Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Viewpoints - The Ministry of Natural Resources has issued a notice that the total control index for tungsten mining in the first batch of 2025 is set at 58,000 tons, a decrease of 4,000 tons or 6.5% compared to the same period last year [2][4] - The distribution of the 2025 mining indicators shows that Jiangxi, Hunan, and Henan provinces account for the highest proportions, with 37%, 27%, and 12% respectively, totaling 76% of the national indicators [10][12] - The supply of tungsten is expected to remain rigid due to policy constraints and resource limitations, with a significant focus on strategic resource allocation [10][12] Summary by Sections Mining Indicators - The 2025H1 tungsten mining indicator is 58,000 tons, down from 62,000 tons in 2024H1, with an annual quota of 114,000 tons [2][10] - No province has achieved a year-on-year increase in mining indicators except for Fujian, which saw a slight increase of 2 tons [10][12] - Jiangxi, Yunnan, Guangdong, and Guangxi have seen significant decreases in their mining indicators, with reductions of 2,370 tons, 400 tons, 266 tons, and 240 tons respectively [10][12] Policy and Supply Dynamics - The tightening of tungsten supply is a response to the current global strategic situation, with stricter controls on the supply of strategic resources like tungsten and rare earths [10][12] - Domestic mining operations are facing challenges due to long-term depletion and rising costs, with the average cost of domestic tungsten mining now at 80,000 to 90,000 yuan per ton [10][12] - New mining projects are expected to contribute limited output until after 2026 due to infrastructure and cost issues [10][12] Strategic Importance and Price Outlook - Tungsten is recognized as a strategic resource in China, with the country holding 53% of global tungsten reserves and producing 82% of the world's tungsten [10][12] - The report anticipates a long-term upward trend in tungsten prices due to resource depletion and increased costs, with historical price movements closely linked to global manufacturing activity [10][12] - The report suggests monitoring companies such as Zhongtung High-tech and Xiamen Tungsten for potential investment opportunities [10][12]

2024年国内钨矿产量约8.85万吨，同比-7.77%，约占全球的83%，国内钨矿资源相对集中，矿山企业的 议价能力较强，在矿石品位逐渐下降，环保趋严的背景下，矿山产出预计将受限，目前国内钨矿新建项 目也很难在短期内释放产能，海外矿山成本较高，进口方面也难有大的增量，对钨矿价格形成有力支 撑。 战略资源储备需要、叠加制造业回暖提振需求 钨因其高硬度、高强度和良好的耐磨性等特点在军事，航空航天，电子工业等制造领域有着广泛的应 用，随着全球地缘政治不确定性加大，钨的战略资源地位将日益凸显。同时在国内政策刺激下、制造业 或逐步回暖，3月份国内制造业PMI指数环比+0.3pct至50.5%，需求不断改善下，板块相关标的或受益。 25年第一批钨矿开采指标收紧，继续向大中型钨资源量矿山倾斜 2024年起国家对于共伴生钨资源量为小型的矿山，不再下达开采总量控制指标、但矿企应报备钨矿产 量;2025年度钨矿开采总量控制指标(第一批)为5.8万吨(含65%WO3)，比24年的第一批指标下降4000吨、 约6.45%。以往量小的省份-黑龙江、浙江、安徽、湖北没有获得指标(24年第一批四省共计约720吨)。 对于大中型的共伴生钨矿 ...

Core Viewpoint - Jiaxin International Resources Investment Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, marking its third attempt after previous failures [1] Group 1: Company Overview - Jiaxin International is a tungsten mining company based in Kazakhstan, focusing on the development of the Bakuta tungsten mine [2] - The Bakuta tungsten mine is recognized as the world's fourth-largest tungsten mine by resource volume, with a total mineral resource of 230,000 tons and the largest designed tungsten production capacity [2][3] Group 2: Financial Performance - Jiaxin International reported annual losses of HKD 94.45 million, HKD 80.129 million, and HKD 177 million from 2022 to 2024, accumulating over HKD 300 million in losses over three years [2] - Administrative expenses have shown a compound annual growth rate of 35.99%, with respective expenses of approximately HKD 40 million, HKD 70 million, and HKD 80 million during the same period [2] Group 3: Project Development - The Bakuta tungsten mine project has been in the exploration and development stage, with no confirmed revenue to date [2] - The project is expected to enter commercial production in the second quarter of 2025, with a targeted mining and mineral processing capacity of 3.3 million tons of tungsten ore for that year [3] Group 4: Shareholding Structure - The pre-listing shareholding structure of Jiaxin International includes significant stakeholders such as Jiangxi Copper (41.65%), Hengzhao International controlled by Liu Zijia (43.35%), and China Railway Construction (10%) [4]