据中钨在线，自2025年3月以来，中国钨价呈现持续攀升态势，8月份出现阶段性暴涨，至9月上旬达到 历史峰值并实现主要钨制品价格年内翻番。公开资料显示，佳鑫国际资源是扎根于哈萨克斯坦的钨矿公 司。招商证券指出，佳鑫国际资源核心资产为巴库塔钨矿，为全球最大露天钨矿，在单体钨矿中拥有全 球最大的设计钨矿产能。公司核心资产目前已投产，未来仍有增产预期，受益钨价上行，公司利润有望 高速增长。 佳鑫国际资源(03858)午后涨近10%，高见38.16港元，较招股价10.92港元累涨近250%。截至发稿，涨 10.13%，报38.04港元，成交额1.44亿港元。 ...

智通财经APP获悉，佳鑫国际资源(03858)涨超6%，截至发稿，涨6.36%，报33.76港元，成交额9864.41 万港元。 招商证券指出，佳鑫国际资源核心资产为巴库塔钨矿，为全球最大露天钨矿，在单体钨矿中拥有全球最 大的设计钨矿产能。公司核心资产目前已投产，未来仍有增产预期，受益钨价上行，公司利润有望高速 增长。该行指出，截至今年上半年，巴库塔钨矿拥有资源量107.5 百万吨钨矿石，品位0.211%，含22.7 万吨 WO₃，储量为68.4 百万吨钨矿石，品位0.206%，含 14.08 万吨 WO₃。 消息面上，据中钨在线，自2025年3月以来，中国钨价呈现持续攀升态势，8月份出现阶段性暴涨，至9 月上旬达到历史峰值并实现主要钨制品价格年内翻番。中钨在线指出，截至2025年9月底，尽管有一定 幅度的回落，但65%黑钨精矿价格从年初的14.3万元/标吨快速上升，至9月上旬突破28.8万元/标吨峰值 后，回落至27.1万元/标吨，仍较年初上涨约89.5%。 ...

（记者 张明双） 厦门钨业（600549.SH）9月25日在投资者互动平台表示，目前公司内部有四家钨矿企业，其中宁化行 洛坑、都昌金鼎、洛阳豫鹭为在产企业，现有在产三家钨矿企业钨精矿（65%WO3，下同）年产量约 12000吨。此外博白巨典钨钼矿为在建矿山，达产后预计每年产出钨精矿约3200吨。公司矿山储量情况 请您查阅《厦门钨业2024年年度报告》第50页"自有矿山的基本情况"。公司将多途径加强公司钨资源保 障，持续提升资源保障率。 每经AI快讯，有投资者在投资者互动平台提问：董秘你好，上市公司旗下钨矿矿山拥有多少万吨储备 量？公司年产钨矿有多少万吨？公司有注入钨矿山的规划吗？ ...

Group 1 - The Hong Kong IPO market has been active since 2025, with notable listings in the biopharmaceutical, technology, and consumer sectors, as well as a significant increase in resource companies going public [1][2] - Zijin Gold International, a spin-off from Zijin Mining Group, is set to launch its IPO on September 29, 2025, with an expected fundraising of approximately HKD 249.84 billion, making it the second-largest IPO in Hong Kong this year [2][3] - The funds raised by Zijin Gold International will be used for upgrading existing mines, acquiring the Raygorodok gold mine in Kazakhstan, general corporate purposes, and exploration activities [2][3] Group 2 - Since 2025, three resource companies have successfully listed in Hong Kong: Chifeng Jilong Gold Mining, Nanshan Aluminum International, and Jiexin International Resources, each with unique listing strategies [3][4] - Chifeng Jilong Gold Mining adopted a "A-share first, then H-share" model, aiming to enhance its international presence and attract global investment [3][5] - Nanshan Aluminum International focuses on developing and procuring bauxite and coal resources in Indonesia, while Jiexin International Resources is notable for being dual-listed in both Hong Kong and Kazakhstan [3][4] Group 3 - Several resource companies, including Jinxun Co., Zhihui Mining, and Jinyan High-tech, are currently in the process of seeking IPOs in Hong Kong, primarily to develop international markets and acquire overseas projects [4][5] - The trend indicates a growing preference for the Hong Kong capital market among resource companies due to its internationalization and diverse investor base [4][5]

Group 1 - The core viewpoint of the article highlights that Jiexin International Resources (03858) has seen a significant increase in stock price, rising over 6% to 30.2 HKD, with a trading volume of 90.225 million HKD [1] - The tungsten market is experiencing a notable decrease in transaction volume due to high prices, which are slowly being transmitted to downstream industries, particularly affecting the hard alloy sector [1] - SMM indicates that the supply-demand mismatch in the tungsten market remains unresolved, suggesting that a significant price correction is unlikely, with a prevailing trend of strong fluctuations expected [1] Group 2 - Jiexin International is focused on tungsten mining in Kazakhstan, specifically developing the Bakuta tungsten mine, which is currently in production [1] - According to招商证券, the core asset of the company is the Bakuta tungsten mine, which is expected to see production increases in the future, benefiting from rising tungsten prices and potentially leading to rapid profit growth [1]

Group 1 - The core viewpoint of the article highlights that Jaxin International Resources (03858) has seen a significant increase in stock price, rising over 6% to 30.2 HKD, with a trading volume of 90.225 million HKD [1] - The tungsten market is experiencing a notable decrease in transaction volume due to high prices, which are affecting downstream industries, particularly the hard alloy sector, leading to reduced operational activity [1] - Despite the current market challenges, SMM believes that the supply-demand mismatch in the tungsten market remains unresolved, indicating that a significant price correction is unlikely, with expectations of continued strong fluctuations [1] Group 2 - Jaxin International is focused on developing the Bakuta tungsten mine in Kazakhstan, which is currently in production [1] - According to招商证券, the core asset of the company is the Bakuta tungsten mine, which is expected to see production increases in the future, benefiting from rising tungsten prices [1] - The company's profits are anticipated to grow rapidly as a result of the upward trend in tungsten prices [1]

Group 1 - The price of black tungsten concentrate (≥65%) has increased by 101.4% to 288,000 yuan/ton, while ammonium paratungstate (APT) price has risen by 98.1% to 418,000 yuan/ton since the beginning of the year [1] - The Ministry of Natural Resources has set a total control index for tungsten mining of 58,000 tons for the first batch in 2025, a decrease of 4,000 tons compared to the first batch in 2024, representing a decline of over 6% [1] - Demand for tungsten products has significantly increased due to the recovery of the manufacturing sector, particularly in automotive, aerospace, and machinery processing industries [1] Group 2 - Companies like Changyi Zhangyuan Tungsten Industry Co., Ltd. reported a revenue of 2.4 billion yuan in the first half of the year, a year-on-year increase of 32.27%, with tungsten powder sales rising by 43.68% to 2,657.83 tons [1] - The company has six mining rights and ten exploration rights, enhancing its resource reserve capabilities through collaboration with geological experts [2] - High tungsten prices may lead upstream mining companies to seek potential resource development, while also prompting downstream companies to accelerate the search for alternative materials [2] Group 3 - The development cycle for tungsten mining is long and capital-intensive, making it difficult to quickly increase production, suggesting that tungsten prices may still have room for growth [3] - The value of tungsten resources is being re-evaluated in the market, necessitating all stakeholders, including resource, processing, and end-use companies, to adapt to market changes [3]

Group 1: Market Overview - The Hang Seng Index fell by 1.21%, down 305 points, closing at 25,037 points, while the Hang Seng Tech Index dropped by 1.66% [1] - The trading volume in the Hong Kong stock market reached 169.3 billion HKD in the morning session [1] Group 2: Solar and Renewable Energy Stocks - Solar stocks performed well, with several new energy operators receiving subsidy funds, which is expected to support domestic demand in the coming year [1] - GCL-Poly Energy (03800) rose by 2.33%, while Kaisa New Energy (01108) increased by 3.65%, and Fuyao Glass (06865) gained 1.98% [1] - October Rice Field (09676) surged over 8%, with adjusted net profit increasing by 97.7% year-on-year, indicating deepened channel penetration [1] - Haotian International Investment (01341) rose over 5%, with 35.75 million HKD from an unused placement being redirected to purchase Ethereum [1] - Jiaxin International Resources (03858) increased by over 3%, benefiting from the ongoing rise in tungsten prices, with rich resources at the Bakuta tungsten mine [1] Group 3: Semiconductor and Oil Stocks - Semiconductor stocks faced significant declines, with SMIC (00981) and Hua Hong Semiconductor (01347) both dropping over 6% [2] - Oil stocks collectively fell, with CNOOC Services (02883) down over 3%, Sinopec (00386) and Yanchang Petroleum dropping over 2%, and PetroChina (00857) and CNOOC (00883) decreasing by 1.36% [2]

Core Viewpoint - The stock price of Jaxin International Resources (03858) has increased by over 9%, currently trading at 32.8 HKD, driven by rising tungsten prices and strong performance expectations from its core asset, the Bakuta tungsten mine [1] Company Summary - Jaxin International Resources focuses on tungsten resource development in Kazakhstan, with the Bakuta tungsten mine being its core asset [1] - As of the first half of this year, the Bakuta tungsten mine has a resource volume of 107.5 million tons of tungsten ore, with a grade of 0.211%, containing 22.7 thousand tons of WO₃ [1] - The mine's reserves are reported at 68.4 million tons of tungsten ore, with a grade of 0.206%, containing 14.08 thousand tons of WO₃ [1] Industry Summary - Tungsten prices have significantly increased, with major tungsten product prices doubling compared to the average price in 2024 [1] - As of September 3, the price of 65% black tungsten concentrate reached 278,000 CNY per standard ton, reflecting a 94.4% increase since the beginning of the year [1] - The rising tungsten prices are expected to lead to substantial profit growth for companies like Jaxin International Resources, which are positioned to benefit from this upward trend [1]

Core Insights - On September 1, the price of tungsten concentrate surged by 12,000 yuan, reaching 264,000 yuan per ton, with an increase of 4.76% [1] - Over the past two months, the cumulative increase in tungsten concentrate prices has approached 35% [1] Supply Side Analysis - The reduction in tungsten concentrate mining quotas has led to limited resource availability, with a decline in ore grade and resource attributes providing strong support [1] Demand Side Analysis - Domestic demand remains stable, primarily driven by essential procurement [1] - In early July, mainstream companies raised long-term contract prices, which has contributed to price stabilization in the market [1] - Future attention will be on the new round of long-term contract pricing [1]