Group 1 - The core stock of Jaxin International Resources (03858) has seen a significant increase, rising over 9% and currently trading at 79.5 HKD with a transaction volume of 115 million HKD [1] - On February 4, the average price of tungsten powder reported by Changjiang was 1,545,000 RMB per ton, marking a substantial increase of 25,000 RMB from the previous trading day, reaching a recent price high [1] - Jianghai Securities published a report indicating that multiple factors such as tightening resource endowments, extended development cycles, and insufficient capital investment are reinforcing the rigid constraints on tungsten supply, establishing a solid foundation for a long-term price increase [1] Group 2 - Jaxin International Resources is a tungsten mining development company headquartered in Kazakhstan, with its core asset being the Bakuta tungsten project [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 considered 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 - Jaxin International Resources (03858) has seen its stock price increase by over 80% this month, with a current price of 85.05 HKD and a trading volume of 71.99 million HKD, reflecting strong market interest in tungsten resources [1] Group 1: Market Dynamics - On January 19, the average price of tungsten powder reached 1.2 million CNY per ton, marking a daily increase of 15,000 CNY, which is a historical high [1] - A "rush for goods" has emerged in the spot market, with some downstream companies needing to increase prices by 20% to secure supplies, indicating extreme tension in supply and demand [1] - The market is exhibiting a "stair-step" price increase pattern, reflecting strong expectations for medium to long-term shortages [1] Group 2: Company Insights - Jaxin International Resources is a tungsten mining company headquartered in Kazakhstan, with its core asset being the Bakuta tungsten project [1] - First Shanghai believes 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 a rare pure tungsten mining target in the market, and its current stock price offers a high margin of safety and attractiveness [1]

Core Viewpoint - Jiaxin International Resources (03858) has seen its stock price rise over 4%, reaching a new high of 57.9 HKD, driven by a significant mining services procurement agreement [1] Group 1: Company Developments - Jiaxin International Resources announced that its subsidiary ZV has entered into a mining services procurement agreement with CCECC Kazakhstan for the Bakuta tungsten mine project, with a total contract value of 14.9 billion tenge (approximately 227 million HKD) [1] - The core asset of Jiaxin International Resources is the Bakuta tungsten mine project, which encompasses the entire value chain of tungsten exploration, mining, processing, and sales, with tungsten concentrate as the main product [1] Group 2: Market Analysis - First Shanghai has published a report indicating that Jiaxin International Resources 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 considered a rare pure tungsten mining target in the market, with its current stock price offering a high margin of safety and attractiveness [1]