Group 1 - The core viewpoint of the report is that Jaxin International Resources (03858) is focused on the operation of the Bakuta tungsten mine in Kazakhstan and is expected to perform well, with an initial coverage rating of "outperform" and a target price of HKD 95.00 based on P/E valuation methods, corresponding to 22.6x and 14.8x P/E for 2026-2027 [1] Group 2 - The global tungsten supply-demand pattern is expected to remain tight, with tungsten prices likely to steadily increase. The supply side shows a strong scarcity of global tungsten supply, with China consistently holding the largest share of production. Domestic supply is facing contraction pressures due to declining ore grades and stricter production regulations, while overseas tungsten mine development is generally slow. The forecast for global tungsten supply from 2023 to 2028 is a CAGR of +2.4% [2] - On the demand side, emerging needs from photovoltaic tungsten wires, AI PCBs, and large infrastructure projects are expected to boost domestic tungsten consumption. Additionally, ongoing geopolitical conflicts may trigger strategic stockpiling demands. The forecast for global tungsten consumption from 2023 to 2028 is a CAGR of +2.7% [2] - The company has four core advantages that position it as a highly competitive mining leader in the Central Asian region: 1) High-quality resources with large reserves and low costs at the Bakuta tungsten mine; 2) Favorable location with excellent transportation and a supportive business environment in Kazakhstan; 3) Effective operational mechanisms through a mixed ownership structure and management team; 4) Strong growth potential in capacity expansion, deep processing, and resource accumulation [3] Group 3 - The company’s earnings per share (EPS) are projected to be HKD 0.63, HKD 4.18, and HKD 6.56 for 2025-2027, with a CAGR of 221.6%. The net profit attributable to the parent company is expected to be RMB 2.6 billion, RMB 17.2 billion, and RMB 26.3 billion for the same period. The current stock price corresponds to 16.5x and 10.5x P/E for 2026-2027, with an initial coverage rating of "outperform" and a target price of HKD 95, indicating a potential upside of 38% [4]

Group 1 - The core viewpoint of the report is that Jaxin International Resources (03858) is focused on the operation of the Bakuta tungsten mine in Kazakhstan and is expected to perform well, with an initial coverage rating of "outperform" and a target price of HKD 95.00, based on a P/E valuation method corresponding to 22.6/14.8x P/E for 2026-2027 [1] - The global tungsten supply-demand pattern is expected to remain tight, with tungsten prices likely to steadily increase. The supply side shows strong scarcity and high concentration, with China's tungsten production consistently ranking first globally. Domestic supply faces contraction pressure due to declining ore grades and stricter production regulations, while overseas tungsten mine development is generally slow. The forecast for global tungsten supply CAGR from 2023 to 2028 is +2.4% [1] - On the demand side, the overall consumption of tungsten in China is expected to improve due to emerging demands from photovoltaic tungsten wire, AI PCBs, and large infrastructure projects. Additionally, ongoing geopolitical conflicts may trigger strategic stockpiling demand. The forecast for global tungsten consumption CAGR from 2023 to 2028 is +2.7% [1] Group 2 - Jaxin International Resources has four core advantages that position it as a highly competitive mining leader in the Central Asian region: 1) Good resources with large reserves and low costs at the Bakuta tungsten mine; 2) Good location with favorable transport conditions and benefits from the China-Kazakhstan strategic partnership and the Belt and Road Initiative; 3) Good mechanism with a mixed ownership structure and management team; 4) Good growth potential in capacity expansion, deep processing, and resource accumulation [2] - The company is expected to achieve significant earnings growth, with projected EPS of HKD 0.63, 4.18, and 6.56 for 2025-2027, representing a CAGR of 221.6%. The net profit attributable to the parent company is forecasted to be RMB 2.6 billion, 17.2 billion, and 26.3 billion for the same period. The current stock price corresponds to a P/E of 16.5 and 10.5 for 2026-2027, with a target price of HKD 95, indicating a potential upside of 38% [3]

自从有了实体窗口，侨胞来办事的流程更便捷、耗时更短。前来寻求帮助的侨眷张某评价道："温暖而 高效！"此前，他因为承包养殖池遭受不公待遇，涉侨法务服务专员第一时间对其诉求事项的调查结 果、处理意见进行分析研判，为他提供法律、政策咨询和援助。两个月后，张某诉求得以成功解决，养 殖池赔偿款按时赔偿到位。 近年来，作为海上丝绸之路核心区的福建日益深入参与到"一带一路"建设当中。随着越来越多的海外侨 胞返乡创业，大量法律政策咨询接踵而来，对营商环境法治化、国际化、便利化的要求也越来越高。 如何更好发挥福州的省会优势，服务海丝？ 时代出题，改革作答。海丝中央法务区福州片区成立4年来，一举拿下全国首个实体法务服务中心、全 国首个法务人才实训和培训基地、全国首个高集聚的法务云平台等多个"全国首创"。同时，还与多家入 驻机构合作开展"闽商出海"专项活动，已协助超100家企业"一站式"布局海外，推动总投资超300亿 元"一带一路"投资项目落地。 1月14日上午，在"侨胞法务之窗"三坊七巷窗口，前来咨询的侨胞络绎不绝。记者碰到来参加案件研讨 会的侨胞张某。他告诉记者，自己的案件内容较为复杂，一时理不清，所以特意来到"侨胞法务之窗" ...

Core Insights - The trade volume between China and Central Asian countries has reached a historic high, surpassing 100 billion USD for the first time, marking five consecutive years of positive growth [1] - China has become the largest trading partner for Central Asian countries, with the region's share in China's foreign trade increasing [1] Trade Performance - The total import and export value for the year reached 106.3 billion USD, a year-on-year increase of 12%, with the growth rate improving by 6 percentage points compared to the previous year [1] - Exports from China to Central Asia amounted to 71.2 billion USD, up 11%, with strong growth in machinery, electronics, and high-tech products [1] - Imports from Central Asia totaled 35.1 billion USD, increasing by 14%, with a wider variety of non-resource products such as chemicals, steel, and agricultural products [1] New Business Models - The cross-border e-commerce between China and Central Asia has maintained rapid growth, with ongoing advancements in warehousing and logistics [1] - The establishment of the China-Central Asia Trade Facilitation Cooperation Platform in Nanjing signifies a commitment to enhancing trade efficiency [1] Investment and Trade Integration - High-quality cooperation under the Belt and Road Initiative is deepening, with major projects in connectivity, equipment manufacturing, green minerals, and modern agriculture accelerating [1] - These initiatives are effectively driving exports to Central Asia and supporting the industrial upgrading and economic revitalization of the region [1] Future Directions - The Ministry of Commerce plans to implement the important outcomes of the China-Central Asia Summit, focusing on enhancing the quality and efficiency of economic and trade cooperation [2] - Efforts will be made to optimize trade structures, cultivate new business models, and promote integrated development of trade and investment [2]

Core Insights - In 2025, China-Central Asia trade cooperation achieved significant development, with total trade reaching 106.3 billion USD, a year-on-year increase of 12%, accelerating by 6 percentage points compared to the previous year [1] - The trade scale reached a historic high, with total imports and exports surpassing 100 billion USD for the first time, maintaining positive growth for five consecutive years [1] - China became the largest trading partner for Central Asian countries, with Central Asia's share in China's foreign trade further increasing [1] Trade Structure - China's exports to Central Asia amounted to 71.2 billion USD, up 11%, with strong growth in electromechanical and high-tech products, and a steady increase in the market share of "new three types" products [1] - Imports from Central Asia reached 35.1 billion USD, a 14% increase, with a richer variety of non-resource products such as chemicals, steel, and agricultural products [1] New Business Models - Cross-border e-commerce between China and Central Asia maintained rapid growth, with ongoing advancements in warehousing and logistics, and comprehensive development of cross-border payment cooperation [1] - The China-Central Asia trade facilitation cooperation platform was officially launched in Nanjing, Jiangsu, with "Silk Road e-commerce" becoming an efficient bridge for trade [1] Investment and Trade Integration - High-quality cooperation in building the "Belt and Road" initiative is deepening, with major projects in connectivity, equipment manufacturing, green minerals, and modern agriculture accelerating implementation [1] - These projects effectively promote exports to Central Asia and assist in the industrial upgrading and economic revitalization of Central Asian countries [1]

Core Insights - In 2025, China-Central Asia trade is expected to achieve significant growth, with total trade volume reaching $106.3 billion, a year-on-year increase of 12%, which is 6 percentage points higher than the previous year [1] - China has become the largest trading partner for Central Asian countries, with Central Asia's share in China's foreign trade increasing [1] - The structure of goods traded is improving, with exports to Central Asia amounting to $71.2 billion (up 11%) and imports from Central Asia totaling $35.1 billion (up 14%) [1] Group 1: Trade Growth - The total trade value between China and Central Asia has surpassed $100 billion for the first time, marking five consecutive years of positive growth [1] - Exports to Central Asia are driven by strong growth in machinery, electronics, and high-tech products, while imports include a diverse range of non-resource products such as chemicals, steel, and agricultural products [1] Group 2: New Business Models - The cross-border e-commerce between China and Central Asia is experiencing rapid growth, supported by ongoing logistics infrastructure development and comprehensive cross-border payment cooperation [1] - The establishment of the China-Central Asia trade cooperation platform in Nanjing is enhancing trade facilitation, with "Silk Road e-commerce" serving as an efficient bridge for trade [1] Group 3: Investment and Cooperation - High-quality cooperation under the Belt and Road Initiative is deepening, with major projects in connectivity, equipment manufacturing, green mining, and modern agriculture being accelerated [1] - These projects are expected to boost exports to Central Asia and assist in the industrial upgrading and economic revitalization of Central Asian countries [1] Group 4: Future Plans - The Ministry of Commerce plans to implement the important outcomes of the China-Central Asia Summit, focusing on enhancing the quality and efficiency of economic and trade cooperation, optimizing trade structure, and fostering new business models [2] - There is an emphasis on promoting integrated development of trade and investment and establishing higher-level institutional arrangements to enrich the economic connotation of the China-Central Asia community of shared destiny [2]

Core Insights - In 2025, China-Central Asia trade is expected to achieve significant growth, with total trade reaching $106.3 billion, a year-on-year increase of 12%, marking a 6 percentage point acceleration from the previous year [1] - China has become the largest trading partner for Central Asian countries, with the region's share in China's foreign trade increasing [1] - The structure of goods traded is improving, with exports from China to Central Asia amounting to $71.2 billion (up 11%) and imports from Central Asia totaling $35.1 billion (up 14%) [1] - New business models are emerging, with rapid growth in cross-border e-commerce and ongoing development in logistics and payment cooperation [1] Trade and Investment Integration - The high-quality development of the Belt and Road Initiative is deepening, with major projects in connectivity, equipment manufacturing, green mining, and modern agriculture accelerating, effectively boosting exports to Central Asia and aiding the region's industrial upgrade and economic revitalization [2] - The Ministry of Commerce plans to implement the outcomes of the China-Central Asia Summit, focusing on enhancing trade cooperation, optimizing trade structure, fostering new business models, and promoting integrated trade and investment development [2]

Core Insights - China's total goods trade import and export value reached a historic high of 45.47 trillion yuan in 2025, marking a 3.8% year-on-year increase, maintaining its position as the world's largest goods trading nation [1] Group 1: Export Performance - In 2025, China's exports reached 26.99 trillion yuan, growing by 6.1% year-on-year, with high-tech products and "new three categories" products seeing increases of 13.2% and 27.1% respectively [1] - Self-branded product exports grew by 12.9%, with smartwatches and smart toys being popular in over 170 countries and regions [1] Group 2: Import Performance - China's imports totaled 18.48 trillion yuan in 2025, a 0.5% year-on-year increase, making it the world's second-largest import market for 17 consecutive years [2] - Since June of the previous year, imports have maintained year-on-year growth for seven consecutive months, with growth recorded from over 130 countries and regions [2] Group 3: Trade Dynamics - Over 780,000 entities recorded imports and exports in 2025, with private enterprises driving a 7.1% increase in trade, accounting for 57.3% of total trade value [3] - The number of countries and regions trading with China reached 249, with significant trade growth with ASEAN, Central Asian countries, and the EU [3] Group 4: Regional Contributions - Seven provinces and cities, including Guangdong and Jiangsu, contributed over half of China's foreign trade growth, with the Greater Bay Area's trade surpassing 9 trillion yuan [3] - The Yangtze River Delta region saw significant exports in shipbuilding, marine engineering, and biomedicine, accounting for over half of the total export value in these categories [3] Group 5: Historical Context - The "14th Five-Year Plan" period saw China's cumulative import and export scale exceed 200 trillion yuan, with an average annual growth rate of 7.1% [4] - China's international market share for imports remained around 10%, while exports maintained over 14%, marking a successful conclusion to the "14th Five-Year Plan" [4]

转自：法治日报 （来源：法治日报） □ 本报记者 王艺茗 海关总署1月14日发布的2025年外贸数据，勾勒出中国与世界深度交融的生动轨迹： 全球249个国家和地区与我国保持贸易往来，贸易规模超万亿、千亿、百亿元的合作对象分别增至14 个、62个、137个，较2024年实现全面扩容；我国更成为全球160多个国家和地区的主要贸易伙伴，较 2020年新增20余个。这组亮眼的数据，不仅是中国外贸韧性的直接印证，更是中国坚定不移扩大高水平 对外开放的有力注脚，彰显出中国以开放姿态融入世界、以合作行动促进共赢的大国担当，为世界注入 确定性。 开放是当代中国的鲜明标识，更是推动经济高质量发展的关键动力。从贸易伙伴数量的广泛 覆盖，到合作层级的稳步跃升，数据背后是中国持续放宽市场准入、优化营商环境的不懈努力。近年 来，我国关税总水平已降至7.3%，远低于发展中国家平均水平，制造业领域外资准入限制全面取消， 服务业开放持续向纵深推进，金融、医疗、教育等领域的开放举措落地见效。22个自贸试验区累计推出 225项制度创新成果，形成一大批可复制可推广的经验；海南自贸港全岛封关顺利实现，零关税清单持 续扩容，跨境服务贸易负面清单不断缩 ...

Core Viewpoint - The company is focusing on enhancing its competitive edge through a "three high positioning" strategy (high quality, high service, high value) to stabilize its pricing system amidst intense industry competition [2][5]. Pricing Strategy - The company has adopted a "three high positioning" strategy to counteract the fierce price competition in the industry, aiming to enhance product and service quality to stabilize pricing [2]. Retail Business - The retail business operates through three main channels: home decoration companies, project managers, and direct purchases by homeowners, with varying sales proportions across different regions [3]. Business Planning - The waterproof business model is maturing, and the company plans to accelerate market expansion, while the water purification business is in the optimization phase [4]. Industry Landscape - The plastic pipe industry is experiencing intensified competition among brands, leading to increased pressure on small and medium-sized enterprises and a rise in industry concentration [5]. International Strategy - The company aims to enhance its international presence by establishing production bases, expanding sales markets, building international teams, and promoting brand globalization [6]. Dividend Policy - The company maintains a stable and transparent dividend policy, with an average payout ratio of 70-80%, and plans to continue adhering to its profit distribution guidelines [7]. Engineering Business - The engineering business is facing weak market demand and intense competition, prompting the company to focus on selecting quality clients and projects while controlling accounts receivable [8]. Capital Expenditure - The company allocates approximately 300 million yuan annually for capital expenditures focused on capacity expansion and smart technology upgrades [9]. Regional Layout - A production base has been established in Xinjiang to reduce logistics costs and capitalize on national development strategies, aiming to penetrate the northwest market and extend into Central Asia [11]. Subsidiary Operations - The Singapore subsidiary has seen an improvement in gross margin due to multi-dimensional optimizations in its business model, cost control, and team development [12].