消息面上，据中钨在线消息，在近日全球贵金属和基本金属普遍飘绿的背景下，钨市场逆势保持坚挺运 行。据中钨在线了解，截至发稿，65%黑钨精矿价格63.2万元/标吨，较年初涨37.4%；仲钨酸铵 （APT）价格94万元/吨，较年初涨40.3%。第一上海此前认为，公司稀缺钨矿资源开启商业化，估值重 构在即。该行指，公司正处在一个关键的价值释放拐点，且坐拥世界级核心资产，资源禀赋奠定长期增 长基石。 智通财经APP获悉，佳鑫国际资源(03858)涨超4%，截至发稿，涨4.48%，报78.2港元，成交额6424.6万 港元。 （原标题：港股异动 | 佳鑫国际资源(03858)涨超4% 钨市逆势连创新高 机构看好公司估值重构） ...

Core Viewpoint - Jiajin International Resources (03858) has seen a stock price increase of over 4%, currently trading at 78.2 HKD with a transaction volume of 64.246 million HKD, amidst a generally declining market for precious and base metals [1] Group 1: Market Performance - The tungsten market is performing strongly despite a broader decline in global precious and base metals [1] - As of the latest update, the price of 65% black tungsten concentrate is 632,000 RMB per standard ton, reflecting a 37.4% increase since the beginning of the year [1] - The price of ammonium paratungstate (APT) is 940,000 RMB per ton, which is a 40.3% increase year-to-date [1] Group 2: Company Valuation - First Shanghai believes that the company's scarce tungsten mining resources are entering a phase of commercialization, indicating an imminent revaluation [1] - The company is at a critical point for value release and possesses world-class core assets, which lay the foundation for long-term growth [1]

Core Viewpoint - At the end of Q3 2025, Atour's revenue growth is significantly driven by its retail business, which has led to increased marketing expenses, raising questions about its valuation as a hotel or a home textile company [4][12][30]. Group 1: Financial Performance - In Q3 2025, Atour achieved a revenue of 2.628 billion RMB, a year-on-year increase of 38.4%, and an adjusted net profit of 488 million RMB, up 27.0% [4][5]. - Atour's GMV reached 994 million RMB in Q3, reflecting a year-on-year growth of 75.5% [5]. - Retail revenue for the first three quarters of 2025 was 2.505 billion RMB, a substantial increase of 74.81%, contributing 35.78% to total revenue [12][23]. Group 2: Marketing and Sales Expenses - Marketing expenses as a percentage of total revenue rose from 6.19% in 2022 to 14.71% in Q3 2025, indicating a significant increase in advertising spending [7][9]. - It is estimated that Atour spent approximately 6.12 million RMB on marketing for its retail business in the first three quarters of 2025, with a sales expense ratio of about 24.43% [16][30]. Group 3: Business Model and Market Position - Atour's retail business, launched in 2021, has shown a cost structure similar to home textile companies, suggesting a shift towards a "home textile" model [20][31]. - The retail business's revenue contribution has been increasing annually, from 15.42% in 2022 to 35.78% in Q3 2025, indicating a potential future where retail could rival its hotel operations [23][32]. - The current valuation of Atour as a hotel stock (PE ratio of 25-28) contrasts with home textile companies like Luolai Life, which trades at a lower PE ratio of 14-16, raising questions about Atour's market positioning [24][30].