Group 1 - The core viewpoint of the article is that Jiaxin International Resources Investment Co., Ltd. has passed the listing hearing of the Hong Kong Stock Exchange, with CICC as the sole sponsor [1] - The company focuses on the development of the Bakuta tungsten mine project in Kazakhstan, which is the largest open-pit tungsten trioxide mineral resource globally as of December 31, 2024, and the fourth largest in terms of tungsten trioxide mineral resources [1] - The Bakuta tungsten mine project is expected to commence its first phase of commercial production in April 2025, with a target annual mining and mineral processing capacity of 3.3 million tons of tungsten ore for the year 2025 [1] Group 2 - As of June 30, 2025, the estimated mineral resource of the Bakuta tungsten mine is approximately 107 million tons, with a credible ore reserve of 68.4 million tons [1] - The company plans to increase its annual mining and processing capacity to 4.95 million tons by 2027 and to construct deep processing facilities to produce ammonium paratungstate (APT) and tungsten carbide (WC) [1]

Core Viewpoint - Jiaxin International Resources Investment Limited is preparing for its IPO on the Hong Kong Stock Exchange, with CICC as the sole sponsor [1] Group 1: Company Overview - Jiaxin International is a tungsten mining company based in Kazakhstan, focusing on the development of the Bakuta tungsten mine, which is projected to be one of the largest open-pit tungsten mines globally by December 31, 2024 [4] - The Bakuta tungsten mine is estimated to have a mineral resource of approximately 107 million tons containing 0.211% WO3, equivalent to 227.3 thousand tons of WO3, as of June 30, 2025 [5] - The company plans to increase its annual mining and mineral processing capacity to 4.95 million tons by 2027 and aims to explore more opportunities in non-ferrous metal resources in Central Asia [5][6] Group 2: Financial Performance - The company reported operating losses of HKD 75.09 million, HKD 77.29 million, and approximately HKD 160 million for the fiscal years 2022, 2023, and 2024, respectively [6] - For the six months ending June 30, 2025, the company anticipates revenue of HKD 126.313 million, with a cost of sales of HKD 108.332 million, resulting in a gross profit of HKD 17.981 million [7] - The net loss attributable to the company's equity holders for the fiscal year 2024 is projected to be HKD 172.97 million, with a loss of HKD 6.989 million for the six months ending June 30, 2025 [7]

Core Viewpoint - Jiaxin International Resources Investment Limited is preparing for an IPO on the Hong Kong Stock Exchange, with CICC as the sole sponsor [1]. Group 1: Company Overview - Jiaxin International is a tungsten mining company based in Kazakhstan, focusing on the development of the Bakuta tungsten mine, which is recognized as one of the largest tungsten ore resources globally [4]. - The Bakuta tungsten mine is projected to start commercial production in April 2025, with a target annual mining and processing capacity of 3.3 million tons of tungsten ore [4]. Group 2: Resource Estimates - As of June 30, 2025, the estimated mineral resource of the Bakuta tungsten mine is approximately 107 million tons containing 0.211% WO3, equivalent to 227.3 thousand tons of WO3 [5]. - The mine has a credible ore reserve of 68.4 million tons with an average grade of 0.206% WO3, translating to 140.8 thousand tons of WO3 [5]. Group 3: Financial Performance - The company reported operating losses of HKD 75.09 million, HKD 77.29 million, and approximately HKD 160 million for the fiscal years 2022, 2023, and 2024, respectively [6]. - For the six months ending June 30, 2025, the projected operating loss is approximately HKD 69.72 million [6]. - The company has not generated any revenue in the years leading up to 2024, with projected revenue of HKD 126.31 million for 2025 [8].

Summary of Tungsten Industry Conference Call Industry Overview - The tungsten mining indicators in China have been tightened for two consecutive years, with the first batch of 2025 indicators decreasing by 6.5% to 58,000 tons, alongside increased efforts to combat illegal smuggling and enhance environmental inspections, aimed at controlling production and consolidating policy effects [2][4][6] - The global supply-demand relationship for tungsten is tightening, with an expected gap to continue expanding from 2026 to 2028 [2][3] - The price of tungsten concentrate in China has surged to 193,000 yuan per ton, marking a cumulative increase of 36% since the beginning of the year, reaching a historical high [2][5] Key Points and Arguments - **Export Controls**: China has implemented export controls on heavy tungsten acid, tungsten oxide, and tungsten carbide, leading to a short-term decline in export volumes. However, due to high overseas premiums, some products have seen a recovery, with ammonium paratungstate exports increasing by 70% year-on-year [2][4][6] - **Geopolitical Factors**: Conflicts between India and Pakistan have highlighted tungsten's strategic metal value, contributing to price increases [4] - **Supply Constraints**: Domestic and international supply constraints are expected to drive long-term price increases, with the market entering a bullish phase [3][4][17] - **Price Disparity**: There is a significant price disparity between domestic and overseas tungsten prices, with overseas APT prices significantly higher than domestic prices. Chinese companies can maintain growth by increasing exports to regions not subject to the 301 tariffs [2][16][20] Policy Measures - **Mining Quota Control**: China has a history of controlling tungsten mining quotas since 1991, with the first batch for 2025 set at 58,000 tons, a decrease from previous years [6] - **Export Control Implementation**: Export controls were strengthened in February 2025, leading to a drop in overall tungsten product exports, although certain downstream products like tools and blades have seen growth [22][23] - **Environmental and Smuggling Crackdown**: Increased efforts to combat illegal smuggling and enhance environmental inspections have been noted, effectively reducing over-extraction rates [6] Global Responses - **EU and US Initiatives**: Both the EU and the US have taken measures to secure critical metal supplies, with the EU setting local mining, processing, and recycling targets, and the US enhancing domestic production capabilities through legislation and international cooperation [7][9][12] - **US Tariffs**: The US has imposed a 25% tariff on Chinese tungsten concentrate and downstream products, aiming to restructure the supply chain and increase tungsten stockpiles in the fiscal years 2024-2025 [13][14][15] Future Supply and Demand Dynamics - **Supply Growth Limitations**: Global supply growth remains constrained, with emerging industries and geopolitical security demands driving long-term demand growth [17][19] - **Production Forecasts**: Global tungsten production is expected to rise from 81,000 tons in 2023 to 90,300 tons by 2028, with a compound annual growth rate of 2.57% [18][24] - **Chinese Market Drivers**: Demand in China is driven by manufacturing upgrades and large infrastructure projects, with significant growth in hard alloy tungsten material consumption [19] Price Trends and Predictions - **Short-term Price Outlook**: In the short term, the tightening supply-demand relationship and low global inventories are expected to benefit Chinese tungsten concentrate prices, potentially leading to new historical highs [24] - **Long-term Price Projections**: Long-term projections indicate that the global supply-demand gap will further widen, driving prices upward and indicating a bullish market trend [24] Investment Insights - **Company Performance Trends**: Analysis of major listed companies indicates stable profit growth driven by resource injection and downstream product price increases [26] - **Investment Selection Criteria**: Investors are advised to focus on companies with strong upstream resource development potential and robust downstream pricing capabilities, particularly those benefiting from high overseas premiums [27][28]

Group 1: Monash IVF Incident - Monash IVF Group Ltd faced a significant setback due to a recent incident involving the incorrect implantation of an embryo, leading to the resignation of the CEO [3][6][8] - This incident follows a previous similar event in April, where a patient in Brisbane was mistakenly implanted with another patient's embryo, resulting in a non-biological child [4][6] - Following the latest incident, Monash IVF's stock price plummeted by 27%, reflecting investor concerns [6][8] Group 2: Almonty Industries - Almonty Industries Inc received formal recognition from the U.S. House of Representatives for its strategic importance in ensuring critical mineral supply chains amid geopolitical tensions [10] - The company's stock price surged from AUD 0.6 to approximately AUD 3.5 over the past year, marking a 376.71% increase [10] - Almonty is positioned to become the largest tungsten producer outside of China, with plans to establish operations in the U.S. [10] Group 3: Black Rock Mining - Black Rock Mining Ltd announced an increase in its loan facility to USD 204 million, aimed at supporting the development of its flagship Mahenge graphite project [15][16] - The Mahenge project is noted for having over 200 million tonnes of graphite resources, making it one of the largest graphite reserves globally [16][18] - The increase in debt financing is seen as a significant step towards the development of the Mahenge project [16] Group 4: Qantas Airways - Qantas announced the closure of its low-cost subsidiary Jetstar Asia, reallocating 13 aircraft to the Australian and New Zealand markets [20] - The closure will result in the termination of 16 routes and is expected to free up AUD 500 million for fleet upgrades [20] - Jetstar Asia has been facing financial difficulties, with projected losses of AUD 25 million for the first half of the year [21]

Core Insights - China has discovered the world's largest tungsten mine, significantly enhancing its sustainable development prospects and attracting global attention [1][13] - Tungsten is a critical industrial resource due to its unique properties, including high hardness and melting point, making it indispensable in various sectors such as aerospace and defense [1][3][5] Group 1: Resource Significance - Countries rich in tungsten resources hold substantial influence, especially in high-tech fields, due to tungsten's strategic importance in manufacturing key components like rocket engines and munitions [3][5] - The global scarcity of tungsten resources, with only 0.001% of the earth's crust containing tungsten, has led to intense competition among nations for this vital resource [7][9] Group 2: China's Position - China is the largest tungsten reserve holder, with its reserves accounting for 57% of the global total, far exceeding Russia, the second-largest holder [14] - The discovery of significant tungsten deposits in regions like Dahutang and Zhuxi has solidified China's leadership in the global tungsten industry, with estimated values exceeding 100 billion RMB [11][14] Group 3: Industry Challenges and Developments - Despite its abundant tungsten resources, China faces challenges in deep processing technologies, leading to a high export ratio of raw materials and limited profitability for domestic companies [16][17] - In response to resource pressures, China has implemented measures to regulate tungsten mining and exports, aiming for sustainable development and increasing the export of high-value products like tungsten alloys [17][19]

Group 1 - Xanadu Mines Ltd has terminated its exclusive negotiation agreement with Zijin Mining Group due to the inability to finalize a control transaction within the agreed timeframe [1][2] - The company will restart the shareholder voting process regarding the exercise of a 25% put option, with a special meeting scheduled for June 4, 2025 [2][3] - If the put option is exercised, Xanadu can sell 19.125% of its interest in the Kharmagtai project to Zijin for $25 million, funded by a low-interest loan from Zijin [3] Group 2 - Xanadu is exploring other financing options and potential partnerships for the Kharmagtai project, while also discussing joint venture or equity financing for the Red Mountain project [4] - The company has received approval to issue up to 15% of its shares for financing as a backup plan [4] Group 3 - Almonty Industries Inc has signed a binding off-take agreement with U.S. defense contractor Tungsten Parts Wyoming, Inc. for the supply of tungsten oxide [5][6] - The agreement stipulates a minimum monthly purchase of 40 tons of tungsten oxide, which will be used for U.S. defense projects [6][7] - Almonty reported a revenue of CAD 28.8 million for the fiscal year 2024, a 28% increase from the previous year, but also a net loss of CAD 16.3 million [9][10] Group 4 - The company plans to relocate its registered office from Canada to the U.S., which has been approved by shareholders [10] - Almonty's stock price has increased approximately 285% over the past year, reaching a 52-week high of AUD 2.85 [10]

Core Viewpoint - The tungsten market in China experienced significant fluctuations in 2024, with an average price increase of approximately 15% year-on-year, driven by tight supply and rising prices across the industry chain. The company Jaxin International, based in Kazakhstan, has submitted an IPO application to list on the Hong Kong Stock Exchange amid favorable market conditions [1][3][5]. Group 1: Market Overview - In 2024, the average price of tungsten increased by about 15% year-on-year, with black tungsten concentrate (65%) peaking at 156,600 CNY/ton and ammonium paratungstate (APT) exceeding 230,000 CNY/ton, marking a 13-year high [1]. - As of February 2025, black tungsten concentrate prices stabilized at 143,000 CNY/ton, while APT remained at 212,500 CNY/ton [1]. - The tight supply has led to price increases being passed down the industry chain, prompting major tungsten companies to announce price hikes [1]. Group 2: Company Profile - Jaxin International, established in 2014, focuses on developing the Bakuta tungsten mine in Kazakhstan and aims to commence commercial production in the second quarter of 2025 [7][12]. - The Bakuta tungsten mine is noted for having the largest designed tungsten ore capacity globally and is the fourth largest tungsten mine by resource volume [9]. - The company plans to issue up to 125 million ordinary shares in its IPO and simultaneously issue up to 1.3176 million shares on the Astana International Exchange [5]. Group 3: Financial Performance - Jaxin International has not generated any revenue since its establishment, incurring cumulative losses of approximately 350 million HKD over the past three years [11][13]. - The company reported losses of 26.117 million HKD in 2021, 94.450 million HKD in 2022, and 80.129 million HKD in 2023, with a loss of 64.969 million HKD for the six months ending June 30, 2024 [11]. Group 4: Strategic Importance - The Bakuta tungsten mine is crucial for alleviating long-term supply pressures in the tungsten market, especially as global demand continues to rise [26]. - China, holding over 50% of global tungsten reserves, has seen a decline in domestic production, making the development of the Bakuta mine strategically significant for both China and Kazakhstan [26].

Group 1 - The Ministry of Natural Resources issued a total control index for tungsten mining of 58,000 tons for the first batch in 2025, which is a decrease of 4,000 tons compared to the first batch in 2024, representing a year-on-year decline of 6.5% and an increase in the decline rate by 4.9 percentage points [1] - The tungsten industry is expected to have limited short-term growth due to constraints from mining quotas, environmental regulations, declining ore grades, and the difficulty of bringing new projects online in the short term [1] - Downstream demand is anticipated to grow rapidly due to equipment renewal policies and the demand for photovoltaic tungsten wire, which may support an upward trend in tungsten prices [1] Group 2 - The tungsten industry is likely to undergo transformation and upgrading under the backdrop of export control policies, further strengthening the strategic attributes of tungsten resources [1]

Group 1 - The central government has not reduced its holdings in ETFs since October 2023, with Central Huijin increasing its ETF holdings to stabilize market expectations and boost investor confidence [1] - As of April 2025, Central Huijin's ETF holdings have shown significant net inflows, contradicting rumors that it typically sells after market rallies [1] - The A-share market is considered a key element in boosting confidence amid the trade war, reflecting the government's commitment to maintaining market stability [1] Group 2 - In Q1 2023, local government bond issuance reached a record high of 2.84 trillion yuan, with 1.4 trillion yuan allocated for debt replacement [2] - The issuance of new general bonds and special bonds has accelerated, with expectations for further increases in Q2 due to the implementation of self-examination and self-issuance trials [2] - The current high yield spread of local government bonds makes them suitable for stable institutional investors [2] Group 3 - The Ministry of Natural Resources has set the tungsten mining quota for 2025 at 58,000 tons, a decrease of 4,000 tons or 6.5% from the previous year [3] - The tightening of mining quotas, along with environmental regulations and declining ore grades, is expected to limit short-term supply in the tungsten industry [3] - Increased demand from downstream sectors, particularly in photovoltaic tungsten wire, is anticipated to support an upward trend in tungsten prices [3] Group 4 - Core companies in the commercial aerospace sector reported strong Q1 results, with Chengchang Technology and Zhenlei Technology showing significant profit growth of 300.06% and 495.74% year-on-year, respectively [6] - The Shanghai government aims to grow the commercial aerospace industry to over 100 billion yuan by 2027, indicating strong policy support [6] - The satellite internet industry is entering a phase of growth, driven by core company performance and increasing orders [6]