Group 1 - The core stock of Jaxin International Resources (03858) has increased over 7%, with a cumulative increase of over 80% in the month [1] - As of the report, the stock price is at 85.05 HKD, with a trading volume of 71.99 million HKD [1] - The average price of tungsten powder reached 1.2 million CNY per ton on January 19, marking a daily increase of 15,000 CNY, setting a historical high [1] Group 2 - Jianghai Securities indicates a "rush for goods" in the spot market, with some downstream companies needing to increase prices by 20% to secure supplies, highlighting extreme supply-demand tension [1] - The market is exhibiting a "stair-step increase" characteristic, reflecting strong expectations for medium to long-term shortages [1] - Guojin Securities suggests that tungsten may have a higher priority as overseas strategic stockpiling intensifies [1] Group 3 - Jaxin International Resources is a tungsten mining company headquartered in Kazakhstan, with its core asset being the Bakuta tungsten mine 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, with its current stock price offering high safety margins and attractiveness [1]