Core Viewpoint - Jaxin International Resources (03858) has seen its stock price rise over 7%, reaching a new high of 92.25 HKD, with a market capitalization exceeding 40 billion HKD, driven by rising tungsten prices and strong market positioning [1] Group 1: Stock Performance - The stock price increased by 7.73%, trading at 92 HKD with a transaction volume of 170 million HKD [1] - The company achieved a new listing high, indicating strong investor interest and confidence in its market potential [1] Group 2: Market Conditions - Tungsten powder prices have surpassed the 1.4 million RMB mark, while the price for 65% black tungsten concentrate is reported at 570,000 RMB per standard ton, reflecting a 23.9% increase since the beginning of the year [1] - Ammonium paratungstate (APT) prices are at 845,000 RMB per ton, showing a 26.1% rise year-to-date [1] Group 3: Company Positioning - First Shanghai highlights the company as a rare pure tungsten mining target in the market, suggesting a high safety margin and attractiveness of the current stock price [1] - CICC's research report emphasizes the company's focus on the Bakuta tungsten mine in Kazakhstan, expressing strong confidence in its future prospects due to a potentially tight global tungsten supply-demand balance and expected price increases [1] - The company is positioned to become a leading player in the Central Asian mining sector, supported by four core competitive advantages [1]

Core Viewpoint - Jaxin International Resources (03858) has seen its stock price rise over 4%, reaching a new high since its listing, with a current price of 87.8 HKD and a trading volume of 35.04 million HKD [1] Group 1: Market Conditions - As of January 26, tungsten concentrate prices are approaching 550,000 RMB per ton, ammonium paratungstate prices have surpassed 800,000 RMB per ton, and tungsten powder prices have exceeded 1,300,000 RMB per ton [1] - The supply of tungsten remains tight due to the lack of issued indicators and a recent clearance of scrap tungsten before the holiday, which has strengthened price support [1] Group 2: Strategic Developments - Recent proposals from U.S. bipartisan lawmakers to establish a "strategic resilience reserve" with a scale of 2.5 billion USD may increase the priority of tungsten in overseas strategic stockpiling [1] Group 3: Company Positioning - First Shanghai indicates that the company is a rare pure tungsten mining target in the market, with its current stock price offering high safety margins and attractiveness [1] - CICC's research report highlights the company's focus on the Bakuta tungsten mine in Kazakhstan, expressing strong confidence in the company due to the expected tight global tungsten supply-demand balance and the potential for steady price increases [1] - The company is positioned to become a leading player in the mining sector in Central Asia, supported by four core competitive advantages [1]

第一上海表示，公司是市场上稀缺的纯钨矿标的，当前股价具备极高的安全边际和吸引力。中金研报 称，公司专注于哈萨克斯坦巴库塔钨矿运营，坚定看好公司。理由包括全球钨供需格局或维持紧缺，钨 价中枢有望稳步抬升；四大核心优势有望成就中亚地区极具国际竞争力的矿业领先者。 消息面上，1月26日，中钨在线发布的数据显示，以人民币吨价计，钨精矿价格逼近55万/吨关口，仲钨 酸铵价格站上80万/吨高位，钨粉价格突破130万/吨大关。国金证券发布研报称，由于指标尚未下发、 且节前废钨历经一波出清，钨供应持续偏紧、价格形成加强支撑。近期美国两党议员提出设立规模为25 亿美元的"战略韧性储备"；我们认为在海外加大战略备库的背景下，钨的优先级或较高。 智通财经APP获悉，佳鑫国际资源(03858)涨超4%，再创上市新高。截至发稿，涨2.03%，报87.8港元， 成交额3504.04万港元。 ...

智通财经APP获悉，佳鑫国际资源(03858)涨超7%，截至发稿，涨7.08%，报87.7港元，成交额8128.9万 港元。 消息面上，据中钨在线消息，钨市依旧一派火热景象，自钨原料到钨材、钨合金，再到钨废料的全产业 链价格屡创新高。1月26日，以人民币吨价计，钨精矿价格逼近55万关口，仲钨酸铵价格站上80万高 位，钨粉价格突破130万大关。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 行指出，佳鑫国际资源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。公司是市场上稀缺的纯钨矿标的，当前股价具备极高的安全边际和吸引力。 ...

Summary of Tungsten Industry Conference Call Industry Overview - The conference focused on the tungsten industry, highlighting supply and demand dynamics and future market outlooks for tungsten products [1][4]. Key Points and Arguments Supply and Demand Dynamics - In 2025, tungsten concentrate production is expected to decline by 2.92% year-on-year, while global tungsten consumption is projected to grow by over 2% [1][4]. - The supply-demand imbalance is a primary driver for rising tungsten prices, with global tungsten consumption increasing annually by 1.5% to 1.6% over the past five years [3][4]. - Key events affecting the tungsten market in 2025 include export controls, anti-smuggling measures, reduced quotas from the Ministry of Natural Resources, and increased demand due to military competition [5][1]. Price Trends - Current prices for tungsten concentrate have reached historical highs, with prices at 520,000 CNY per ton for concentrate and 1,200 to 1,250 CNY per kilogram for tungsten powder [2][3]. - The price of tungsten is expected to remain high in 2026, with minor fluctuations, influenced by the potential use of substitute materials and alloy replacements [8][20]. Future Supply Outlook - The supply of primary tungsten in China is not expected to increase significantly in 2026 due to a lack of new mining permits and limited production from technical upgrades [7][5]. - Global tungsten supply is anticipated to see a slight increase, but the total increment will not exceed 10,000 tons, primarily from Kazakhstan [7][6]. Profitability Across the Supply Chain - Despite rising prices, profits for upstream tungsten concentrate producers, midstream APT and tungsten powder manufacturers, and downstream hard alloy companies have all improved [9][10]. - Downstream companies that produce high-quality products capable of partially replacing imports still have significant profit margins [10][11]. Inventory and Procurement Patterns - The inventory levels in the tungsten market are currently very low, with most companies operating on a just-in-time basis to minimize risk [11][12]. - Major tungsten producers in China account for about half of the national tungsten concentrate output, primarily for self-use, with limited quantities available for trade [11][12]. Demand Contributors - The largest contributors to tungsten demand in the coming years are expected to be the new energy and military sectors, with the ongoing Russia-Ukraine conflict further driving demand [17][16]. Historical Context - Historical data indicates that significant price fluctuations, such as the current situation, are rare, with the market experiencing a 200% price volatility from 2025 to the present [18][19]. Regulatory Environment - The quota management system will continue into 2026, although the total production volume may not be publicly disclosed [14][15]. Additional Important Insights - The market is characterized by a high level of uncertainty, with companies needing to adapt quickly to changing conditions and price movements [12][19]. - The potential for new domestic supply is limited due to stringent regulations and the complexity of tungsten mining operations [15][20].

Industry Overview - Tungsten prices are showing a steady upward trend, with 65% black tungsten concentrate prices increasing by 2000 yuan to 512,000 yuan per standard ton, reflecting an 11.3% rise since the beginning of the year [1] - 65% white tungsten concentrate prices also rose by 2000 yuan to 511,000 yuan per standard ton, marking an 11.3% increase year-to-date [1] - Ammonium paratungstate (APT) prices increased by 5000 yuan to 755,000 yuan per ton, representing a 12.7% rise since the start of the year [1] - Other tungsten varieties have also experienced varying degrees of price increases [1] Legislative Impact - A bipartisan group of U.S. Congress members has introduced the "2026 Ensuring Critical American Resources and Elements Minerals Act," proposing a $2.5 billion "Strategic Resilience Reserve" to establish a national reserve of critical minerals, including tungsten, which is prioritized due to its importance in military applications [1] Supply and Demand Dynamics - The domestic tungsten market is facing multiple supply disruptions, including reduced available mining quotas, decreased shipments from tungsten mines at year-end, and unstable import volumes [1] - Overseas supply from Vietnam is decreasing, with no new mines expected in the short term, while the EU and the U.S. have classified tungsten as a strategic metal, leading to increased demand [1] - Analysts suggest that the tungsten industry is entering a potentially multi-year upcycle, with related listed companies expected to see sustained performance improvements [1][2]

再推【钨】：顺价延续，逻辑完美 20260116 摘要 2025 年四季度前，中钨高新、厦钨等外购矿比例高的企业面临亏损， 因民用领域被动接受价格上涨，未能主动承接。但四季度起，刀具企业 如华锐、中屋频繁涨价，APT 和碳化钨粉理论利润大幅提升至 4 万元/吨， 受益于原料告急和库存下降。 下游数控机床、挖掘机需求回升，国内 PMI 超预期回升至景气区间，拉 动总需求。历史数据显示，PMI 显著高于 50 时，钨标的迎来业绩与估 值双升，硬质合金产量增长超 10%，制造业景气度上行利好钨企业。 美联储降息预期增强，将推动经济复苏，产业备库或将加大。硬质合金 代表的泛制造业需求与 PMI 景气度互相验证，民用需求将接力，为钨板 块带来持续投资机会。 硬质合金年化产量增长可达 10%以上，需求占比 60%-70%，直接拉动 6-7 个百分点的需求，市场景气度高。 钨在战略性备库中用于穿甲弹、防护装甲、航空航天等领域，消耗速度 快，战时价格可能超过黄金。美国计划投资 25 亿美元建立战略韧性储 备，优先收购钨等关键金属，将显著增加钨需求。 Q&A 2025 年四季度钨板块的市场表现如何？ 2025 年四季度，钨板块 ...

Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of Jaxin International Resources (03858), which has increased over 7% and is currently trading at 74.5 HKD, with a market capitalization nearing 35 billion HKD [1] - Recent data from Zhongtung Online indicates that the prices of key products in the tungsten industry continue to rise, with black tungsten concentrate prices surpassing 500,000 RMB per ton, an increase of 10.87% since the beginning of the year [1] - The price of domestic APT (Ammonium Paratungstate) is reported at 750,000 RMB per ton, reflecting an 11.94% increase year-to-date, while tungsten powder prices have exceeded 1,200 RMB, currently at 1,210 RMB per kilogram, marking a 12.04% rise since the start of the year [1] Group 2 - According to Zhito Finance APP, Jaxin International Resources is projected to experience over tenfold growth in net profit attributable to shareholders from 2025 to 2027, transitioning into a growth stock [1] - Given the high explosiveness of its performance and the scarcity of pure tungsten mining assets, if a 30x valuation is applied for 2026, the market capitalization of Jaxin International Resources could potentially reach 100 billion RMB, indicating a threefold growth potential from its current market value [1]

机构：中金公司 首次覆盖佳鑫国际资源（03858）给予跑赢行业评级，目标价95.00港元，基于P/E 估值法，对应2026- 2027e 22.6/14.8xP/E。公司专注于哈萨克斯坦巴库塔钨矿运营，我们坚定看好公司，理由如下： 全球钨供需格局或维持紧缺，钨价中枢有望稳步抬升。供给侧，全球钨供给的稀缺性强，集中度高，中 国钨产量占比长期位列全球第一。国内供给因矿山品位下降+规范化生产要求趋严面临收缩压力。海外 钨矿开发进程总体偏慢。我们预计2023-2028 年全球原钨供给CAGR+2.4%。需求侧，受益于光伏钨 丝、AI PCB 等新兴需求，以及大型基建工程，国内钨消费整体向好。海外地缘冲突不断背景下，战略 囤库需求有望开启。我们预计2023-2028 年全球原钨消费量CAGR+2.7%。我们预计全球钨的供需关系 或长期紧缺，叠加全球钨库存已去化至低位，钨价中枢有望持续抬升。 四大核心优势有望成就中亚地区极具国际竞争力的矿业领先者。一是好资源。巴库塔钨矿储量大，成本 低，规模化开发条件优异。二是好区位。巴库塔项目位置优越，交通便利。 研究员：王畅舟/齐丁/陈彦/王政/何曼文 投资亮点 产量不及预期；全球钨 ...

Group 1 - The core viewpoint is that Jiaxin International Resources (03858) is positioned as a "10x stock" with significant tungsten mining resources, showing strong price performance in correlation with rising tungsten prices, and is expected to continue its growth trajectory towards a market capitalization of HKD 100 billion [1][5][9] - Since its debut on August 28, 2025, Jiaxin's stock price has surged by over 591.39%, reaching a peak of HKD 75.5 per share, significantly outperforming the initial offering price of HKD 10.92 [1][5] - The company is currently in the second phase of its growth cycle, where rising product prices are driving stock performance, with expectations that tungsten prices will reach HKD 55,000 per ton, further boosting Jiaxin's stock price [5][7] Group 2 - Tungsten prices have experienced a remarkable bull market in 2025, with a cumulative increase of over 220% for major tungsten products, reflecting a fundamental shift in supply-demand dynamics [2][3] - As of January 16, 2026, the price of 65% black tungsten concentrate has surpassed HKD 51,000 per ton, while ammonium paratungstate (APT) and tungsten powder prices have also seen significant increases [2][3] - Analysts predict that the global tungsten supply-demand relationship will remain tight, with long-term price levels expected to stabilize between HKD 45,000 and HKD 50,000 per ton, potentially rising to HKD 55,000 per ton due to various market factors [3][4] Group 3 - Jiaxin International Resources is focused on the Bakuta tungsten mine project in Kazakhstan, which has a substantial resource base of 1.07 billion tons of ore and is the largest open-pit tungsten mine globally [6][7] - The company has outlined a clear production plan, with an expected output of 4,843 tons of tungsten concentrate in 2025, increasing to 9,612 tons in 2026 and 15,105 tons in 2027 [7][8] - Forecasts indicate that Jiaxin's net profit could exceed HKD 3.17 billion in 2026 and HKD 5.34 billion in 2027, representing a potential tenfold increase in net profit from 2025 to 2027 [8][9]