan/ton to 459,000 yuan/ton, while ammonium paratungstate increased from about 210,500 yuan/ton to 675,000 yuan/ton, both showing over 200% growth [1]. - Global tungsten production in 2024 is projected at 67,000 tons, with China accounting for 83% of this output [3]. Group 2: Supply Constraints - Tungsten has been classified as a protective mining resource in China since 1991, with total control and unified management implemented. Recent export controls and increased efforts against smuggling and illegal mining have tightened domestic and international supply [5]. - Analysts indicate that challenges such as declining mining lifespans and lower ore grades are directly contributing to the significant price increases this year [7]. Group 3: Downstream Impact - Despite rising tungsten prices, downstream hard alloy enterprises in regions like Hunan and Jiangxi have not seen a decrease in orders; some sectors even report growth [11][13]. - Companies are employing strategies such as long-term price locking for raw materials, reducing production costs, and increasing prices for high-end products to mitigate the impact of rising costs [13]. Group 4: Market Characteristics - The unique characteristics of the tungsten market, including its concentration and properties like high-temperature and corrosion resistance, contribute to sustained demand despite price increases [15][17]. - Many companies are focusing on research and development to enhance material performance and stability, thereby maintaining a cost advantage in high-end applications [17]. Group 5: Future Outlook - The tight supply situation is expected to persist in the short term, with limited downward price movement anticipated. The industry is increasingly focusing on tungsten recycling as a "second mine" to address supply constraints [19]. - The expansion of tungsten applications in emerging industries, driven by global manufacturing trends towards high-end, intelligent, and green technologies, is expected to support long-term price stability [20][22]. - Analysts predict that tungsten prices will maintain an upward trend, with a long-term balance between supply and demand becoming the new normal [26].

Core Viewpoint - The price of tungsten, known as "industrial teeth," has significantly increased in 2023 due to supply constraints and surging demand from emerging sectors, creating a supply-demand gap that presents development opportunities for China's tungsten industry [1]. Industry Overview - Tungsten is widely used in various fields such as automotive, military, aerospace, machinery, new energy, and semiconductors due to its high melting point, hardness, density, and good thermal conductivity [1]. - The demand for tungsten has seen robust growth, particularly in traditional sectors and emerging markets, with significant increases in demand for tungsten wire in photovoltaic products and hard alloy tools [1][2]. Market Sentiment - Analysts express optimism about the market outlook, indicating that the supply-demand imbalance is expected to persist, keeping tungsten prices at high levels in the coming years [2]. - The market for tungsten is anticipated to remain strong due to limited new mining projects and ongoing demand from various industries [2]. Company Strategies - Companies in the tungsten industry are focusing on resource acquisition, high-value product development, and positioning in emerging markets to strengthen their market advantages [2]. - Xiamen Tungsten Co., Ltd. is enhancing its raw material security by increasing its mining capacity and exploring new mining opportunities, including overseas resources [3]. - Zhongtung High-tech Materials Co., Ltd. is leveraging technological innovation to develop high-value products for the artificial intelligence server market, with significant investments planned for new production lines [3]. Emerging Market Developments - Companies are actively expanding their business in emerging markets such as photovoltaics. For instance, Guangdong Xianglu Tungsten Industry Co., Ltd. has successfully established a production capacity of 6 billion meters of tungsten wire per year [4]. - Xiamen Tungsten is also expanding its applications in photovoltaic tungsten wire and special fields, achieving notable results [4].

Group 1: Market Dynamics - The tungsten market is experiencing significant price increases driven by major tungsten companies raising long-term procurement prices and production cuts from key tungsten raw material producers [1][2] - As of December 18, tungsten concentrate and ammonium paratungstate prices have risen, with tungsten powder (≥99.7%) reaching 1.01 million CNY/ton, a 219.6% increase since the beginning of the year [1] - Domestic tungsten powder prices have also surged to 1.045 million CNY/ton, with a notable acceleration in the price increase rate compared to November [1] Group 2: Supply and Demand Outlook - Analysts suggest that the recent rapid increase in tungsten prices is linked to supply constraints and rising long-term prices as the year-end approaches [2] - CICC forecasts that the global tungsten supply-demand relationship will remain tight, driving prices higher, with a long-term price center expected to rise to 450,000-500,000 CNY/ton by 2028 [2] - From 2025 to 2028, global tungsten production is projected to increase from 82,800 tons to 89,900 tons, while demand is expected to rise from 102,100 tons to 110,000 tons, indicating a persistent supply-demand gap [2] Group 3: Company Insights - Jiexin International Resources (03858) is set to begin commercial production at the Bakuta tungsten mine project in April 2025, with a target mining and processing capacity of 3.3 million tons of tungsten ore [3] - In the first half of 2025, Jiexin International processed 945,000 tons of ore, achieving a tungsten concentrate output of 1,205 tons, with a target for the second half of the year set at 1.65 million tons of ore and 3,638 tons of concentrate, tripling the first half's output [3] - By 2027, Jiexin International's second-phase project is expected to increase annual mining and processing capacity to 4.95 million tons, with projected concentrate output of 13,700 tons and a potential cost of 49,000 CNY per ton by 2027 [3]

智通财经获悉，佳鑫国际资源(03858)涨幅扩大逾13%，较招股价10.92港元已涨近350%。截至发稿，涨 12.29%，报48.44港元，成交额9304.92万港元。 本文源自：智通财经网 智通财经APP在《钨价年内狂飙220%创历史新高，最具弹性标的佳鑫国际（03858）或有10倍空间？》 中指出，在产量方面，佳鑫国际2027年精矿石产量1.37万吨;在价格方面，市场普遍预计钨精矿中长期 价格中枢45万-50万元/吨；在成本方面，2027年每吨精矿成本可低至4.9万元。这就意味着，佳鑫国际 2027年的毛利或可达55亿至60亿元。若钨价格进一步超预期，则可为佳鑫国际带来更丰厚利润。 消息面上，中钨在线数据显示，12月17日，钨粉价格上涨1万元/吨，最新价格达到100万元/吨，较年初 涨216.5%。中金公司表示，由于国内因品位下降、规范化要求趋严等影响，供给侧产量收缩压力加 大，同时海外其他主要增量项目的投产进度存在不确定性，叠加地缘冲突持续不断和海外通胀压力抬 升，全球钨供给增量需要更高的激励价格，因此其认为钨价短期有望继续偏强运行，并持续创下新高。 ...

智通财经APP获悉，佳鑫国际资源(03858)涨幅扩大逾13%，较招股价10.92港元已涨近350%。截至发 稿，涨12.29%，报48.44港元，成交额9304.92万港元。 消息面上，中钨在线数据显示，12月17日，钨粉价格上涨1万元/吨，最新价格达到100万元/吨，较年初 涨216.5%。中金公司表示，由于国内因品位下降、规范化要求趋严等影响，供给侧产量收缩压力加 大，同时海外其他主要增量项目的投产进度存在不确定性，叠加地缘冲突持续不断和海外通胀压力抬 升，全球钨供给增量需要更高的激励价格，因此其认为钨价短期有望继续偏强运行，并持续创下新高。 智通财经APP在《钨价年内狂飙220%创历史新高，最具弹性标的佳鑫国际（03858）或有10倍空间？》 中指出，在产量方面，佳鑫国际2027年精矿石产量1.37万吨;在价格方面，市场普遍预计钨精矿中长期 价格中枢45万-50万元/吨；在成本方面，2027年每吨精矿成本可低至4.9万元。这就意味着，佳鑫国际 2027年的毛利或可达55亿至60亿元。若钨价格进一步超预期，则可为佳鑫国际带来更丰厚利润。 ...