Group 1 - The core stock of Jaxin International Resources (03858) has seen a significant increase, rising over 9% and currently trading at 79.5 HKD with a transaction volume of 115 million HKD [1] - On February 4, the average price of tungsten powder reported by Changjiang was 1,545,000 RMB per ton, marking a substantial increase of 25,000 RMB from the previous trading day, reaching a recent price high [1] - Jianghai Securities published a report indicating that multiple factors such as tightening resource endowments, extended development cycles, and insufficient capital investment are reinforcing the rigid constraints on tungsten supply, establishing a solid foundation for a long-term price increase [1] Group 2 - Jaxin International Resources is a tungsten mining development company headquartered in Kazakhstan, with its core asset being the Bakuta tungsten project [1] - First Shanghai believes that the company is at a critical value release inflection point, possessing world-class core assets that lay the foundation for long-term growth [1] - The company is considered a rare pure tungsten mining target in the market, with its current stock price offering a high margin of safety and attractiveness [1]

智通财经APP获悉，佳鑫国际资源(03858)逆市涨超9%，截至发稿，涨6.57%，报79.5港元，成交额1.15 亿港元。 公开资料显示，佳鑫国际资源是一家总部位于哈萨克斯坦的钨矿开发企业，核心资产为巴库塔钨矿项 目。第一上海认为，公司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。 消息面上，2月4日，长江综合钨粉均价报1,545,000元/吨，较上一交易日大幅上涨25,000元，再创近期 价格新高。江海证券发布研报称，在资源禀赋趋紧、开发周期拉长、资本投入不足等多重因素叠加下， 钨的供应端刚性约束正不断强化，为中长期价格中枢上移奠定了坚实基础。 ...

Group 1 - The core stock of Jaxin International Resources (03858) has increased over 7%, with a cumulative increase of over 80% in the month [1] - As of the report, the stock price is at 85.05 HKD, with a trading volume of 71.99 million HKD [1] - The average price of tungsten powder reached 1.2 million CNY per ton on January 19, marking a daily increase of 15,000 CNY, setting a historical high [1] Group 2 - Jianghai Securities indicates a "rush for goods" in the spot market, with some downstream companies needing to increase prices by 20% to secure supplies, highlighting extreme supply-demand tension [1] - The market is exhibiting a "stair-step increase" characteristic, reflecting strong expectations for medium to long-term shortages [1] - Guojin Securities suggests that tungsten may have a higher priority as overseas strategic stockpiling intensifies [1] Group 3 - Jaxin International Resources is a tungsten mining company headquartered in Kazakhstan, with its core asset being the Bakuta tungsten mine project [1] - First Shanghai believes the company is at a critical value release inflection point, possessing world-class core assets that lay the foundation for long-term growth [1] - The company is a rare pure tungsten mining target in the market, with its current stock price offering high safety margins and attractiveness [1]

Core Viewpoint - Jaxin International Resources (03858) has seen its stock price increase by over 80% this month, with a current price of 85.05 HKD and a trading volume of 71.99 million HKD, reflecting strong market interest in tungsten resources [1] Group 1: Market Dynamics - On January 19, the average price of tungsten powder reached 1.2 million CNY per ton, marking a daily increase of 15,000 CNY, which is a historical high [1] - A "rush for goods" has emerged in the spot market, with some downstream companies needing to increase prices by 20% to secure supplies, indicating extreme tension in supply and demand [1] - The market is exhibiting a "stair-step" price increase pattern, reflecting strong expectations for medium to long-term shortages [1] Group 2: Company Insights - Jaxin International Resources is a tungsten mining company headquartered in Kazakhstan, with its core asset being the Bakuta tungsten project [1] - First Shanghai believes the company is at a critical value release inflection point, possessing world-class core assets that lay the foundation for long-term growth [1] - The company is a rare pure tungsten mining target in the market, and its current stock price offers a high margin of safety and attractiveness [1]

Group 1 - The core viewpoint is that Jiaxin International Resources (03858) is at a critical value release point, possessing world-class core assets, and is a rare pure tungsten mining target in the market, with a high safety margin and attractiveness in its current stock price [1] - The company is headquartered in Kazakhstan and focuses on tungsten mining, with its core asset being the Bakuta tungsten project. Its business model covers the entire chain of exploration, mining, processing, and sales of tungsten concentrate [2] - The company plans to explore more investment opportunities in non-ferrous metal resources in Central Asia, following the commencement of commercial production at the Bakuta tungsten mine in April 2025 [2] Group 2 - The company has a unique integrated model in its biomass business, which includes biomass direct combustion power generation, biomass heating, and integrated biomass and waste power generation, effectively reducing overall development and operational costs [3] - The company currently handles 42 types of hazardous waste, with a project IRR exceeding 20%. The hazardous waste disposal prices range from 2,000 to 17,000 yuan per ton, with an average price of 2,732 yuan per ton in 2017, reflecting a year-on-year increase of 13.4% [4]

Group 1 - The core viewpoint of the report is that Jiaxin International Resources (03858) is at a critical value release point, possessing world-class core assets, which lays the foundation for long-term growth [1] - The company is a rare pure tungsten mining entity, with its current stock price offering a high margin of safety and attractiveness [1] - The company is headquartered in Kazakhstan and its core asset is the Bakuta tungsten project, covering the entire value chain from exploration to sales of tungsten concentrate [2] Group 2 - The company plans to use funds raised from its IPO for capacity expansion, deep processing layout, and debt repayment [2] - The Bakuta tungsten mine commenced commercial production in April 2025, and the company aims to explore more investment opportunities in non-ferrous metal resources in Central Asia [2] - The company has a unique integrated model in its biomass business, which effectively reduces overall project development and operational costs [3] Group 3 - The company currently handles 42 types of hazardous waste, with projects primarily located in regions with abundant hazardous waste production [4] - The internal rate of return (IRR) for hazardous waste projects exceeds 20%, with disposal prices ranging from 2,000 to 17,000 yuan per ton [4] - The average hazardous waste disposal price in 2017 was 2,732 yuan per ton, reflecting a year-on-year increase of 13.4% [4]

Group 1: Recent IPOs - Agricultural B2B e-commerce platform Yimuyuan officially listed on NASDAQ, raising approximately $20.54 million by issuing 5.01 million shares, with a market capitalization of $255 million [1] - Silicon carbide substrate manufacturer Tianyue Advanced completed its listing on the Hong Kong Stock Exchange, raising about HKD 2.044 billion by issuing 47.74 million shares, with a market capitalization of HKD 20.636 billion [2] - English education institution Monkey Tree submitted an IPO application to the SEC for NASDAQ listing, planning to issue 1.6 million shares to raise approximately $7 million [3] - New energy technology company EcoFusion filed for an IPO with the SEC, planning to issue 1.5 million shares to raise $6 million [4] - Marketing company AM PM Group submitted an IPO application to the SEC for NASDAQ listing, planning to issue 1.5 million shares to raise approximately $7 million [5] - Logistics solution provider Smart Logistics filed for an IPO with the SEC, planning to issue 1 million shares with a fundraising range of $5-6 million [6] - Hong Kong brokerage Huanbo Capital submitted an IPO application to the SEC for NASDAQ listing, planning to issue 1.4 million shares to raise $6 million [8] - Software development service provider Yihua Box filed for an IPO with the SEC, planning to issue 1.5 million shares with a fundraising range of $6-7.5 million [9] - Consumer goods supplier Aigou Holdings submitted an IPO application to the SEC for NASDAQ listing, planning to issue 2 million shares to raise approximately $10 million [10] Group 2: Upcoming IPOs - AI infrastructure software provider StarRing Technology submitted an application for "A+H" share listing on the Hong Kong Stock Exchange, focusing on AI and big data infrastructure software [11] - Precision manufacturing innovation technology company Luxshare Precision submitted an application for "A+H" share listing on the Hong Kong Stock Exchange, providing integrated manufacturing solutions for various sectors [12] - Photovoltaic cell manufacturer Yingfa Ruineng filed for an IPO on the Hong Kong Stock Exchange, recognized as the third-largest N-type TOPCon cell manufacturer globally with a market share of 14.7% [13] - Intelligent cockpit solution provider Zebra Smart submitted an application for IPO on the Hong Kong Stock Exchange, focusing on developing intelligent cockpit solutions [14] - AI and high-performance computing PCB supplier Shenghong Technology submitted an application for "A+H" share listing on the Hong Kong Stock Exchange, leading the market in AI and high-performance computing PCB revenue [15] - Biopharmaceutical company Tianchen Biotech filed for an IPO on the Hong Kong Stock Exchange, focusing on the development of biological products for allergic and autoimmune diseases [16] Group 3: Ongoing IPO Processes - AIDC supporting energy storage company Shuangdeng Group is in the process of an IPO, planning to issue 58.557 million shares to raise approximately HKD 850 million, expected to list on August 26 [17] - Tungsten mining company Jiaxin International is undergoing an IPO process, planning to issue 109.8 million shares to raise approximately HKD 1.088 billion, expected to list on August 28 [17]