Core Viewpoint - Jiaxin International Resources (03858) has seen a significant stock price increase following the announcement of a mining services procurement agreement with CCECC Kazakhstan, indicating positive market sentiment towards the company's operational developments [1] Group 1: Stock Performance - Jiaxin International Resources' stock rose over 6% in the morning session, with a current increase of 4.9%, trading at HKD 54.55, with a transaction volume of HKD 42.24 million [1] Group 2: Contract Details - The company announced that its subsidiary ZV entered into a mining services procurement agreement with CCECC Kazakhstan, effective January 6, 2026, for the Bakuta tungsten mine project [1] - The total contract value for the procurement agreement is 14.9 billion tenge (approximately HKD 227 million), which includes taxes [1] Group 3: Business Relationship - The company has a long-term stable business relationship with CCECC and its subsidiaries, which are familiar with the mining processes, quality standards, and requirements for the Bakuta tungsten mine project [1] - The board believes that maintaining a stable and high-quality business relationship with CCECC will contribute positively to the production phase of the Bakuta tungsten mine project [1]

Core Viewpoint - Jiaxin International Resources (03858) has seen a stock price increase of over 6%, currently trading at 54.55 HKD, with a transaction volume of 42.24 million HKD, following the announcement of a significant mining services procurement agreement [1] Group 1: Company Announcement - Jiaxin International Resources announced that its subsidiary ZV has entered into a mining services procurement agreement with CCECC Kazakhstan branch through public bidding, with a total contract price of 14.9 billion tenge (approximately 227 million HKD) for the Bakuta tungsten mine project [1] - The agreement involves ZV procuring stripping and mining work during the production phase of the Bakuta tungsten mine project [1] - The company has a long-term stable business relationship with CCECC and its subsidiaries, which are familiar with the mining processes, quality standards, and requirements for the Bakuta tungsten mine project [1]

格隆汇1月6日丨佳鑫国际资源(03858.HK)宣布，于2026年1月6日，附属公司ZV(公司的间接非全资附属 公司)透过公开招标与CCECC哈萨克斯坦分公司订立该等采矿服务采购协议，据此，附属公司ZV将于巴 库塔钨矿项目的生产阶段向CCECC哈萨克斯坦分公司采购露天采矿中的剥采和开采工作，总合约价格 为14,900,664,000坚戈(含税)(相当于约2.27亿港元)。 公司与CCECC哈萨克斯坦分公司订立该等安排，乃由于后者拥有工业采矿活动的专业知识且其提供服 务的质量。此外，集团与CCECC及其附属公司拥有长期稳定的业务关系，因此，CCECC及其附属公司 熟悉巴库塔钨矿项目生产阶段的采矿流程及需要、质量标准及要求，并能够持续提供采矿服务。 董事相信，与CCECC及其附属公司维持稳定及优质的业务关系将有助于巴库塔钨矿项目的生产阶段。 在巴库塔钨矿项目的生产阶段，集团外包部分采矿服务并根据由第三方选出的四名专家及公司代表组成 的委员会进行的评估及甄选程序，通过公开招标甄选供应商，并考虑多项因素，包括其业务需求、所收 取的合约价格、服务质量、供应商的牌照及资格、往绩记录及行业经验。 公司已就供应商的甄选刊发公 ...

此外，本集团与CCECC及其附属公司拥有长期稳定的业务关系，因此，CCECC及其附属公司熟悉巴库 塔钨矿项目生产阶段的采矿流程及需要、质量标准及要求，并能够持续提供采矿服务。董事相信，与 CCECC及其附属公司维持稳定及优质的业务关系将有助于巴库塔钨矿项目的生产阶段。 在巴库塔钨矿项目的生产阶段，本集团外包部分采矿服务并根据由第三方选出的四名专家及本公司代表 组成的委员会进行的评估及甄选程序，通过公开招标甄选供应商，并考虑多项因素，包括其业务需求、 所收取的合约价格、服务质量、供应商的牌照及资格、往绩记录及行业经验。本公司已就供应商的甄选 刊发公告。外包采矿服务并不罕见，且符合行业惯例。附属公司ZV拥有采矿管理及技术人员，负责根 据适用法规管理及监督采矿作业、编制剥采和开采工作计划、委派剥采和开采任务、评估及管理剥采量 以及评估开采和剥采工作。CCECC哈萨克斯坦分公司负责在附属公司ZV的监督下按计划完成开采和剥 采任务。本公司与 CCECC哈萨克斯坦分公司订立该等安排，乃由于后者拥有工业采矿活动的专业知识 且其提供服务的质量。 智通财经APP讯，佳鑫国际资源(03858)发布公告，于2026年1月6日，附属 ...

佳鑫国际资源(03858)发布公告，于2026年1月6日，附属公司ZV(本公司的间接非全资附属公司)透过公 开招标与CCECC哈萨克斯坦分公司订立该等采矿服务采购协议，附属公司ZV将于巴库塔钨矿项目的生 产阶段向CCECC哈萨克斯坦分公司采购露天采矿中的剥采和开采工作，总合约价格为149亿坚戈(含税) (相当于约2.27亿港元)。 在巴库塔钨矿项目的生产阶段，本集团外包部分采矿服务并根据由第三方选出的四名专家及本公司代表 组成的委员会进行的评估及甄选程序，通过公开招标甄选供应商，并考虑多项因素，包括其业务需求、 所收取的合约价格、服务质量、供应商的牌照及资格、往绩记录及行业经验。本公司已就供应商的甄选 刊发公告。外包采矿服务并不罕见，且符合行业惯例。附属公司ZV拥有采矿管理及技术人员，负责根 据适用法规管理及监督采矿作业、编制剥采和开采工作计划、委派剥采和开采任务、评估及管理剥采量 以及评估开采和剥采工作。CCECC哈萨克斯坦分公司负责在附属公司ZV的监督下按计划完成开采和剥 采任务。本公司与CCECC哈萨克斯坦分公司订立该等安排，乃由于后者拥有工业采矿活动的专业知识 且其提供服务的质量。 此外，本集团与CC ...

Economic Growth - Serbia's GDP is projected to grow at a real rate of 2% in 2025 [1] - Most service and industrial activities have shown growth, with retail growing by 4.2%, transportation by 4.7%, and the restaurant sector by 1.5% [1] Sector Performance - Industrial production value increased by 1.0%, with mining up by 4.4% and manufacturing by 1.2% [1] - The construction sector experienced a decline of 8.4% [1] - The energy sector faced a decrease of 2% due to drought affecting hydroelectric reserves [1] - Agriculture saw a slight decline of 0.3% due to adverse weather conditions [1] Inflation and Labor Market - The average inflation rate for 2025 is expected to be 3.8%, with December's inflation rate at 2.8%, aligning with the central bank's target of 3%±1.5% [1] - The labor market remains strong, with nominal wages increasing by 11.2% and real wages by 7.1% [1] - The unemployment rate decreased to 8.2% in the third quarter [1] Trade Performance - Despite weak external demand, Serbia's exports are estimated to grow by 8% in 2025, primarily driven by the automotive sector [1] - Imports are projected to rise by 7.3%, attributed to ongoing imports of raw materials and equipment, as well as increased consumer goods imports due to rising disposable incomes [1]

Core Viewpoint - JPMorgan Chase has launched a $10 billion "Security and Resiliency Initiative" aimed at investing in critical minerals, semiconductors, defense, and advanced technology sectors in the U.S. to align national security goals with commercial returns [1][2]. Group 1: Initiative Overview - The initiative will utilize up to $10 billion of the bank's own capital to invest in sectors deemed "critical to national security," marking a shift in public-private partnership models [2][3]. - The initiative is part of JPMorgan's broader $1.5 trillion commitment over ten years to enhance industries vital for U.S. economic security [3]. Group 2: Strategic Focus Areas - The initiative focuses on four strategic areas: 1. Supply Chain and Advanced Manufacturing: Enhancing domestic production of critical products, including semiconductors and pharmaceuticals [3][4]. 2. Defense and Aerospace: Supporting next-generation defense technologies and autonomous systems [4]. 3. Energy Independence: Investing in energy resilience projects to reduce reliance on foreign oil and critical materials [4]. 4. Frontier Technologies: Supporting advancements in AI, quantum computing, and cybersecurity [4]. Group 3: Key Minerals and Supply Chain - Ensuring stable access to critical minerals such as lithium, antimony, and rare earth elements is a cornerstone of the initiative [5]. - JPMorgan has already engaged in significant financing related to U.S. rare earth magnet production and is collaborating with Washington on other mineral supply chain opportunities [5][6]. Group 4: Leadership and Execution - The initiative is led by CEO Jamie Dimon, with oversight from senior executives Mary Erdoes and Doug Petno, highlighting its importance within the bank [8]. - A new strategic investment team will be led by Todd Combs, focusing on direct investments in defense, energy, healthcare, and critical materials [8]. Group 5: Advisory and Talent Integration - An external advisory committee, chaired by Dimon, includes prominent figures such as Jeff Bezos and Condoleezza Rice, guiding the initiative's strategy [9]. - JPMorgan is enhancing its workforce dedicated to the initiative, including establishing a "geopolitical center" to study supply chain vulnerabilities [10]. Group 6: Investor Implications - The $10 billion bet on U.S. strategic industries signals potential future growth and stock outperformance, particularly in defense technology and domestic electric vehicle battery supply chains [11]. - Stocks of companies like MP Materials and Intel have already seen increases following government or strategic support announcements [11].

Core Viewpoint - The company plans to invest 496 million yuan in multiple mining and processing projects to enhance its operational capacity and resource utilization [1] Group 1: Investment Projects - The subsidiary, Guangxi Youse Limu Mining Co., Ltd., will implement a mining transformation project with an annual capacity of 600,000 tons [1] - A mineral processing project with an annual capacity of 1.5 million tons is also part of the investment plan [1] - The first phase of the comprehensive utilization project for tantalum and niobium (tungsten and tin) resources will be initiated [1] Group 2: Project Scope and Infrastructure - The infrastructure scope of the first phase is located at the Shuiximiao ore deposit, including the construction of a belt incline, main chute, and ore breaking system [1] - Key engineering works involve mining preparation cutting at various depths (-105m, -145m, -185m) and the establishment of secondary drainage facilities at -185m [1] - Major equipment installation includes a hoisting system, belt conveyor, auxiliary hoisting system, and various drainage systems [1] Group 3: Auxiliary Facilities - Public auxiliary facilities will include a central power station, air compressor room, ventilation room, and renovation of the dispatch center [1]

Core Insights - The automotive industry in China generated a revenue of 100,223 billion yuan from January to November 2025, reflecting an 8.1% year-on-year increase, with costs rising by 9% to 88,405 billion yuan and profits increasing by 7.5% to 4,403 billion yuan, resulting in a profit margin of 4.4% [2][13] - In November 2025, the automotive sector's revenue reached 11,445 billion yuan, a 9.7% increase year-on-year, with costs at 10,162 billion yuan (up 11.4%) and profits at 508 billion yuan (up 39.2%), marking a significant recovery in profit margin compared to October [2][13] - The automotive industry's profit margin remains lower than the average profit margin of 6% for downstream industrial enterprises, indicating ongoing pressure on profitability despite recent improvements [2][11] Industry Performance - The overall industrial sector achieved a revenue of 125.34 trillion yuan from January to November 2025, with a year-on-year growth of 1.6%, while the profit margin for industrial enterprises was 5.29%, showing a slight decline [4] - State-owned enterprises have shown strong performance, with their profit share reaching 30%, while private enterprises have lower profit margins at around 4% [5] Automotive Production Trends - The automotive production in 2025 reached 3,109 million units from January to November, marking an 11% increase year-on-year, with significant growth in the production of new energy vehicles [12][13] - The production of new energy vehicles reached 1,453 million units, a 27% increase, while the penetration rate rose to 47% [12][13] Profitability Challenges - The automotive industry is facing significant profitability pressures, with a sales profit margin of only 4.3% in 2024, which is substantially lower than historical averages [3][13] - The rising costs of upstream materials, particularly lithium carbonate, and the challenges in battery production are contributing to the declining profit margins for automotive companies [13]

截至发稿，西藏珠峰市值为131亿元。 每经头条（nbdtoutiao）——左手"欠款"右手"豪购"！杨陵江收购"国内酒庄第一股"，1919是否重启上 市？"吹太多牛都实现了，但千亿还没实现，我很着急" 每经AI快讯，西藏珠峰（SH 600338，收盘价：14.33元）12月24日晚间发布公告称，截至本公告披露 日，公司及控股子公司对外担保总额为9.85亿元人民币，均为公司为下属全资及控股子公司提供的担 保，占公司最近一期经审计净资产的26.79%。 2025年1至6月份，西藏珠峰的营业收入构成为：采矿占比99.99%，其他业务占比0.01%。 （记者 曾健辉） ...