Core Viewpoint - The tungsten market in China is showing a strong upward trend as of November 2025, driven by a tight supply-demand balance and various positive factors, leading to significant price increases for tungsten concentrates [1] Company Summary - Jaxin International Resources (03858) has seen its stock price rise over 5%, currently at HKD 34.82, with a trading volume of HKD 16.3983 million [1] - The company, which went public on August 28, has experienced a stock price increase of 29% year-to-date, and a remarkable 359% increase based on its initial offering price, benefiting from its Bakuta tungsten mine in Kazakhstan [1] Industry Summary - The average price of 65% black tungsten concentrate reached CNY 322,100 per ton in November 2025, marking a 15.79% increase from October 2025 and a 124.50% increase year-on-year [1] - The average price of 65% white tungsten concentrate also saw a significant rise, reaching CNY 321,100 per ton, with a 15.85% month-on-month increase and a 125.37% year-on-year increase [1] - Factors contributing to the price increase include export controls, quota reductions, and a strong performance of major listed companies in the tungsten sector, which have outperformed the CSI 300 index [1]

上市企业：中钨高新（000657），章源钨业（002378），翔鹭钨业（002842），厦门钨业（600549）， 厦钨新能（688778） 近一年中国钨品出口情况统计图 相关报告：智研咨询发布的《2025-2031年中国钨矿行业市场全景调研及产业需求研判报告》 数据来源：中国海关，智研咨询整理 根据中国海关数据显示：2025年10月中国钨品出口数量为0.08万吨，同比下降39.4%，出口金额为0.54 亿美元，同比下降7.3%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Core Viewpoint - Jiajin International Resources (03858) has seen a significant stock price increase, attributed to rising tungsten prices and positive market dynamics [3] Company Summary - Jiajin International Resources' stock price rose over 8%, currently trading at 33.16 HKD with a trading volume of 24.58 million HKD [3] - The company's core asset, the Bakuta tungsten mine, is already in production with expectations for future output increases, benefiting from rising tungsten prices [3] Industry Summary - Tungsten prices are experiencing high volatility, with 65% black tungsten concentrate priced at 334,000 CNY per standard ton, up 133.6% from the beginning of the year, and 65% white tungsten concentrate at 333,000 CNY per standard ton, up 134.5% [3] - The supply side is tightening due to increased global reserves and China's implementation of total mining control, while the demand side is expected to grow due to diverse downstream applications [3] - The improvement in the supply-demand balance in the tungsten industry is likely to support high tungsten prices in the future [3]

Core Viewpoint - The tungsten market is experiencing a steady upward trend in prices, driven by tight supply conditions and cautious demand from downstream enterprises [1] Supply Side - Resource supply remains tight, enhancing the bargaining power of sellers [1] Demand Side - Downstream enterprises are primarily purchasing based on immediate needs, with cautious inventory replenishment due to cost pressures [1] Macro Environment - Geopolitical factors continue to disrupt the market, although no significant changes in direction are observed in the short term [1] Price Data - The price of 65% black tungsten concentrate is reported at 332,000 yuan per standard ton, an increase of 132.2% since the beginning of the year [1] - The price of 65% white tungsten concentrate is reported at 331,000 yuan per standard ton, an increase of 133.1% since the beginning of the year [1] - The price of ammonium paratungstate (APT) is reported at 486,000 yuan per ton, an increase of 130.3% since the beginning of the year [1]

Group 1 - The meeting hosted by Trump with leaders from five Central Asian countries under the C5+1 framework marks the first time all leaders gathered in Washington, indicating its significance [1] - Key discussion topics included energy, critical minerals, and transportation logistics, with a particular focus on rare earth minerals, highlighting the urgent demand from the U.S. [3][5] - The U.S. faces challenges in independently extracting and refining rare earth minerals, as only China currently possesses the complete industrial chain for these processes [5][15] Group 2 - Central Asian countries, such as Kazakhstan, are not easily swayed by U.S. control, as they have established partnerships with China that provide comprehensive support, including technology and infrastructure [7][11] - U.S. efforts to increase its presence in Central Asia have intensified, with the U.S. Secretary of Commerce facilitating connections between American companies and Kazakhstan's sovereign wealth fund [8] - The U.S. employs a more aggressive approach, offering financial support while also threatening tariffs, which has led to dissatisfaction among Central Asian nations [10] Group 3 - Despite Kazakhstan's participation in U.S.-led initiatives, it continues to deepen its cooperation with China, reflecting a desire for a balanced multilateral approach rather than reliance on a single power [13] - The U.S. strategy to encircle China is deemed unrealistic, as China's advantages in the rare earth industry, particularly in refining and recycling, are significantly stronger [15][17] - China's strategic approach includes delineating between civilian and military rare earth applications, maintaining control over sensitive areas while fostering commercial cooperation [20][22]

Core Viewpoint - The article emphasizes the integration of the securities industry with the real economy, highlighting the role of Wukuang Securities in reshaping investment banking through "technology finance + green finance" as dual engines for development [2][3]. Group 1: Industry Integration and Strategy - Wukuang Securities leverages the unique advantages of the China Minmetals industry chain to create a comprehensive service matrix that aligns with national strategic needs [2]. - The company focuses on strategic metal materials and hard technology sectors, moving from downstream operations to upstream mining and smelting, thereby establishing a complete industry chain [3]. Group 2: Financial Performance and Rankings - In 2024, Wukuang Securities ranked sixth in the industry for major asset restructuring transactions involving technology companies and first in underwriting small and micro-enterprise bonds in the first half of 2025 [4]. Group 3: Mergers and Acquisitions - Wukuang Securities played a significant role as a financial advisor in the acquisition of Salt Lake Co. by China Minmetals, marking a successful case of regional industrial upgrading [6]. - The company has established a market brand for mining mergers and acquisitions, with three cross-border mining projects completed in the first half of 2025 [6]. Group 4: Green Finance Initiatives - The company addresses challenges in green finance, such as inconsistent standards and insufficient disclosures, by developing a comprehensive green finance service system [8]. - Wukuang Securities aims to channel more financial resources into green sectors, promoting high-quality development of low-carbon industries [8][9]. Group 5: Research and Development Focus - The research department of Wukuang Securities has shifted to support real enterprises, providing decision-making support for industries like metal mining, new materials, and renewable energy [6]. - The company emphasizes the importance of collaboration with government and industry stakeholders to enhance its research capabilities and service offerings [6].

Group 1 - The core viewpoint of the article highlights the significant increase in tungsten prices since October, with various tungsten products experiencing substantial price hikes, indicating a strong market demand and supply constraints [1] - As of October 28, the price of black tungsten concentrate reached 288,000 yuan per ton, up 3,000 yuan from the previous trading day, while APT (Ammonium Paratungstate) prices rose to 425,000 yuan per ton, an increase of 7,000 yuan [1] - Tungsten powder prices also saw an increase, reaching 635 yuan per gram, up 5 yuan from the previous day, with prices having doubled compared to the beginning of the year [1] Group 2 - Huaxi Securities projects that tungsten prices will continue to remain high, with historical peaks expected, despite potential new supply from overseas that may take time to impact the market [1] - The current tight supply situation for tungsten is expected to provide support for prices, with future attention needed on the annual tungsten concentrate quota issuance [1] - Jiaxin International Resources, based in Kazakhstan, focuses on developing the Bakuta tungsten mine project, positioning itself to benefit from the rising tungsten prices [1]

Core Viewpoint - The stock of Jiexin International Resources (03858) has risen over 6%, driven by a significant increase in tungsten prices since October, with prices doubling compared to the beginning of the year [1] Company Summary - Jiexin International Resources is focused on developing the Bakuta tungsten mine project in Kazakhstan [1] Industry Summary - Tungsten products have seen a rapid price increase, with black tungsten concentrate quoted at 288,000 yuan/ton, up 3,000 yuan/ton from the previous trading day, and APT quoted at 425,000 yuan/ton, up 7,000 yuan/ton [1] - Tungsten powder prices have also increased to 635 yuan/gram, up 5 yuan/gram [1] - According to Huaxi Securities, tungsten prices have been consistently high since early 2025, reaching historical highs, with tight supply conditions expected to support prices in the future [1] - Although there is potential new supply overseas, it will take time to impact the market, and the current tight supply situation is expected to persist [1]

Core Viewpoint - The article discusses the recent trends in China's tungsten export market, highlighting a decline in export volume while showing an increase in export value, indicating potential shifts in market dynamics and pricing strategies [1]. Group 1: Export Data - In September 2025, China's tungsten export volume was 0.11 million tons, representing a year-on-year decrease of 16.9% [1]. - The export value for the same period was 0.58 million USD, which reflects a year-on-year increase of 4.3% [1]. Group 2: Companies Mentioned - The article lists several companies involved in the tungsten industry, including Zhongtung High-tech (000657), Zhangyuan Tungsten Industry (002378), Xianglu Tungsten Industry (002842), Xiamen Tungsten Industry (600549), and Xiamen Tungsten New Energy (688778) [1]. Group 3: Industry Research - The article references a report by Zhiyan Consulting titled "2025-2031 China Tungsten Mining Industry Market Panorama Research and Industry Demand Assessment Report," which provides insights into the tungsten market and its future trends [1].

Group 1: Market Overview - The Q3 2025 performance of public REITs shows significant differentiation, with utility sectors performing best, while warehousing, logistics, and transportation sectors are underperforming [2][3] - The market experienced a rebound in October, with leading assets showing significant gains and a widening interest margin, with valuations recovering to above the 60th percentile [3][10] - The latest dividend yield for property REITs has risen to 4.06%, with a spread of 2.27% over the 10Y government bond yield, indicating improved performance in utility and consumer sectors [3][10] Group 2: Sector Performance - Utility, affordable rental housing, and consumer sectors have shown positive year-on-year growth in revenue, EBITDA, and distributable amounts, with the utility sector's EBITDA growing over 10% [2][3][13] - The industrial park sector has seen the most significant decline, with over 80% of individual securities experiencing performance drops, and EBITDA and distributable amounts declining by over 10% [2][3][13] - The transportation sector has limited high-performing securities, with only Anhui Expressway and Hebei Expressway showing comprehensive growth [2][3][13] Group 3: Company-Specific Insights - Ding Tai Gao Ke reported a revenue of 1.457 billion yuan for Q1-Q3 2025, a year-on-year increase of 29.13%, with Q3 revenue reaching 553 million yuan, up 32.94% year-on-year [12] - The company has improved its gross margin to 40.62% for Q1-Q3 2025, benefiting from product structure optimization and price increases [15] - The PCB industry is experiencing strong demand, with the company planning to accelerate capacity expansion to meet the growing needs [15][19]